In the battle for Russians’ savings, banks are learning to understand context. Frank RG has presented the results of its study “Deposits and Savings Accounts in Russia 2026.”

Under these conditions, deposit growth rates nearly halved due to a decline in the inflow of new funds into banks. According to the report of the Deposit Insurance Agency (DIA), as of April 1, 2026, the total volume of household deposits amounted to RUB 65,481 billion, increasing by 0.3% since the beginning of the year. The strongest growth was observed in deposits ranging from RUB 3 million to RUB 10 million, which increased by 4.9% in value and by 4.7% in the number of depositors. The average deposit size amounted to RUB 456 thousand.

Having grown accustomed to returns in the range of 18–20% per annum, not all clients are willing to place funds in deposits at current rates. According to Frank RG, only one third of respondents are ready to place their savings at 10% per annum, and they do not consider other options, remaining loyal to deposits even if rates decline further. According to German Gref, deposits still remain the most profitable investment both over ten-, five-, and three-year investment horizons.

Another 25% of depositors will look for higher-yielding products, primarily investment or hybrid products (deposits with an investment component), leading to a shift of funds from the deposit market to the stock market. However, unlike bank deposits, investment products, while potentially offering higher returns, are also riskier: no income is guaranteed, and the invested funds can be lost. In contrast, bank deposits provide not only contractual returns but also repayment of the principal and interest in the event of a bank’s bankruptcy (through the deposit insurance system). Moreover, operations in the stock market require specialized knowledge from investors, enabling them to assess the risk-return parameters of different investment options, a willingness to bear transaction costs, and the ability to monitor stock market conditions. In general, the greater the capital available to clients, the higher the share of their investments in the stock market. In Sber’s premium clients’ portfolios, the share of investment products currently stands at 27–29%.

Another 21% of respondents intend to spend their savings if returns continue to decline. Thus, a shift from a savings-oriented to a consumption-oriented model of behavior is emerging, which is unlikely to please the Governor of the Bank of Russia, as it would increase pressure on consumer prices.

Amid a reduction in the inflow of new savings into banks, competition among them is intensifying, creating a need to retain existing depositors. Loyalty programs are being developed for them, while elevated rates on “new money” are disappearing from the market. Leading state-owned banks can no longer afford to offer rates 1–2 percentage points below the market average.

Author: Doctor of Economics, Professor of the Department of World Economy and International Finance at the Financial University under the Government of the Russian Federation Lyubov Vyacheslavovna Krylova.