Foreign currency deposits: how to save and increase funds in 2025

Ukrainians are increasingly considering foreign currency deposits as a way to protect their savings from inflation and currency fluctuations. Starting in 2025, Ukrainian banks offer updated conditions for opening foreign currency deposits and purchasing foreign exchange.

Referring to data from the National Bank of Ukraine (NBU) and financial portals (Minfin.com.ua, Finance.ua), we analyzed which Ukrainian banks offer the best conditions for foreign currency deposits in 2025 and which programs are most suitable for entrepreneurs.

Foreign Currency Deposits for Entrepreneurs: What You Need to Know

A foreign currency deposit is a convenient way not only to store funds but also to generate additional income. You deposit a certain amount in dollars or euros into a bank account, sign a contract, and the bank undertakes to return the deposit with interest after the term ends.

Interest can be accrued in different ways:

• Monthly — allows for regular passive income.

• With capitalization — where interest is added to the deposit amount, and profit is accrued on it as well.

• At the end of the term — suitable for long-term investment.

Advantages of Investing in Bank Deposits:

 Fund Protection — Entrepreneurs working with imports/exports can minimize currency risks by keeping part of their capital in dollars or euros and protecting assets from inflation.

 Passive Income — The opportunity to earn on idle funds without additional effort.

 Financial Flexibility — Deposits can be chosen according to company strategy: short-term for liquidity or long-term for stable income.

 Government Guarantees — Even in case of bank failure, deposits up to 200,000 UAH are reimbursed through the Deposit Guarantee Fund.

 Guaranteed Profitability Without the Risk of Losses, unlike investments.

What Types of Foreign Currency Deposits Are Available?

Banks offer various deposit options that can be beneficial for both individuals and business entities:

• Short-term (up to 1 year) — Suitable for those who need access to funds in the near future.

• Long-term (over 1 year) — An option for those looking to earn the highest interest and lock funds for an extended period.

• "On-Demand" — Provides flexibility since funds can be withdrawn at any time, though the interest rate is minimal.

• Savings Deposits — Designed for long-term capital retention without the option to replenish.

• Accumulation Deposits — Allow for regular additions, convenient for gradual savings.

• Targeted Deposits — Used for specific business needs, such as a company’s reserve fund.

Popularity of Foreign Currency Deposits in 2025

Following the NBU’s currency policy changes at the end of 2023, when restrictions on currency purchases were eased, interest in foreign currency deposits significantly increased.

According to the National Bank, in 2024, Ukrainians purchased currency for deposits amounting to $8-12 million daily. The total volume of such deposits in the system reached $1.2 billion by the end of 2024.

Among the leading banks in terms of foreign currency deposits, the following stand out:

• monobank — in 2024, it held over $350 million in foreign currency deposits.

• PrivatBank — one of the largest market players, actively developing online deposits.

• Raiffeisen Bank and PUMB — stable banks offering competitive terms.

Overall, as of 2025, 34 Ukrainian banks accept foreign currency deposits.

Conditions for Opening Foreign Currency Deposits in 2025

To ensure your savings generate real income, it is important to carefully assess the following parameters:

Deposit Interest Rates

Interest rates on foreign currency deposits remain relatively low, as banks primarily attract foreign exchange for stability rather than profit.

Current interest rates as of February 2025 for foreign currency deposits:

• PrivatBank "Standard" deposit, from 31 days in dollars, from 92 days in euros: 0.01% per month. Minimum deposit amount: $2.

• "Classic" deposit from the Ukrainian Bank for Reconstruction and Development, from 31 days: 0.01% per month, minimum amount: $100.

• Craft Deposit from Kredobank, from 123 days: 0.75% per month. Minimum deposit: 500,000 UAH.

• "Profitable" deposit from PUMB, from 92 days: 1.3% per month, minimum amount: $100.

• "Classic" deposit from Ukrsibbank, from 92 days: 1.5% at the end of the term. Minimum deposit: $500.

• "Profitable" deposit from Sense Bank, from 92 days: 1.5% monthly, capitalization. Minimum deposit: $200.

• "Classic Term Online" deposit from Raiffeisen Bank, from 92 days: 1.5% at the end of the term, deposit from $2.

• Non-early withdrawal deposit from monobank, "Term Online" deposit from Universal Bank, from 92 days: 2.1% monthly, minimum deposit: $100.

The average annual interest rate for dollar deposits is 1.7%. The minimum term for placing a foreign currency deposit is three months. For 12-month deposits, banks offer higher rates. The minimum weighted average deposit amount is $100. 

