Ukrainians are seeking reliable liquid savings instruments, which is driving the popularity of bank deposits.

Head of Retail Products and Digital Banking at Piraeus Bank, Oleksandr Ovcharuk, explained to UBN that the war has altered Ukrainian’s financial habits, leading to greater demand for dependable liquid savings options. For clients, the significance of factors such as the bank’s reliability has increased considerably.

According to the annual study by the Standard-Rating agency, Piraeus Bank showcases a high capitalization level and substantial liquidity reserves, achieving third place in the bank deposit reliability rating at the end of 2024.

Ovcharuk anticipates that, in light of the NBU’s decisions regarding the discount rate and deposit certificates, most banks in Ukraine will reassess their savings account interest rates and offer increases. This will further enhance bank deposits’ appeal among Ukrainians.

The expert noted that in response to favorable conditions at Piraeus Bank, there is growing demand for short-term hryvnia deposits. Since the start of the year, Piraeus Bank’s consumer hryvnia deposit portfolio has surged by 23%.

“Since April 8, we have increased rates, allowing depositors to earn even more. Presently, rates vary from 8.25% to 15%, depending on the deposit term,” the expert added.