Banks intensify competition for Ukrainians' savings - overview of the hryvnia deposit market
In early October 2025, hryvnia deposits remain one of the most popular instruments for preserving Ukrainians' savings. At the same time, competition between banks for household funds remains quite high: individual small and medium-sized banks are ready to offer depositors 16–17.5% per annum, while market average rates are somewhat lower.
According to the UIRD index, on October 6, 2025, the average indicative rate on hryvnia deposits was 13.82% per annum for 3 months, 14.21% for 6 months, 14.54% for 9 months, and 14.03% for 12 months. Thus, the most favorable offers of individual banks significantly exceed the market average level.
At the same time, Ukrainians' interest in hryvnia savings continues to grow. In the first eight months of 2025, the volume of time hryvnia deposits of households increased by UAH 34.4 billion, or 10.8%, reaching a significant level.
Unex Bank is one of the yield leaders
As of early October, Unex Bank maintains one of the most interesting offers. According to current monitoring, the "Maximum" deposit offers up to 17.5% per annum when placing funds for 366–367 days. The minimum amount is only UAH 5,000, with replenishment and online application available.
The bank raised rates on the hryvnia "Unex Maximum" back in August: the maximum yield reached 17.25% per annum, and for certain terms the rate was increased to 17%.
Thus, Unex today remains one of the banks worth attention for depositors focused specifically on maximum interest income.
Accordbank is another participant in the upper part of the rating
Among the most profitable offers is also Accordbank. At the beginning of October, the "New Money Online" deposit offers 17.17% per annum. This allows the bank to compete with Unex Bank for customers willing to place free hryvnia for a long term.
The term "new money" is important here: the increased rate may be tied to the condition of attracting funds that were not previously held in the bank. Therefore, before opening a deposit, it is necessary to carefully check all the conditions of the specific deposit program.
MTB Bank: rates up to 16.8–16.9%
MTB Bank remains another notable player. At the beginning of October, its time deposit offers about 16.8% per annum for 184 days, and for certain terms the rate reaches approximately 16.9%. The minimum placement amount starts from UAH 2,000.
MTB Bank also offers not only classic time deposits. For example, the "Free" deposit allows replenishing the account, partially withdrawing funds, and terminating the agreement early, so it is aimed at clients for whom not the maximum rate is important, but higher liquidity.
Radabank: rate up to 16.25%
Radabank remains in the upper part of the market. On October 1, the "Maximum" deposit offered 16.25% per annum, and the minimum placement amount is only UAH 1,000.
Thus, Radabank is inferior to the maximum offers of Unex Bank and Accordbank, but remains a sufficiently competitive option for a depositor looking for a rate significantly above the market average.
What do the big banks offer?
The situation is somewhat different for Ukraine's largest banks. They do not always offer the maximum rate on the market, but they compensate with the scale of the client base, developed infrastructure, and additional banking services.
In the first eight months of 2025, the largest growth in household hryvnia time deposits was demonstrated by PrivatBank (+UAH 9.51 billion), Oschadbank (+UAH 5.92 billion), Universal Bank/monobank (+UAH 4.39 billion), A-Bank (+UAH 2.30 billion), and Ukrgasbank (+UAH 2.02 billion). Together, PrivatBank, Oschadbank, and monobank provided about 61% of all growth in hryvnia time deposits during this period.
This clearly shows an important feature of the Ukrainian deposit market: the highest rates and the largest volumes of funds attracted are not the same thing. The largest banks can attract significant amounts even without the maximum interest rate due to their huge client base.
For example, at the beginning of October, PUMB's "Dohidny" deposit offered about 13% per annum, and a savings product — 12.5%. The minimum amount starts from just UAH 500, and online application is available.
Why do banks keep high rates?
The high yield of hryvnia deposits is explained by several factors. First, banks continue to compete for hryvnia liquidity. Second, inflationary risks force depositors to demand higher compensation for holding funds in the national currency.
In addition, it is important for a depositor to consider not only the nominal rate, but also taxation. For example, at a deposit rate of 17.5% per annum, the actual income after tax withholding will be noticeably lower than the nominal 17.5%.
At the same time, the current deposit guarantee system remains an important advantage of bank deposits. During martial law and for three months after its termination, full reimbursement of deposits of individuals and individual entrepreneurs is guaranteed in case of bank insolvency.
Summary
At the beginning of October 2025, the hryvnia deposit market can be conditionally divided into two groups.
The first group includes banks competing primarily with high rates: Unex Bank, Accordbank, MTB Bank, Radabank, and a number of other medium-sized banks. Their offers are approximately in the range of 16–17.5% per annum, which is noticeably above the UIRD average.
The second group includes the largest banks, including PrivatBank, Oschadbank, monobank, A-Bank, PUMB, and others. Their rates are not always maximum, but they attract the bulk of new deposit funds due to their scale client base.
As a result, autumn 2025 remains a fairly favorable period for those who want to place hryvnia savings for a fixed term. The key question for a depositor is whether to choose the maximum 17%+ from individual banks or a slightly lower rate but get the familiar infrastructure and service of a large bank. When comparing offers, it is certainly worth considering the term, the possibility of replenishment and early withdrawal, the frequency of interest payments, prolongation conditions, and taxes.
