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Banks are not afraid of rates: deposits in Russia have never been so profitable
I am a very important and respected client. At least for the last two weeks, Russian banks have been desperately trying to convince me of this. "Eugene, we have raised the interest rate on deposits!" - One application informs me personally. "For you - maximum profitability!" - Makes you turn up your nose.
The problem is that on October 25, the central bank sharply raised its benchmark interest rate from 19% to 21% to combat inflation. This is a record. In March 2022, when the central bank had to suppress market panic, it raised interest rates “only” to 20%.
And the prime interest rate is the rate at which the central bank lends to commercial banks. They will have to repay that loan. So when interest rates rise, we raise interest rates on loans (to make more money) and deposits (to attract more money). And we actively inform clients about the increased profitability of deposits.
Usually banks change the terms of deposits within two weeks after raising the interest rate. And now two weeks have passed. All banks have already decided on the new terms. And now our clients can just sit back like a monarch in their chair, pour themselves a glass of something hot or cold, and confidently scroll through their bank's website to choose whether they want to win the tender for the right to preserve their deposits. Increase your capital.
To make your work easier, we have already completed all these procedures for you. And we have compiled a table with the terms of deposits offered by leading Russian banks. Choose! And do not forget that you can transfer up to 30 million rubles from one bank to another using the fast payment system (by phone number) without commission. Deposits are now opened online. Everything for you!
The conditions are specified for a deposit of 1 million rubles without additional options, as well as the possibility of replenishment and withdrawal. This percentage may be higher for new bank depositors, hired clients, etc. Interest rates are valid as of November 4.
What about loans?
Not everything is Maslenitsa for our clients. Interest rates are high not only for deposits, but also for loans. Market (non-standard) mortgages now start at 23%, and cash loans at 35%. So, here is our tactic for the next few months: We do not take loans, we keep all free money in savings. I plan to take out a loan when the price goes down.
That is, not immediately. According to the Central Bank's forecast, the base interest rate next year is expected to be in the range of 17-20% per annum.