Tuesday , May 30 2023

11 of the top 30 banks raise interest rates on US dollar deposits – The Bell


– 24 minutes ago

– 24 minutes ago

In the first half of November, 10 of the top 30 banks increased their dollar deposits' profitability. Some banks have tightened to 4% a year, many banks have improved conditions and deposits to euro, Write "Vedomosti".

Person who wagered in dollars.

  • In Otkritie Bank and Binbank, the profitability of dollar deposits increased from 0.8% per year to 3.5% per year (as much as $ 1000 for Binbank and $ 1000 for Otkritiy)
  • Rosselkhozbank raised interest rates on dollar deposits by 0.1-0.75 percentage points.
  • When the SMP and Moscow regional banks were reorganized, the maximum interest rate rose to 3.65% (one year investment increased from $ 25,000 and $ 10,000 respectively).
  • Tinkoff Bank has raised interest rates by 1-2%
  • "Home Credit" – from 1% per annum to 2.5% (from $ 100 for a year)
  • Moscow Credit Bank provided the customer with a 380-day-a-day deposit of wind at an interest rate of $ 3.35%.

  • Sberbank has expanded the effectiveness of the dollar "Bid on Maximum" promotional deposit for very prosperous customers (annual investment of 3.95% over $ 100 million). With an investment of $ 150,000, Sberbank will pay 3.8% per annum. However, the interest rate on retail dollar deposits does not exceed 2% per annum.

What's up? Large retail banks are afraid of new international sanctions against Russia and the release of public funds. At the end of October, the dollar deposit rate increased to 3.2-3.8% by VTB Bank.

We will have to wait for further increases in deposits. Gurianov, CEO of Frank RG, believes that the additional power of dollar deposit rates depends on US sanctions. Without additional sanctions, interest rates will continue to rise and begin to decline in the next few months. The macroeconomic adviser to Sergei Khestanov, general manager of Otkritie Broker, is confident that interest rates will continue to grow in the near future.

Learn more. By the end of the year, Congress will not introduce new sanctions on Russia. This means that the year end for the Russian economy can be stable. I wrote here about what I can do with money during this time.

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