Banks Prepare to Raise Deposit Rates

Following the National Bank of Ukraine’s increase in the key policy rate to 16.5% per annum, a new round of adjustments to the returns on hryvnia deposits may begin in Ukraine’s deposit market. By the end of 2026 and in early 2027, selective rate increases are most likely for deposits with terms of 3–6 months. Banks that have not yet responded to the regulator’s previous decisions may also step up their competition for household savings.

This forecast was made by Dmytro Zamotaiev, Director of the Retail Business Department at GLOBUS BANK.

According to the banker, the NBU’s decision of 29 October sent an additional signal to the banking sector. The regulator has now raised the key policy rate by 0.5 percentage points for the third consecutive time, effectively confirming the need to maintain the attractiveness of hryvnia savings amid accelerating inflation and growing economic risks.

“The successive increases in the key policy rate create conditions for a gradual rise in deposit returns. However, it is unlikely that banks will revise their entire range of deposit products simultaneously. We expect the most activity in the 3–6-month deposit segment. First and foremost, rates may be raised by banks that chose to wait after the NBU’s previous decision and left their offers unchanged. They now have an additional incentive to compete more actively for depositors,” the expert said.

He believes that deposit rates may be adjusted gradually by the end of the year, depending on individual banks’ funding needs and competitive strategies. At the same time, maintaining the key policy rate at a high level in early 2027 could help sustain the returns already established on hryvnia deposits.

Under more favourable conditions, banks may gradually stabilise their deposit offers in early 2027 while retaining selected promotional programmes. However, if inflationary pressure remains high, the need to keep hryvnia savings attractive may limit the scope for potential rate cuts.