When deciding to place funds in a bank deposit, Dmytro Zamotaiev, Director of Retail Business Department at GLOBUS BANK, advises citizens to follow five key recommendations.
Opt for Long-Term Deposits: If you have "free" funds and stable income, consider longer-term deposits (from 1 to 2.5 years), as they typically offer the highest returns. Deposits for over a year can provide interest rates exceeding 13%.
Diversify with Multiple Deposits: If you're unsure whether you’ll need funds soon, you can open both a long-term and an ultra-short-term deposit (from 3 months). Alternatively, choose a deposit program that allows early termination with minimal interest loss.
Look for Bonus Offers: Despite similar rates across banks, many offer unique bonuses that differentiate their deposit programs. For example, some deposits guarantee an additional 1% income "at the start" or offer the ability to top up or withdraw early with minimal penalty.
Consider After-Tax Interest Rates: Be aware of the actual interest rate after taxes (which can reduce the rate by up to 3 percentage points) and check for any bank fees for opening and maintaining the deposit.
Optimal Deposit Size: For a more substantial return, an optimal deposit amount could be around 50,000 UAH.
“In the near future, UAH-denominated deposits will remain the most convenient, simple, and straightforward way to generate passive income. This is especially true now, as opening a deposit through a banking app only takes minutes, and the net income is significantly higher compared to dollar or euro deposits. The main factors that may concern potential clients are the country's economic situation (UAH stability, inflation, etc.), the war, and its consequences," concluded Dmytro Zamotaiev.
