Bank deposits in Ukraine in hryvnias and dollars: rates, tax and the deposit guarantee

01What it is

A deposit is money you give a bank for a set term or until you ask for it back. The bank pays interest on it and returns the deposit at the end of the term. The rate, the term and the rules for early withdrawal are fixed in the contract.

Every Ukrainian bank sets its own rates, so this page does not show particular offers. It shows the average rates on new household deposits published by the National Bank of Ukraine: a benchmark to hold your own bank's offer against.

02What it pays now

In the latest month of the National Bank's data, new hryvnia deposits for up to a year paid 11.85% a year on average, and those for one to two years 13.25% (Source: Національний банк України, Aug 2026). Dollar deposits paid 1.07% for up to a year and 1.26% for one to two years (Source: Національний банк України, Aug 2026).

The National Bank publishes hryvnia rates as open data, but the split of foreign-currency deposits into dollars and euros only in a statistical table, so the two currencies come from different sources. Both arrive with a delay: the latest month is shown next to each figure. The bank also publishes a rate for terms over two years, but it rests on small volumes and swings widely from month to month, so the board does not use it.

03After tax and inflation

The bank withholds the tax when it pays the interest: personal income tax of 18% and a military levy of 5%, 23% in all (Source: Верховна Рада України, Oct 12, 2026). The same applies to hryvnia and foreign-currency deposits. Once martial law ends, the military levy will fall to 1.5%, but not at once: Ukraine's Tax Code delays the change by several years.

Inflation then takes its share of the after-tax rate. Annual inflation is 10.0% in Ukraine and 3.7% in the US. For the dollar view, the board assumes that the hryvnia falls each year by its historical average, 6.0%; that is an assumption, not a forecast, and the window and method are in the board's method note.

A dollar deposit keeps its value in dollars, but its rate is low: after tax, a deposit for up to a year leaves 0.8%, while US inflation is 3.7%.

Both tables are for a horizon of up to three years, the board's default; for that horizon the board uses the one-to-two-year deposit rate.

04Who guarantees it

Deposits are guaranteed by Ukraine's Deposit Guarantee Fund (FGVFO): if a bank becomes insolvent, the Fund repays the deposit. The guarantee covers deposits in hryvnias and in foreign currency.

How much it covers depends on martial law. On Oct 24, 2026, martial law is in force in Ukraine (Source: Президент України, Oct 24, 2026). While it lasts and for 3 months after it ends or is lifted, the Fund repays each depositor the full deposit, interest included (Source: Верховна Рада України, Oct 4, 2026). After that, the guaranteed amount will be at least UAH 600,000 per depositor at one bank. A larger deposit will then be covered only up to that amount.

The guarantee does not cover everything. Under the law on the deposit guarantee system (in Ukrainian), the Fund does not repay, among others:

• deposits in bank metals;
• deposits on which the depositor receives interest on individual terms that do not match current market conditions;
• funds of the bank's significant shareholders.

05How fast you can get out

A bank returns a term deposit at the end of its term. Whether you can take the money out earlier, and what happens to the interest if you do, depends on your contract: terms differ between banks and deposit types, so read them before you open one.

An on-demand deposit can be withdrawn at any time, but its rate is much lower: 3.08% on average for hryvnia deposits. For money you may need at any moment, that is a more honest benchmark than the term rate.

06Minimum amount

Each bank sets its own minimum. The National Bank's data does not include it, so the board shows no minimum for deposits. Check it in your bank's deposit terms.

07Main risk

The main risk of a hryvnia deposit is inflation and devaluation running above the after-tax rate: the real value of the money then falls even though the interest arrives on time. The main risk of a dollar deposit is its low rate, which inflation in dollars can overtake after tax.

• The bank. If the bank fails, the Fund repays you, not the bank. The guarantee has exclusions, and after martial law a limit.
• Leaving early. If you withdraw a term deposit early, the bank may not pay the promised interest, depending on the contract.
• The rate after the term. When the term ends, the new rate may be lower.

08How to buy from Ukraine

You open a deposit at a Ukrainian bank, in its app or at a branch. Compare several banks' rates with the averages above, and check on the Deposit Guarantee Fund's website that the bank is a member.

1. Choose the currency and the term: ideally the term ends when you will need the money.
2. Read the contract's rules for early withdrawal and for interest payments: monthly or at the end of the term.
3. The bank withholds the tax itself, so you do not declare deposit interest.

A dollar deposit is opened with dollars you already have or with currency bought at the bank. The National Bank sets the rules for buying currency during martial law, so check them with your bank. The article Is a bank deposit worth it? shows how to weigh a deposit by return, guarantee and access to the money.

09Work it out further

• Compare a deposit with investing over your horizon in the deposit vs investment calculator.
• See how interest on interest adds up in the compound interest calculator.
• The article Emergency fund explains how to set money aside for the unexpected.
• Compare deposits with OVDP on the OVDP page, and with every option on the Where to invest board.