“Compare”: the demand for bank deposits among Russians grew by 16%

The interest of Russian residents in bank deposits in the first two weeks of March increased by 16% compared to the same period in February and exceeded the figures for the first half of January by 42%, according to the data of the Sravni financial marketplace. The average size of deposits increased by 10% compared to the beginning of the year and amounted to 1.1 million rubles.

At the end of February 2022, Russians withdrew about 1.2 billion rubles from banks in a week, which was the largest outflow of funds in the last 14 years, Compare experts say. But after the Bank of Russia raised the key rate, depositors gradually returned their money to the banking system.

Currently, Russians prefer long-term deposits. Experts explain the increased demand for deposits with a long term of placement by cyclicality, since those opened last spring end for a year. The greatest interest in deposits was recorded among residents of Moscow, St. Petersburg, the Novosibirsk Region, the Krasnodar Territory and Tatarstan.

The record for the highest interest rates on deposits was recorded in the first ten days of March 2022. Then, against the backdrop of an increase in the key rate to 20%, rates on deposits rose to 20.51%. Later, as a result of a gradual reduction in the key rate, the profitability of deposits began to decline. Bank February 10, 2023 Bank of Russia accepted decision to keep the key rate at 7.50% per annum.

Milena Kostereva