In December, the yield on foreign currency deposits changed only four banks of the 15 largest players, according to the monitoring of RBC.
Rates on Euro deposits is still lower than in dollars: average rate of annual Deposit in euros in the end of December amounted to 0,43% (in November it was by 0.05 percentage points). On a dollar contribution for the year you can earn an average of 1.14% per year compared to 1.22% in the previous month. The biggest was the reduction in annual Deposit in dollars and euros, in foreign currency deposits at other times the change was less noticeable.
The analysis showed RBC, high on annual contributions in dollars can be obtained in the Moscow industrial Bank (IIB) and the Bin — there are the highest rates on deposits for the year (1.75 and 1.7 percent per annum respectively). A Deposit in euros for the year will be the most profitable in the Bank “Ugra” (1.4% per annum) and Moscow industrial Bank (1% per annum).
The biggest short yield on foreign currency deposits in Euro will be again in the “Yugra” (0.9% APR). Second place is shared by IBC and IIB (0.25% per annum). Yield short dollar deposits in the lead IIB and ICD — 0.75% per annum. However, investing in foreign currency can be beneficial not because of interest rates on deposits and due to rate changes, says the chief analyst of Sberbank Mikhail Matovnikov. “To invest in the currency makes sense if you expect a large devaluation of the ruble,” he said. This analyst emphasizes that the alleged devaluation should be substantial: if the dollar will rise to 64-65 RUB, it does not compensate for the difference between the rates on foreign currency and ruble deposits.
Banks do not need foreign currency liquidity, so they reduce the rate of, say respondents RBC experts. The fact that banks do not need dollars and euros, explains the lack of Christmas presents with higher rates, says CEO Frank Research Group Yuri Gribanov. Agrees with him Director of Department of retail segments and marketing UniCredit Bank Oleg Chernyshov. According to him, customers generally prefer to keep the currency on current accounts, including due to the lack of attractive offers on deposits.
According to bankers, in the near future the situation is unlikely to change, but in the longer term, possible deceleration of the current trend of lowering interest rates. “Falling interest rates on dollar deposits is likely already finished. So, for example, affects the rate hike in the US. When to borrow on foreign markets is becoming more expensive, banks can raise foreign currency in the country that promotes and increases the cost of such funds,” says Matovnikov from Sberbank. Partly a prediction for the termination of the reduction of interest rates on foreign currency deposits confirms the first Deputy Chairman of the Board Asian-Pacific Bank Vyacheslav Andryushkin. He believes that in the first quarter of next year, the yield on foreign currency deposits will remain at the current level.
However Matovnikov of Sberbank believes that to better keep their savings in rubles. Now the ruble strategy makes more sense, he said. “The fact that deposits in rubles are rising, says a rational approach investors”, — says the analyst. CEO Frank RG Yuri Gribanov advises to use new year offers on ruble deposits. Usually this program for the year increased in comparison with conventional Deposit rates.
Andryushkin of Asian-Pacific Bank advises to allocate their funds to different assets to hold money partly in rubles, partly in currency, preferably in dollars. “Now it is difficult to predict how they will change the Euro, so personally I wouldn’t keep money in euros,” he explains. If the saver agrees to keep money in the Bank and get low interest on deposits, ruble and foreign currency deposits — right strategy, said the banker. “Then, on the one hand, foreign currency deposits will be the additional income from possible fluctuations, and on the other the ruble depositor will receive a high rate,” he says.
The currency is more in demand from wealthy investors, says Gribanov from Frank RG. “According to our research, basket of savings they different from the clients of mass segment: people who have savings of 2 million rubles for foreign currency accounts for half of the savings or a little more, and those who have less than a million, 80-90% of savings held in rubles,” — said the expert. The first category of customers, he recommends that you look not deposits, but investment offers of banks. Customers who want somewhere to invest $50 million, banks may provide, for example, investment life insurance or structured products, says Gribanov. However, these investments are unlike government deposits are not insured.