A deposit is one of the simplest ways to keep and slightly grow your money. But the highest rate does not always mean the best choice.

What to look at

  • The bank’s reliability. Check whether the bank is a participant in the Deposit Guarantee Fund.
  • The interest rate. Compare the real yield taking into account taxes and fees.
  • The term. Short deposits are more flexible; long ones often give a higher rate.
  • Conditions for early withdrawal. Find out what happens to the interest if you take the money out earlier.
  • Whether it can be topped up.
  • Compounding of interest.

Guarantees

The Deposit Guarantee Fund for individuals reimburses deposits up to the amount set by law if a bank becomes insolvent. The current size of the guarantee and the list of participating banks are published on the Fund’s website.

Tips

  1. Do not keep all your money in one bank. Spread it across several so that each sum is within the guarantee.
  2. Read the contract, not just the advertisement.
  3. Beware of offers with suspiciously high interest.
  4. Check the deposit currency: hryvnia, dollar and euro carry different risks.

Before opening a deposit, compare several offers and ask the manager about the terms, not just the rate.