Savings account interest rates drop at Sberbank: examining choices for depositors moving forward
In a recent move, Sberbank, Russia's largest bank, has announced changes to the interest rates on several of its deposit account products. The most significant adjustment is a reduction in the maximum interest rate for a standard accumulation account from 14% to 13.5%.
This change also applies to the "Nearby", "Affordable Profit", and "Your Accumulation Account" products, all of which will now offer a maximum interest rate of 13.5%. The "Premier" accumulation account will see a slightly larger decrease, with its maximum interest rate dropping from 14.5% to 14%.
The welcome bonus for the standard and Premier accumulation accounts has also been reduced. The welcome bonus size for a standard accumulation account has decreased from 5% to 4.5%, while the welcome bonus for the Premier account will decrease from 5.5% to 5%.
The "Best%" and "SberVklad" deposits have also seen a reduction in their maximum yield, now offering 15.5% per annum. The "Youth" accumulation account will maintain a maximum interest rate of 13.5%.
Other banks are also making adjustments to their deposit rates. T-Bank, for example, has increased the maximum rate on its non-renewable deposit to 17%, but simultaneously reduced the interest rates on its savings accounts.
Alfa-Bank offers the highest yield on one-year deposits at 14% per annum, while PSB offers the maximum interest rate on six-month deposits at 15.5% per annum. Alfa-Bank also leads in the three-month deposit market with a yield of 16.1% per annum.
Gazprombank has reduced the introductory rate on its "Savings Account" product by 0.5 percentage points to 16.5% per annum, and the base rate on its "Daily Interest" account has been reduced by 1 percentage point to 9% per annum.
According to "Finuslugi", the average rate for one-year deposits in the top 20 banks is currently 13.23%, while the average rate for three-month deposits is 15.44%. The average level of maximum deposit rates in the 10 largest Russian banks for six-month deposits is currently 14.69% per annum.
As of now, the search results do not provide information on which bank offers the highest interest rate for a standard accumulation account after Sberbank's price increase at the beginning of September. This information will likely become available as the banks continue to adjust their rates in response to market conditions.
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