Banks have begun to reduce interest rates on household deposits: is it time to withdraw money?

It seems that the "golden age" for bank depositors, when they could open deposits at 205% per annum and more, is over. Banks have begun to reduce interest rates on deposits despite the fact that the Central Bank's key rate (which is what banks usually base their interest rates on) remains at the same high level of 21%. Nevertheless, according to financial statistics, nine out of ten of the largest Russian credit institutions have lowered their yields to below 19% - this is the minimum since August 2024. If at the end of April the rate on deposits for 3 months and six months was 19.79% per annum, then at the beginning of May it was 19.6%, and in the second ten-day period - 19.52%. What should bank depositors - current and potential - do in these conditions?

Experienced financiers warned us: take advantage of the moment, put all your money on deposit while the interest rates are high. Soon, they say, this free ride will end. And indeed! Banks have already started to reduce deposit rates. So to speak, they are taking preventive measures. After all, the key rate of the Central Bank (on which interest rates on deposit accounts depend) is still at 21%. And it is far from certain that in June the regulator will decide to soften its tough monetary policy and lower the “key”.

In the fight for a client base, following rising inflation, banks began to raise interest rates on deposits from the summer of 2023. 8%, 10%, 13%... The highest average rate was in December last year - 22.27%.

As a result, the volume of money in bank deposits of the population today is about 60 trillion rubles, this is almost 1.5 federal budgets. Nothing to say, during the high key rate of the Central Bank, Russians, in just two years, created for themselves a powerful "financial safety cushion".

But, as they say, enough is enough, it's time to call it a day... Actually, the sluggish decline in deposits began in mid-December 2024. From that moment until the third ten-day period of May 2025, the maximum rate of the 10 largest banks decreased by almost 2.5%, falling below 20%.

What will happen if the regulator decides to lower the key rate at its meeting on June 6?

- Interest rates on deposits are decreasing, based on the general rhetoric of the monetary authorities, hinting that the Central Bank may lower the key rate as early as June 6, - explains Georgy Ostapkovich, Director of the Center for Market Research at the National Research University Higher School of Economics. - But not by much, by 1-2%.

- Will it decrease, in your opinion?

- Not a fact. From the point of view of economic theory, there is no obvious slowdown in inflation. Yes, lending is decreasing, our national currency is strengthening, the growth of import prices is falling, and it accounts for about 33% of the consumer basket. All these are disinflationary factors. On the other hand, according to the regulator's surveys, Russians' inflation expectations are growing to 13.4%, which must also be taken into account. So the Central Bank's decision can be anything.

- But why are many people waiting for a reduction in the key rate?

- The economy has begun to sag in many sectors, the growth rate of industry is decreasing. And in the structure of GDP it gives about 30%. Companies cannot operate with today's prohibitively expensive loans.

Against this background, banks expect the Central Bank to soften its monetary policy and lower the key rate - if not in June, then definitely in July. In anticipation of this event, banks have gradually begun to reduce interest rates on household deposits.

- What advice can you give to our fellow citizens in this situation? Or can they forget about the profitability of savings now?

- No way! If you have free funds, open bank accounts. There is plenty of time. Now the average rate is about 19% per annum - very decent. Annual inflation is expected to be within 7-8 percent, which means your annual income will really grow by at least 10%.

If a person is not well-versed in economics, there is no better way to save and increase their capital. Put it in and forget about it. Then come back and withdraw it with interest.

Although there are other financial instruments for accumulation. For example, purchasing government securities for three years, they give 16-18%. You can buy securities of leading companies, which provide even higher returns. But here you already need to have a certain qualification to assess the prospects and risks.

- Banks open deposits only with "new" money. And if the client's term has expired, his funds are transferred at low interest rates. What should he do in such a situation?

- Do not close the account ahead of time, wait for the interest payment under the agreement. And if you are not satisfied with the conditions in the previous bank, transfer funds to another bank - "across the street". At the interest rates that interest you. There are no problems with this now.

- If the regulator starts lowering the key rate every month, how can interest rates on deposits fall by the end of the year? What will be left of them - horns and legs?

- It's not all that bad. The Central Bank gives an annual interval of 16-18% for the key rate. Average deposit rates will be approximately the same, maybe a percentage point less. This is a high profit, significantly higher than inflation.