Vyberi.ru expert told where and how to save savings in 2023

The representative of the service recommends that citizens with savings of 100-200 thousand rubles focus on saving them, and not on the desire to earn. At the same time, according to Andriyevskaya, it is better to create a “safety cushion” with minimal risk, “after all, there are already too many problems with savings.”

Vyberi.Ru believes that deposits and savings accounts are much more effective than a homemade “safe” under a mattress. According to a service survey, more than 85% of depositors over the age of 60 entrust their savings to credit institutions. “Even the older generation will now opt for a deposit or savings account to protect their savings from inflation. No one needs to explain once again that “under the mattress” their “hard-earned money”, although they will be at hand, they will definitely not bear interest, “Andriyevskaya notes.

According to the expert, today you can notice quite “generous” offers from the leaders of retail trade, Sberbank, VTB, Alfa-Bank, offering up to 9.5% per annum, that is, 200 bp. above the key rate of the Central Bank. True, for long periods, up to 3 years. But, given the Central Bank’s forecast of inflation rates in the coming year – 4.5% -6.5%, the yield on the deposit looks attractive. At least plus 300 pp investors will earn and investments for 1.4 million rubles are insured by the state.

Andriyevskaya pointed out that the high interest rates indicate that banks do not expect drastic changes in the next three years. They have already assessed their risks and “placed” them in long-term deposit rates.

In recent years, savings accounts have become a worthy competitor to deposits, Irina Andrievskaya believes. The popularity is explained by the fact that money is always “at hand”, you can withdraw savings without losing interest, unlike term deposits.

In addition, in many banks, interest rates on savings accounts by 5 pp-10 pp higher than deposits – 10% -11% (UBRD, Gazprombank). At the same time, competition for the population’s money is growing: bankers raise rates in May, the expert notes.

On the one hand, this is beneficial for depositors, on the other hand, the growth in rates may indicate a possible increase in the key rate of the Central Bank in June. But this will also be an advantage for depositors: interest rates will grow following the indicator of the regulator. However, people need to know that the bank can change the interest on the savings account unilaterally with any change in market conditions.

According to the financial market, people’s demand for online savings accounts increased by 16% in April and reached the highest level in the last six months. By way of comparison, April’s demand for online deposits, by contrast, has become minimal in the past six months.

Keeping dollars or euros in cash is a proven way for people to save money. But the Central Bank and banks claim that since the beginning of the crisis, Russian interest in dollars has been reduced to a minimum. However, buying this coin now is expensive and risky. Ten packages of Western sanctions have already caused a lot of problems, including the Central Bank of the Russian Federation’s restrictions on cash withdrawals, says Andriyevskaya.

According to the expert, if citizens save dollars, for example, for a trip abroad, then they may be in the black, given the growth in their rate. A dollar deposit will also allow you to earn income. Even in the most negative scenario, depositors will be able to convert their savings into rubles. The currency in the banks is insured in the same way as rubles, he points out. In addition, if the ruble exchange rate falls, as it has been since the beginning of 2023, in addition to the bank’s interest, it will be possible to earn on the exchange rate difference. In addition, banks are once again raising the rates on dollar deposits. We see that among the bank offers you can find a short-term dollar deposit (91 days) at a rate of 3.25% (Russian Standard Bank).

The alternative currency, the Chinese yuan, has been volatile throughout 2022. And in order to restart the economy after covid restrictions, the external yuan exchange rate may be reduced by decision of the authorities in 2023. Such scenario can not be ruled out by everyone who accumulates the currency of the Celestial Empire “under the pillow,” says Andriyevskaya.

However, yuan deposits can generate income for Russian depositors in 2023 thanks to the ruble’s depreciation and relatively generous bank interest, even for short periods of up to three months. In the spring of 2023, we see rates from the leaders of retail banking: 3.65% – 2.6% (Alfa-Bank, VTB, DOM.RF Bank).