monobank significantly changed deposit rates in hryvnia.

Monobank raised deposit interest rates

While most large Ukrainian banks continue to refrain from changes in their deposit policies, monobank has taken a decisive step towards its clients. The popular mobile bank announced an increase in interest rates for hryvnia deposits for all terms, which is positive news for depositors amid growing inflation.

This is reported by "Minfin".

According to the latest deposit market review, monobank increased the yield on hryvnia deposits by 0.5 percentage points for all terms. The new rates are as follows:

• 3 months: 15% per annum
• 6 months: 15.2% per annum
• 9 months: 15.4% per annum
• 12 months: 15.5% per annum

This increase occurs against the backdrop of a general decline in rates in the Ukrainian banking sector. According to the National Bank of Ukraine, average deposit rates reached their lowest values in September. However, the regulator notes that financial institutions started to consider growing inflation in their deposit policies.

In light of other banks, monobank's decision looks particularly attractive to customers. For 3-month deposits, this bank offers one of the highest rates in the market, only behind special offers from some banks. For deposits of 6 and 9 months, the rates are among the most competitive among large banks, and the annual deposit rate of 15.5% positions monobank alongside market leaders in this category.

The increased profitability allows clients to better protect their savings from inflation. Unified rates for different terms allow choosing the most convenient deposit period without losing profitability. Additionally, the simplicity and convenience of opening a deposit through the mobile app remain key advantages of monobank.

Recall that earlier, the National Bank reported that it would continue to adhere to a flexible exchange rate until it returns to a fully flexible one and would also maintain high interest rates on hryvnia deposits to protect household incomes from inflation.