Investing in Ukraine's Bank Deposits: How Much Can You Earn in 2026

Investing in Deposits: How Much Can You Earn in 2026

A bank deposit as an investment instrument: what you should know and how much you can earn. In 2026, returns on UAH-denominated deposits will largely depend on inflation dynamics and the National Bank of Ukraine’s (NBU) policy rate decisions. (As of December 2025, year-on-year inflation stood at 8.0%, while the NBU key policy rate was 15.5%.)

Despite the War, Deposits Remain One of the Most Common Ways to Preserve Savings

Even amid the full-scale war, Ukrainians continue to actively use bank deposits. According to the Deposit Guarantee Fund for Individuals, the total amount of household deposits in banks as of November 1, 2025 reached UAH 1.53 trillion.

What Is a Deposit?

A deposit is an agreement between a bank and a depositor under which funds are placed in an account for a fixed term or on demand, and the bank undertakes to return them together with interest.

Advantages of Investing in Bank Deposits

Deposits are a simple and accessible savings instrument that does not require specialized investment knowledge or experience. Opening a deposit can be done remotely via a bank’s mobile app.

Deposits are also protected by the Deposit Guarantee Fund for Individuals. During martial law and for three months after its termination/cancellation, a 100% guarantee applies: the Fund reimburses deposits in full, including accrued interest (with statutory exceptions).

Another advantage is flexibility: the depositor chooses the currency, term, and deposit type according to personal needs.

Disadvantages of Deposits

One of the main drawbacks is yield, which does not always outpace inflation. That said, by the end of 2025 inflation slowed markedly—to 8.0% y/y in December 2025.

Another disadvantage is taxation. While income from domestic government bonds (OVDPs) is tax-exempt, deposit income is taxed at 23%: 18% personal income tax and 5% military tax.

What Are Deposit Yields in Ukraine?

At the start of 2026, the market is guided by the rates shown in banks’ public deposit offerings. Based on aggregated market data (as of January 2026), average UAH deposit rates vary by term, while maximum rates can be significantly higher at banks aggressively competing for funding.

For example, a 13% annual rate on a 3-month deposit equals about 3.25% of the principal over the term. After paying 23% taxes, the net income is roughly UAH 250 per UAH 10,000—the key question then is whether this covers inflation over the period.

Types of Deposits

Deposits fall into two main categories:

• Term deposits — funds are placed for a fixed period (3, 6, 12 months) and cannot be withdrawn during the term; in return, the depositor receives a higher rate.

• Demand deposits — funds can be withdrawn at any time, but rates are usually lower.

Among term deposits, banks distinguish:

• Savings (accumulative) — allow additional contributions during the term.

• Classic savings — no top-ups or partial withdrawals.

• Universal — allow both top-ups and partial withdrawals.

How to Choose a Deposit Correctly

First, make sure the selected institution is a licensed bank. Although rare, fraudulent entities sometimes masquerade as banks using similar names. A notable case was the “Mykhailivskyi Bank” scandal, where depositors actually transferred funds to a third-party legal entity rather than a bank.

Currently, during martial law and for three months after it ends, a state 100% guarantee applies to deposits of individuals and sole proprietors—regardless of amount. Nevertheless, caution is warranted because:

• the war may end unexpectedly;

• if a bank fails, foreign-currency deposits are repaid in UAH, creating FX risk due to exchange-rate differences.

UAH or FX Deposits: Which to Choose?

UAH deposits usually offer the highest potential real returns (but are sensitive to inflation). FX deposits remain low-yield and primarily serve as a hedge against devaluation.

What to Pay Attention to When Choosing a Deposit

• Early withdrawal: most term deposits do not allow it, or only at reduced rates.

• Automatic renewal (rollover): if not declined in time, a deposit may be automatically renewed under new terms.

How Much Can You Earn by Investing in Deposits?

Remember taxes: 18% PIT + 5% military levy (23% total on interest). For example:

• UAH 100,000 for one year at 10.6% yields UAH 10,600 gross; after tax, UAH 8,162 net.

Examples (per UAH 10,000):

• 3 months, 13% p.a.: gross UAH 325, net ≈ UAH 250

• 6 months, 14.5% p.a.: gross UAH 725, net ≈ UAH 558

• 9 months, 14.5% p.a.: gross UAH 1,087.5, net ≈ UAH 837

• 12 months, 13.5% p.a.: gross UAH 1,350, net ≈ UAH 1,040

Placing UAH 10,000 for 6 months at 16% p.a. (including a +1.5 pp bonus) yields UAH 800 gross, UAH 616 net after tax.

Comparison of Current UAH Deposit Rates at Leading Ukrainian Banks (as of January 2026)

Please note: Large banks (Credit Agricole, UkrSibbank, Raiffeisen, Kredobank, PrivatBank, Oschadbank, Ukrgasbank, Ukreximbank, Piraeus, etc.) typically do not offer such high headline yields—rates are usually 8–11% p.a. or noticeably below market maxima. For example, OTP Bank offers up to 10.09% p.a.

Average market conditions:

• 3–6 months: 13–13.5% p.a.

• 6–9 months: 13.5–14.5% p.a.

• 12 months: ~13.5% p.a.; net after tax 10.9–11%

Recommendations for Depositors

• Look for online-opening or top-up bonuses that can lift the effective rate to 17–17.5%.

• Optimal term: 6–12 months—best balance of yield and liquidity.

• Assess bank reputation: institutions with foreign or state capital are generally more reliable.

• Diversify across short- and long-term deposits for flexibility.

• Factor in taxes: 18% PIT + 5% military levy on interest.

Outlook for Deposit Rates in Ukraine

Experts believe 6–9-month deposits will remain the most attractive in the near term. Many banks offer new-client bonuses averaging +0.5–1.5 pp.

Inflation was expected to decline in the second half of 2025 and fall below 10% by year-end. Accordingly, the NBU may gradually lower the policy rate, which would eventually lead to lower yields on UAH deposits.

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