Contents of the article
- Factors influencing deposit rates
- Dynamics of average deposit rates in Ukrainian banks
- Best bank deposits: maximum rates
- How did deposit volumes change?
- Key trends in the deposit market
- What will happen with deposits in Ukraine in the second half of 2025?
Deposits remain one of the most popular instruments for saving money for Ukrainians. In the first half of 2025, the deposit market showed noticeable dynamics: banks raised rates, revised conditions, and depositors actively searched for the best bank deposits to protect savings from inflationary pressure.
In this article, we will consider:
- which factors determined the profitability of deposits;
- how average and maximum rates changed;
- how the deposit ranking was formed;
- which trends are observed in the structure of the deposit portfolio;
- and most importantly — what will happen with deposits in Ukraine in the second half of 2025.
Factors influencing deposit rates
The role of the NBU key policy rate
The key reference point for forming deposit rates traditionally remains the NBU key policy rate. In the first half of 2025, the National Bank raised its level three times:
- from December 13, 2024 — 13.5%;
- from January 24, 2025 — 14.5%;
- from March 7, 2025 — 15.5%.
This created conditions for the growth of deposit yields, but banks’ reactions varied. Institutions with sufficient liquidity reserves changed rates cautiously, while banks with active lending sought to attract resources more quickly, and it was precisely there that advantageous deposits of Ukrainian banks could be found.
Inflation as a determining factor
In June 2025, annual inflation amounted to 14.3%. This significantly influenced depositors’ expectations and stimulated banks to offer more attractive conditions. According to the NBU forecasts, by the end of the year inflation should decrease to 9.7%, which will become an important factor for further rate adjustments.
The foreign exchange market and depositors’ confidence
The relative stability of the hryvnia, driven by regular international inflows, contributed to increasing confidence in hryvnia deposits. As a result, more and more depositors chose deposits in the national currency, while foreign currency accounts were mainly considered as a diversification tool.
Dynamics of average deposit rates in Ukrainian banks
In the first half of 2025, weighted average rates by the banking system in hryvnia increased, while in foreign currency they slightly decreased.
Weighted average rates, % p. a.
| Currency | 31.12.2024 | 30.06.2025 | Change |
| National currency | 12.3% | 13.0% | +0.7 pp |
| Foreign currency | 1.2% | 1.1% | –0.1 pp |
Source: National Bank of Ukraine website
At the same time, average rates for different deposit terms changed unevenly. These rates are reflected by the UIRD index — the average rate indicator in twenty Ukrainian banks with the largest deposit portfolios, accounting for over 90% of household deposits in the entire banking system.
Average rates by deposit terms in hryvnia (UIRD index), % p. a.
| Deposit term | 31.12.2024 | 30.06.2025 | Change |
| 3 months | 13.06% | 13.22% | +0.16 pp |
| 6 months | 12.93% | 13.35% | +0.42 pp |
| 9 months | 13.00% | 12.43% | –0.57 pp |
| 12 months | 12.98% | 13.11% | +0.13 pp |
Source: National Bank of Ukraine website
The greatest increase was recorded for six-month deposits (+0.42 pp). For the first time in a long period, they outpaced three-month deposits in terms of profitability. Starting from April, six-month deposits have consistently remained the most advantageous.
Best bank deposits: maximum rates
Maximum deposit rates usually significantly exceed the market average, since smaller banks, actively competing for household resources, offer more generous placement conditions — both through standard offers and by holding promotions or providing additional bonuses, for example, a deposit with a pensioner’s bonus.
Maximum market rates, % p. a.
| Deposit term | 31.12.2024 | 30.06.2025 | Change |
| 3 months | 16.50% | 17.30% | +0.8 pp |
| 6 months | 16.50% | 17.50% | +1.0 pp |
| 9 months | 16.50% | 17.75% | +1.25 pp |
| 12 months | 16.25% | 17.25% | +1.0 pp |
Source: Minfin Portal
In 2025, rates increased for all terms without exception. At the same time, the smallest increase was recorded for three-month deposits, indicating banks’ intention to encourage clients to fix funds for a medium-term period.
This change in yields on deposits of Ukrainian banks is mainly connected with increasing competition for depositors against the backdrop of credit activity recovery and banks’ desire to balance the structure of liabilities by attracting resources for 6–12 months.
Despite rising rates, the real profit of depositors remains dependent on inflation dynamics and the tax burden (23% overall). However, under conditions where maximum offers reach 17–17.75% p. a., hryvnia deposits remain one of the most attractive capital-preservation instruments in the domestic financial market.
Rates on foreign currency deposits remained stable both in leading banks and on the market overall. Dollar deposits were offered at 0.1–3% p. a., and euro deposits at 0.1–2%.
How did deposit volumes change?
As of the end of 2024, the deposit volume amounted to UAH 1,381.9 million, and in the first half of 2025 it increased to UAH 1,463.8 million. Growth of UAH 81.9 million (+5.93%) confirms the stability of confidence in Ukrainian banks’ deposits.
Structure of the deposit portfolio
| Indicator | December 2024 | June 2025 | Change |
| Total volume | UAH 1,381.9 m | UAH 1,463.8 m | +5.93% |
| Term deposits | 34.5% | 34.3% | –0.2 pp |
| Demand deposits | 65.5% | 65.7% | +0.2 pp |
| Hryvnia deposits | 64.9% | 65.2% | +0.3 pp |
| FX deposits | 35.1% | 34.8% | –0.3 pp |
Source: National Bank of Ukraine website
Key trends in the deposit market
Analyzing deposit rate dynamics in the first half of 2025, several main trends can be highlighted:
- Growth of profitability. The weighted average annual rate in the national currency increased by 0.7 pp, from 12.3% to 13%, while in foreign currency it remained stable (1.1–1.2%). Maximum rates for term deposits reached 17–17.75% p. a., making them an effective instrument for protecting savings from inflation.
- Shift in terms. Six-month deposits surpassed three-month ones in profitability and have steadily held the lead. This stimulated depositors to shift focus from three-month deposits to longer-term placements.
- Currency structure. Despite the traditional interest in foreign currency savings, hryvnia deposits remained the most popular. Their attractiveness was supported both by much higher rates and by the relative stability of the hryvnia exchange rate amid regular inflows of international financial assistance. At the same time, deposits in dollars and euros were mostly considered by depositors as a risk diversification tool rather than the main way of preserving funds.
What will happen with deposits in Ukraine in the second half of 2025?
By autumn 2025, a moderate decrease in rates is expected.
Main factors:
- A decline in inflation to 9.7% by the end of 2025 will allow banks to slightly reduce rates.
- Excess liquidity in the sector does not encourage competition for resources, which will also affect yield reductions.
- The high NBU key policy rate will restrain banks’ intention to significantly reduce rates.
- Hryvnia stability will support depositors’ confidence.
Rate forecast:
- Short-term deposits: 13–14% p. a.
- Long-term deposits: 11–12% p. a.
- Foreign currency deposits: 1–2% p. a.
Thus, profitable deposits of Ukrainian banks in 2025 remain a relevant instrument of capital preservation. The greatest interest of depositors is concentrated on medium terms, which provide an optimal balance between profitability and flexibility.
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