Deposits in September: How Much Do Banks Offer in Hryvnia, Dollars, and Euros

The Ukrainian deposit market in September 2026 remains attractive primarily for holders of hryvnia savings. Average rates on deposits in the national currency are around 14% per annum, while dollar deposits yield about 1%, and in euros - less than 0.5%. However, a simple difference in percentages does not give a complete answer as to which option is more profitable for the depositor.

The decision is influenced not only by the rate, but also by the term of the deposit, taxation of interest, inflation, possibility of early withdrawal of funds, and, in the case of foreign currency deposits, the future exchange rate of the hryvnia.

Meanwhile, Ukrainians continue to actively keep money in banks. The volume of household funds in the banking system is about UAH 1.54 trillion, of which more than UAH 500 billion is in time deposits.

What rates do banks offer

According to the Ukrainian Index of Retail Deposit Rates (UIRD) as of September 15, 2026, banks offer the highest average yield on hryvnia deposits for a term of nine months.

Thus, the difference between hryvnia and foreign currency deposits remains very large. Depending on the currency and term, a hryvnia deposit can yield tens of times more interest income.

At the same time, there is no single direction of rate movement in the market. Some banks gradually reduce yields, while others, on the contrary, increase them or offer bonuses for new depositors. Small and medium-sized institutions often set higher rates because they compete more actively for household funds.

Hryvnia deposits: about 14% per annum

The hryvnia remains the main currency for depositors who want to receive interest income. Average rates in September are in the range of approximately 13.8-14.5% depending on the term.

Notably, the longest deposit is currently not the most profitable. The average rate for nine months is 14.52%, while for a year it is 13.99%. Six-month deposits also give on average slightly more than 14%.

This means that the traditional rule "the longer the deposit, the higher the rate" does not always work now. A bank may be willing to pay more for funds for six or nine months, but not seek to fix the high cost of attracting money for a whole year.

One reason for the relatively high hryvnia rates is the tight monetary policy of the National Bank. Since March 2026, the NBU key policy rate has been at 15% per annum.

However, the key policy rate does not mean banks automatically have to pay depositors more than 15%. A deposit is a resource for the bank that needs to be utilized - for example, issued as a loan or invested in other instruments. If loan demand is insufficient, overly expensive deposits become unprofitable for the bank itself.

In addition, banks receive a significant portion of resources from current accounts, where interest is either not accrued at all or is minimal. Government bonds also remain an alternative for banks and their clients.

How much can you really get from a hryvnia deposit

If you place UAH 100,000 for a year at a nominal 14%, the deposit will bring UAH 14,000 in interest.

However, this figure is not yet the net earnings of the depositor. The bank, as a tax agent, withholds established taxes from the interest income. Therefore, the actual amount the client will receive at the end of the deposit will be lower.

The second factor is inflation. The rate shows how much the nominal amount of money will increase, but does not guarantee the same increase in purchasing power. If prices rise quickly, part of the interest income actually compensates for inflation.

Capitalization is also important. Two deposits with the same advertised rate may yield different results. If interest is added to the principal and subsequently earns income, the effective rate will be somewhat higher than with simple interest payment monthly.

Dollar deposits: interest is small, but the goal is different

With dollar deposits, the situation is fundamentally different. As of September 15, the average rate was from 0.78% for three months to 1.13% for a year.

For example, a deposit of $10,000 at 1% will bring about $100 in interest income per year before tax.

Against the backdrop of hryvnia 14%, such yield seems low. However, for many holders of foreign currency savings, the main goal of the deposit is not interest earnings.

A person who already has $10,000 and plans to spend these funds in dollars maintains a currency position regardless of the further behavior of the hryvnia. In this case, interest becomes an additional, not the main income.

In fact, a dollar deposit combines two components: a small interest rate and the change in the hryvnia equivalent of the dollar itself.

If the hryvnia weakens significantly, the value of the currency deposit in hryvnia terms increases. If the hryvnia remains stable or strengthens, the advantage of the high hryvnia deposit rate becomes much more noticeable.

Deposits in euros yield even less

Banks currently offer the lowest interest yields on deposits in euros. The average rate for three months is 0.31%, for six months - 0.37%, for nine - 0.35%, and for a year - 0.46%.

Thus, €10,000 placed for a year at an average 0.46% will bring only about €46 in interest before tax.

But, as with the dollar, for some depositors the interest rate is not the main reason to hold money in euros.

Euro savings may be linked to future expenses in EU countries: education, living, real estate purchases, supporting relatives or other expenses that will anyway be made in euros.

In such a case, converting the currency into hryvnia just for the sake of a higher deposit rate creates additional risk. When the money is needed, the depositor will have to buy euros again, and the rate at that time may be much higher. Additional costs also arise from the difference between the buying and selling rates.

Hryvnia or foreign currency: no clear winner

If you look only at the advertised rates, the advantage of a hryvnia deposit is obvious: about 14% versus approximately 1% in dollars and less than 0.5% in euros.

But this comparison is between strategies of different natures.

A hryvnia deposit is primarily aimed at obtaining interest income. A foreign currency deposit is largely aimed at preserving savings in a currency and protecting against possible depreciation of the hryvnia.

Therefore, the actual result depends on what happens to the exchange rate during the deposit term. The more the hryvnia weakens against the dollar or euro, the larger part of the difference between the high hryvnia and low foreign currency rates will be offset by the exchange rate effect.

With a stable exchange rate, the situation is the opposite: a foreign currency deposit yields minimal interest income, while a hryvnia deposit allows a much higher nominal result.

Calculations also need to include taxes, currency buying and selling rates, commissions, and the specific terms of the bank. Therefore, there is no universal threshold after which one option automatically becomes more profitable than the other.

What term is better to place a deposit

September rates show that a depositor should not automatically choose a one-year deposit.

For the hryvnia, the highest average rate currently is for nine months - 14.52%. A six-month deposit also looks competitive - 14.21%, while for 12 months the average rate is lower, at 13.99%.

For the dollar and euro, on the contrary, the maximum average rates are for one-year deposits - 1.13% and 0.46%, respectively.

This means that there is currently no single "put money for a year" strategy for all currencies. It is advisable to compare offers across several terms.

What to look at besides the rate

The maximum interest in a bank's advertising should not be the only criterion for choosing a deposit.

It is important to check how and when interest is paid, whether there is capitalization, whether the deposit can be replenished, whether partial or early withdrawal is allowed, and what happens to the rate if the contract is terminated early.

Also worth paying attention to: minimum deposit amount, automatic contract renewal, interest taxation, and deposit guarantee conditions.

A bank with a slightly lower rate but more flexible terms may, in a particular situation, turn out to be more convenient than an institution with maximum advertised yield.

What is happening in the deposit market in September

The main trend of mid-September remains unchanged: the hryvnia is the currency of high interest yield, while the dollar and euro mainly serve as a currency preservation function.

At the same time, banks are not moving rates synchronously. Some institutions lower them, while others try to attract depositors with increased yields or special offers.

The future situation with hryvnia deposits will depend largely on the decisions of the National Bank regarding the key policy rate, inflation, and the overall need of banks for resources.

For the depositor, the choice between hryvnia, dollar, and euro is essentially a choice between different goals. If the main thing is to receive interest income, hryvnia deposits currently have a significant advantage. If funds are already kept in a foreign currency or future expenses are planned in dollars or euros, a low interest rate by itself does not make a foreign currency deposit meaningless.

Therefore, when choosing a deposit, it is worth evaluating not only the figure in the "annual rate" column, but all four parameters: the currency of future expenses, the term, the real income after taxes, and one's own readiness for currency risk.