The first half of 2026 marked a period of gradual stabilization for Ukraine’s deposit market. Despite the risks of war and economic uncertainty, Ukrainians continued to increase their savings in banks, and the volume of household deposits reached a new all-time high.
At the same time, following a period of active adjustments to deposit rates in 2025, the market shifted toward more balanced growth. Banks were no longer adjusting interest rates as aggressively; instead, competition increasingly focused on specific deposit offers, deposit terms, and additional conditions. Let’s examine the trends that shaped the development of Ukraine’s deposit market in the first half of 2026.
Ukrainians maintain a high level of trust in banks
One indicator of the state of the deposit market is the trend in the amount of funds that the public is willing to entrust to the banking system. As of July 1, 2026, the total amount of deposits held by individuals (including sole proprietors) reached 1,749.2 billion UAH, which is 48.6 billion UAH more than a month earlier. Since the beginning of the year, the public’s deposit portfolio has increased by 131.5 billion UAH, indicating that confidence in banks remains high even amid a wartime economy.
Official statistics from the Deposit Guarantee Fund for Individuals show how key indicators of Ukraine’s deposit market have changed over the first six months of 2026.
Trends in the deposit market for the first half of 2026
| Indicator | 01.01.2026 | 01.07.2026 | Dynamics |
|---|---|---|---|
| Total Deposit Portfolio | 1 617,7 billion UAH | 1 749,2 billion UAH | +131,5 billion UAH (+8,1%) |
| Hryvnia Deposits | 1 073,3 billion UAH | 1 156,9 billion UAH | +83,6 billion UAH (+7,8%) |
| Foreign Currency Deposits | 544,4 billion UAH | 592,4 billion UAH | +48,0 billion UAH (+8,8%) |
| Deposits from Sole Proprietors | 201,8 billion UAH | 204,1 billion UAH | +2,3 billion UAH (+1,1%) |
Source: Deposit Guarantee Fund for Individuals
The deposit portfolio grew in both the hryvnia and foreign currency segments. At the same time, hryvnia deposits accounted for nearly two-thirds of the growth, increasing by 83.6 billion hryvnia. As a result, their share in the structure of household deposits exceeded 66%, confirming that hryvnia savings continue to play a dominant role in the Ukrainian deposit market.
Why depositors are increasingly choosing the hryvnia
Despite Ukrainians’ traditional interest in foreign currency savings, hryvnia deposits remain the most popular savings instrument today.
There are several reasons for this. First and foremost, hryvnia deposits offer significantly higher returns compared to foreign currency deposits. In addition, the foreign exchange market remained relatively stable during the first half of the year thanks to the National Bank of Ukraine’s consistent monetary policy and international financial support. At the same time, the gradual easing of inflationary pressure is increasing the attractiveness of hryvnia deposits.
Under these conditions, hryvnia deposits remain not only a way to preserve funds but also one of the few conservative instruments for generating interest income. In contrast, foreign currency deposits largely remain a means of diversifying risk rather than a source of high investment returns.
How deposit rates have changed
Following a sharp rise in rates in 2025, the deposit market entered a stabilization phase. This is clearly evident in both average market rates and the highest deposit offers from individual banks.
Average deposit rates remained largely stable
Trends in UIRD Indices for the First Half of 2026
| Term | 31.12.2025 | 30.06.2026 | Dynamics |
|---|---|---|---|
| 3 months | 13,41% | 13,74% | +0,33 p.p. |
| 6 months | 13,92% | 14,13% | +0,21 p.p. |
| 9 months | 14,04% | 14,70% | +0,66 p.p. |
| 12 months | 13,77% | 14,08% | +0,31 p.p. |
Source: National Bank of Ukraine
The largest increase in the average market yield occurred in the 9-month deposit segment (+0.66 percentage points). For other terms, the changes were minimal, indicating the end of the active cycle of deposit rate hikes that lasted throughout 2025.
At the same time, average market indicators do not fully reflect the competitive situation among banks. Some institutions continued to offer significantly higher yields on certain deposit products.
Maximum deposit rates remained competitive
Trends in maximum rates for the first half of 2026
| Term | 31.12.2025 | 30.06.2026 | Dynamics |
|---|---|---|---|
| 3 months | 17,50% | 16,17% | –1,33 p.p. |
| 6 months | 17,00% | 17,25% | +0,25 p.p. |
| 9 months | 16,90% | 17,50% | +0,60 p.p. |
| 12 months | 17,00% | 16,75% | –0,25 p.p. |
Source: Ministry of Finance Financial Portal
The most notable increase in the maximum advertised yield occurred for 9-month deposits, while the highest rates on short-term deposits declined slightly. This may indicate a gradual shift in banks’ focus from short-term deposits to medium-term deposits, which provide financial institutions with a more predictable funding base.
