Interest issue: banks are lowering deposit rates
Some banks have lowered deposit rates, while others are planning to do so in the near future amid the Central Bank's decision to lower the key interest rate. How much, approximately, can the amount of citizens' funds on deposits be reduced and which ways of increasing income are most effective now — in the Izvestia article.
How does the key rate affect the volume of deposits
Even in 2020, which was quite difficult financially and economically, the amount of citizens' funds on deposits did not decrease, an expert from the Popular Front told Izvestia. Analytics" by Alexandra Pozharskaya.
At the same time, during the covid period, many closed deposits due to low profitability or the need to maintain a familiar standard of living in the face of loss of stable income.
— Term deposit statistics showed that customers withdrew 1.8 trillion rubles from banks in 2021, and the portfolio of term deposits decreased from 22.7 to 20.9 trillion rubles. But at the same time, the portfolio of current and savings accounts increased 1.5 times: from 7.9 to 12.2 trillion rubles, and the total portfolio of private clients increased by 8% to 33.1 trillion rubles," she said.
During periods of lower key and, consequently, less favorable market rates, citizens' deposits only slow down growth, Alexandra Pozharskaya noted.
Moreover, high market rates are not always followed by an increase in deposits. For example, according to the results of the fourth quarter of 2024 (when the Central Bank raised the rate to 21%), the volume of bank deposits of Russians increased by 8.3% compared to the previous quarter, from 58.5 to 63.4 trillion rubles. And in the first quarter of 2025, at the same rate, the growth was only 0.8%, from 63.4 to 63.9 trillion rubles.
— Therefore, it is premature and incorrect to talk about reducing the volume of deposits of Russians. On the contrary, more and more consumers are switching to the savings financial model. This is encouraging," says Alexandra Pozharskaya.
Maria Ermilova, Associate Professor of the Department of Finance for Sustainable Development at Plekhanov Russian University of Economics, agrees with this point of view. According to her, it is premature to expect that the amount of citizens' funds on deposits will decrease sharply.
— Deposits are a less risky investment method compared to others. This is often how Russians keep their savings and continue to do so. For comparison, money is not insured in brokerage accounts," she noted. According to the expert, deposits at a rate of 18-19% are still profitable, and with various bank promotions, the rate may be higher.
It is important to understand that the amount of citizens' funds on deposits is growing not only due to new funds from citizens, but also due to accrued interest, Igor Balynin, associate professor at the Financial University under the Government of the Russian Federation, reminded Izvestia. In December 2024 — January 2025, it was possible to open deposits with rates up to 25% per annum. Those who took advantage of the six-month offer will receive interest in June and July, and if the deposit was opened for a year, then in December 2025 or January 2026, at the end of the term.
The expert noted that at the end of 2024 and the first half of 2025, it was easy to find a deposit with a rate of 20% per annum or even higher.
"Taking into account the high attractiveness of deposits and the growth of average wages faster than inflation, as well as the accrual of interest on previously opened deposits, I believe that in 2025 the amount of citizens' funds will increase to 67-70 trillion rubles," the expert said.
In general, changes in the tariff policy of banks are predictable, so credit institutions try to follow the regulator's position on the key rate, and also focus on competitors, Konstantin Borodulin, managing director of financial institutions ratings at the NRA rating service, added in an interview with Izvestia.
— Banks certainly need medium- and long-term resources to regulate and provide a resource base for active operations. Therefore, the dynamics of the volume of citizens' deposits will primarily depend on the rate of change in the key rate, as well as their need to preserve / maintain the resource base for a certain time period," he explained.
How to increase income in 2025
If we talk about effective and at the same time safe ways to increase passive income, it makes sense to remember about savings accounts, Alexandra Pozharskaya noted. They are more convenient than term deposits, since the client can withdraw money from the account or replenish it without restrictions, as well as receive interest on the balance.
"The money in the participating banks of the state deposit insurance program is insured, and the compensation limit in 2025 is 1.4 million rubles per depositor in one bank," she said.
At the same time, many consumers are considering investing for income growth. But here it is important to carefully and consciously study the terms of the contract, since the investor has no guarantees, and it is not worth relying on the promises of the client manager and advertising brochures.
Another way is to invest in government loans, OFZ, adds Maria Ermilova. These are less risky bonds, and rates on them for 3-5 years can be found at the level of 13-15% per annum.
— Promotions are also a good option. You can choose top companies whose shares are actively growing. In any case, you should always adhere to the principle of diversification and allocate money to different assets. In addition, consistency is important in investing, it allows you to generate passive income for a comfortable life," the expert noted.
According to Igor Balynin, the best option for increasing funds today is a bank deposit.
— Let me give you an example: if you deposit 150 thousand rubles at 18% per annum today (which, by the way, is 10-11% more than the inflation expected in 2025), then in a year, taking into account the interest, you can withdraw 177 thousand rubles. In my opinion, this is an excellent option not only to save money, but also to increase it, and in real terms," the expert believes.
Izvestia sent requests to the Central Bank and the Ministry of Finance, but no responses had been received at the time of publication.
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