Online Access to Deposits

In 2025, 16 banks allow customers to open foreign currency deposits via mobile apps and online banking.

Among them:

• monobank

• PrivatBank

• Raiffeisen

• Sense Bank

• A-Bank

• Globus Bank

• PUMB

• MTB Bank and others.

In other institutions, a personal visit to the branch is required to open a deposit.

How to Choose a Bank for a Foreign Currency Deposit?

To select the optimal bank, it is essential not only to look at the interest rate and deposit term but also to carefully evaluate other conditions. Here are common questions regarding foreign currency deposits.

1. Can the Bank Change the Interest Rate During the Deposit Term?

Some banks reserve the right to change the interest rate after the deposit is opened. This means you may receive a lower return than expected. It is important to ensure that the rate is fixed and will not change throughout the deposit term.

For Business: This is critical if you plan a predictable income from the deposit or link it to other financial decisions of the company.

2. How Does the Bank Return Funds After the Deposit Matures?

Before signing the contract, find out what happens to your money after the deposit period ends:

✅ Do you receive the full amount immediately into your account?
✅ Does the bank transfer funds to a separate account without accruing interest?
✅ Is there an option for automatic transfer to another deposit?

For Business: This is important if you plan to quickly use the funds after the deposit ends, for example, for procurement or investments.

3. Is There Automatic Renewal?

Some banks automatically extend the deposit term if the client does not withdraw funds on time. This can lead to funds being locked for another period under less favorable conditions.

✅ Find out if you can disable automatic renewal.
✅ If renewal is inevitable, clarify the terms under which it occurs.

For Business: If you do not plan long-term capital placement, automatic renewal can become an issue, locking your funds when they are needed for operational activities.

4. Are There Penalties for Early Termination?

If you need money before the term ends, the bank may:

 Return only the initial amount without interest.
 Charge a fee or penalty for early withdrawal.
 Set restrictions on the timing of fund returns.

For Business: This is an important factor if your business relies on liquidity and quick access to funds.

Tips for Entrepreneurs:

 Compare different banks' conditions. Do not settle on the first option — review several offers.

 Clarify contract details. Read the terms carefully, especially sections on interest rate changes, early termination, and fund returns.

 Choose reliable banks. Prefer institutions with state support or stable liquidity indicators.

 Evaluate real benefits. A deposit is not just about the rate but also flexibility, access to funds, and the absence of hidden fees.

What Is the Deposit Tax in Ukraine?

Currently, depositors must pay 23% of their deposit income to the state budget. This includes:

• 18% — personal income tax.

• 5% — military levy.

Example of Deposit Profitability Calculation in 2025

Let's analyze how profitable it is to buy foreign currency in a bank for a deposit using two banks as examples.

Suppose you have $5,000 and plan to open a deposit for one year.

• monobank (interest rate of 2.1% per month or 15.5% annually). Annual profit — $81 (after tax deductions).

• PUMB (interest rate — 1.3% per month or 13% annually). Annual profit — $38.

Where Is It Better to Buy Foreign Currency for a Deposit?

There are two main ways to purchase foreign currency with hryvnia:

1. Through exchange offices or bank cash desks — a traditional option for those who prefer holding cash currency.

2. Through banks with subsequent placement on a deposit — in 2025, this method remains advantageous due to the possibility of purchasing currency at a rate closer to the interbank rate.

Banks continue to earn on the difference between buying and selling currency. As of late February 2025, the interbank exchange rate settled at:

• Dollar buying rate — 41.41 UAH

• Dollar selling rate — 41.95 UAH

Around 18 banks offer foreign currency sales for deposits at the interbank rate or with minimal deviation.

Are Foreign Currency Deposits Safe?

The Deposit Guarantee Fund covers deposits in foreign currency, but there are important nuances to consider:

• Guaranteed return amount — up to 200,000 UAH (equivalent in foreign currency is calculated based on the NBU exchange rate at the time of the bank's liquidation).

• Compensation is paid in hryvnia, so potential exchange rate fluctuations should be considered.

What Does This Mean for Entrepreneurs?

✅ Government guarantees for small deposit amounts.
✅ The necessity to diversify funds among different banks to minimize risks.
✅ It is advisable to consider large banks or state-supported institutions for greater security.

Foreign currency deposits remain a relevant way to protect hryvnia savings from devaluation and the economic crisis caused by war. Choosing a bank with a favorable exchange rate, interest rates, and deposit terms can make a foreign currency deposit a profitable investment.