Russian banks offer the highest deposit rates for new clients
Quick Look
- Russian banks are actively attracting new customers with generous interest rates on deposits, reaching 14% and above, which is significantly higher than average.
- Roskachestvo analysts advise turning off auto-renewal and transferring funds to other banks at the end of the deposit period to lock in high returns.
AI-generated summary
Currently, Russian banks are offering the most generous interest rates to new clients whom they have not previously served or who have not opened accounts with these financial institutions for a long time. As Izvestia reported, analysts from the Center for Financial Expertise of Roskachestvo drew attention to this.
They stated that with the current Bank of Russia key rate of 14.5 percent, average interest on deposits for a period of three to six months reaches approximately 11-12 percent. However, some lending institutions are trying to attract new customers by promising returns of 14 percent or higher. Similar promises apply to new money, that is, funds that are transferred from other banks.
In this situation, analysts have called for turning off the automatic extension of deposits, which, as a rule, occurs at a reduced base rate. And they called transferring savings to another bank after the end of the deposit period the most effective way to secure high returns. It's a similar story with savings accounts. The maximum rate on them is usually valid only for the first few months. Therefore, Russians are advised to take advantage of the promotional period and then transfer money to another bank with attractive conditions.
