To date, the average long-term deposits interest rates have reached their maximum. At the same time, the popularity of these products among the population (in unstable economic and political situation in the country as a whole) continues to drop significantly. Therefore, further increase in the yield of these products is unlikely; the yield of long-term deposit products is likely to remain at current level until the end of year.
At the same time, it is worth noting that most banks are currently interested in attracting short-term (up to 3 months) deposits both in national and foreign currency due to expectations of the market stabilization in the medium term. These products are in the greatest demand among the population currently.
Accordingly, in autumn of 2014 we expect increased competition among banks in attracting short-term deposits by different promotional offers that will likely cause an increase in average interest rates on these products by +0.5% … + 1% annually in local currency and + 0.25% ... + 0.5% in foreign currency (based on the currently available values).
Interest rates on universal deposits have already peaked at present and, owing to the banks’ interest in short-term deposits and along with continuing unstable situation in the country as a whole, are likely to remain at current level until the end of 2014.
You can read a full version of the article on the website Prostobank.ua.
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