We are a long way from interest rates around 10 percent a year ago, but more and more banks are deciding to raise. This is despite the fact that the central bank continued to lower the key interest rate and that the Monetary Council did not envisage a slowdown in the near future.

Why can interest rates go up?


It is primarily because of retaining their clients and getting new ones that some banks may decide to increase the yield on their deposits. The Treasury is also a growing competitor, as government securities offer competitive rates without account management fees.

Another reason, besides raising interest rates, is the increasing risk that the central bank will still have to apply interest rate tightening by the end of the year, when interest rates may rise by up to 1 percent. It is logical, therefore, that products with a longer maturity increase yields.


The latter explains Raiffeisen’s move to pay 0.30% higher annual interest rates on deposits with an agreed maturity of 12 months from March 4 to 3.00%. Interest rates fell on deposits with shorter maturities. The interest rate on the Active Term Deposit over a 6-month period has not changed, but it is also 0.30% higher for a 12-month term, 3.00%.


There is also an increase in the Long-term Deposit available on the Long-Term Deposit Account for new funds and the interest rate on Active Long-term Deposit is also 0.30%, currently 12.00% for 12 months. The interest rate on the Fixed Long Term Deposit remained unchanged for 3 and 5 years, remaining at 3.00% and 3.60% respectively.

MagNet Bank also increased interest rates on 1-year deposits. The standard deposit rate is 1.95% to 3.25% for a 12-month term, 1.75% to 2.50% for a 271-365-day term deposit, and NetBank Futures term deposit its interest rate increased from 1.75% to 2.75% in the case of a maturity of 271-365 days.

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