Only 2% of residents of the Southern Federal District withdrew all their money from banks immediately after the sharp increase in the key rate at the end of February 2022. 14% have both a deposit and a savings account. 30% do not intend to take away the ruble bank deposit opened after the sharp increase in rates in any economic situation in the country. These are the results of a survey* conducted by Otkritie Bank.
53% of the respondents did not have bank deposits before the military special operation and do not have them now. Of those who had, 16% left bank deposits at the pre-crisis rate. 18% immediately transferred money to a deposit at a new higher rate. Another 11% opened a new deposit after the rate hike. Only 2% of respondents immediately took all the money from the bank to invest in other savings instruments or use it for personal needs.
30% of respondents are ready to leave deposits opened at high rates in banks in any case, since it still gives a guaranteed income. 20% of those who have a bank deposit opened at a high rate will leave it, unless there is a sharp drop in personal income and the need to spend savings. 35% will keep a bank deposit opened at a high rate if the rate does not fall below 10% per annum. 10% will take such a deposit as soon as the situation in the financial market normalizes or money is needed for large urgent or planned expenses. 5% – in the event of a sharp rise in inflation, which will become much higher than the deposit rate.
21% of respondents are ready to open a savings account in the event of a reduction in deposit rates. 14% have already opened a savings account, another 14% have both a deposit and a savings account. 51% said they did not plan to open either a savings account or a savings account.
8% of respondents, despite the crisis, did not leave the stock market. 3% are ready to consider other investment instruments, except for bank deposits, if the rates on them fall below 10% per annum. 10% of respondents believe that stocks will grow and are ready to invest part of their funds in them. 3% are ready to invest their entire investment “budget” in the stock market.
At the same time, 50% believe that investing funds from deposits in securities is now too risky. 28% of respondents found it difficult to answer the question about the possibility of investing money from deposits in the stock market in the current situation.
“Depositors closely monitor the market and consider the entire range of savings products. At the same time, we note the growing interest in alternative investments. The share of depositors interested in investment products increased by 1.5 times and amounted to 34% against 24% a year earlier. For customers whose deposits expire in June, the bank is preparing not only a special summer offer for deposits with an increased rate, but also new comprehensive offers from banking and investment savings products,” said Vice President, leader of the Savings and Investments tribe “ Discovery” Alexander Borodkin.
*The survey was conducted by Otkritie Bank on May 11-17 on a representative sample of 1,000 Russians aged 18-65 in cities with a population of more than 100,000 people.