Current profitable options for Russian savers focus on annual yields around 18–20% for periods of six to twelve months. This perspective comes from Andrey Loboda, a BitRiver economist and communications director, who shared insights with socialbites.ca. He outlined the main pros and cons of deposits and savings accounts that people should consider before tying up funds.
His guidance emphasizes that the best strategy is to secure a ruble deposit at the highest feasible rate with a reputable bank. Yet he warns about typical restrictions: the top rates may be restricted to new clients, to customers whose funds are newly deposited, or to specific categories such as salary accounts. In practice, the true accessibility of the top rate can vary widely from one institution to another, which can create a gap between advertised and real terms.
A second issue highlighted by Loboda is the uncertainty about whether a deposit can be renewed on the same terms after maturity. He notes that many high-rate deposits pay interest only at the end of the term, which means that early withdrawal or movement to another bank often results in losing out on interest. Exceptions exist, but the general rule is that renewal under identical conditions is not guaranteed and fund transfers can lose accrued earnings.
In contrast, savings accounts are portrayed as more flexible when considering interest accrual and access to the principal. Loboda explains that savings accounts can offer comparable interest levels to deposits, while allowing the principal to be accessed at any time. However, there is a catch: some banks impose conditions tied to monthly card usage, such as meeting a minimum threshold like 10,000 rubles spent with cards. When this threshold is unmet, the effective interest rate on the savings account can be substantially lower, sometimes by half or more, than the nominal rate stated for card-based spending.
The economist also argues that multicurrency deposits are unattractive for many Russians, especially given the prevalence of major reserve currencies other than the yuan. He points out that the interest rates on foreign-currency deposits, or those partially denominated in rubles, tend to be modest, typically around 5% per year on average.
In closing, Loboda outlines the most practical approaches Russians can pursue when depositing funds, emphasizing a balanced view of liquidity, risk, and potential return rather than chasing the highest advertised rate alone. The takeaway is to assess who benefits from the terms, how easy it is to access funds, and whether the bank’s conditions align with personal financial needs and plans.