Entrepreneurs continue to accumulate funds in banks
A notable trend in the first half of the year was the continued growth in deposits held by individual entrepreneurs.
As of July 1, 2026, individual entrepreneurs had deposited 204.1 billion UAH in banks, accounting for 11.7% of all deposits held by individuals. At the same time, the share of entrepreneurs themselves among depositors remains relatively small—3.2%—but it is precisely this category of customers that is demonstrating a steady increase in savings.
Importantly, the funds of individual entrepreneurs, just like those of other citizens, are covered by guarantees from the Deposit Guarantee Fund for Individuals.
Factors affecting the deposit market
The dynamics of the deposit market in the first half of 2026 were shaped by several factors. The NBU’s high discount ratev continued to support the attractiveness of hryvnia-denominated deposits and prevented a significant decline in their yields. At the same time, the banking system maintained a substantial liquidity buffer, so most banks did not need to actively raise deposit interest rates to attract funds.
Despite the stabilization of average market yields, competition for depositors has not eased. However, today this competition is increasingly manifested not in the form of the highest interest rates, but through the development of deposit products, special promotions, bonuses, digital services, and loyalty programs.
The behavior of depositors themselves remains an equally important factor. According to bankers and analysts, amid the war, liquidity has become more important to many Ukrainians than maximum returns. This may partly explain the simultaneous rise in the popularity of short-term deposits and the increase in balances in checking accounts.
Although short-term deposits offer the perception of quick access to funds, longer terms are more advantageous from an economic standpoint. If market rates continue to fall, depositors who choose short terms may face lower returns when they renew their deposits. Under these conditions, 9- to 12-month deposits allow you to lock in one of the highest rates for an extended period and may be attractive to depositors seeking more predictable returns.
Key trends in the deposit market
Results for the first six months of the year indicate a gradual transition in the deposit market from a phase of active rate hikes to a period of stability.
Key trends include:
- Continued growth in household deposits. As of early July, Ukrainians held over 1.7 trillion UAH in banks, with growth since the start of the year exceeding 131 billion UAH.
- The dominance of hryvnia-denominated savings. Hryvnia deposits accounted for the bulk of the growth in the deposit portfolio due to their significantly higher yields compared to foreign currency deposits.
- Stabilization of deposit rates. Following a sharp increase in 2025, banks have largely completed their rate revisions, and changes in average market yields have become negligible.
- Demand for shorter deposit terms. Ukrainians continue to prefer shorter deposit terms in an effort to maintain financial flexibility.
- A shift in the nature of competition among banks. Not only interest rates but also the additional benefits of deposit products—such as bonus programs, remote account opening, quality of service, and digital capabilities—are becoming increasingly important.
What deposit rates might look like by the end of 2026
At present, most factors point to the deposit market remaining relatively stable.
The banking system has sufficient liquidity reserves, so there are few reasons to expect a significant revision of deposit rates at this time. If the National Bank does not change its monetary policy, the average market yield on deposits will most likely remain close to current levels.
Despite the relative stability of rates, banks continue to compete for depositors. At the same time, the terms of deposit products, the ability to choose the optimal deposit term, the bank’s reputation, its financial stability, the quality of service, and the convenience of service are becoming increasingly important.
For depositors, this means that the second half of 2026 remains a favorable period for placing hryvnia-denominated deposits with a fixed current yield. When choosing a deposit, it is important to evaluate not only the nominal interest rate but also the bank’s financial reliability, the terms of the agreement, the ability to replenish or extend the deposit, and the procedure for interest payments.
Conclusion
The first half of 2026 confirmed the resilience of the Ukrainian deposit market. Despite the challenging conditions of wartime, Ukrainians continue to trust the banking system, and the total volume of household deposits has reached a new all-time high.
The market is gradually transitioning from a phase of rapid interest rate growth to a period of stabilization. Banks are increasingly competing not only on the level of returns but also on the overall quality of their deposit products, while depositors are evaluating bank deposits more carefully—not only based on the interest rate but also by considering the financial institution’s reliability, the transparency of terms, and their own need for financial flexibility.
Hryvnia-denominated deposits remain one of the most effective conservative tools for preserving and growing savings. As the financial market gradually stabilizes, it is precisely the combination of attractive returns, the bank’s financial reliability, and clear deposit terms that will increasingly determine depositors’ choices and the further development of Ukraine’s deposit market.
