A hryvnia or a dollar deposit: which pays more in 2026

What deposits pay now

The handiest benchmark for comparison is the Ukrainian Index of Retail Deposit Rates (UIRD). It is calculated with a methodology developed together with the NBU, based on the rates of 20 large banks for a classic deposit with no top-ups and interest paid at the end of the term. On 30 October 2026 the 12-month index stood at:

On interest from a deposit in any currency the bank withholds 18% personal income tax and 5% military levy, 23% in total. You do not need to declare anything. Currency deposits, like hryvnia ones, are guaranteed by the Deposit Guarantee Fund: in full during martial law and for three months after it, and then up to UAH 600,000 per person in one bank in hryvnia equivalent.

The gap between the rates is huge, and it is not accidental. The hryvnia has historically lost value against the dollar, so banks pay more on hryvnia deposits: the high rate is compensation for that risk. The only question is whether the compensation is enough.

The key number: the break-even exchange rate

You cannot compare 14% and 1% directly, because a dollar deposit also earns from changes in the exchange rate. So you work out how much the hryvnia has to weaken over the deposit term for both options to give the same result.

So if the hryvnia loses less than 10% over the year, the hryvnia deposit is better. If more, the dollar deposit wins. On top of that come exchange losses: you buy dollars above the official rate and sell below it. With an assumed 1% spread on the round trip, the break-even point rises to roughly 11%. How to judge the spread and where exchanging is cheaper is covered in the article on currency exchange.

What happens under different exchange rate scenarios

Take UAH 100,000 for a year. Option one: a hryvnia deposit. Option two: buy dollars with this money at the official rate, put them on a dollar deposit and convert back into hryvnias after a year. The exchange spread is left out here to show the pure effect of the exchange rate.

For reference: from 29 October 2025 to 29 October 2026 the official rate rose from 42.08 to 45.59 hryvnias per dollar, so the hryvnia lost about 8.3%. If last year's rates had been the same as today's, UAH 100,000 on a hryvnia deposit would have become UAH 111,003, and on a dollar deposit UAH 109,317. The hryvnia would have won, but only by a small margin. Last year guarantees nothing about the next: the exchange rate depends on the war, international aid and NBU policy.

Do not forget inflation

A hryvnia deposit beating a dollar one does not yet mean your money has grown. Inflation in September 2026 was 10% over the year, so after tax a hryvnia deposit gives a real return of only about 0.9% a year. It protects savings from losing value but does not make you noticeably richer. Why this is so and how to calculate real return is explained in the article on real return. You can check your own amount allowing for inflation in the inflation calculator.

The dollar loses value too, only more slowly: even modest US inflation is, as a rule, higher than the rate on a dollar deposit in Ukraine. So a dollar deposit, measured in dollars, almost always loses a little purchasing power. Its role is to protect you from a sharp devaluation of the hryvnia, not to earn.

How to decide which currency to keep savings in

The more useful question is not "which pays more" but "which currency will you spend this money in". The answer determines what the real risk is for you.

• An emergency fund and spending in Ukraine within the next year. You live and pay in hryvnias, so keep this money mostly in hryvnias. A sharp devaluation will affect prices too, but not all of them and not at once. How to build a reserve is explained in the article on an emergency fund.
• Purchases whose price is tied to foreign currency. A car from abroad, appliances, study or medical treatment abroad, travel. Here the risk is the exchange rate itself, so it makes sense to keep part of the savings in foreign currency. How to work out such a goal is covered in the article on saving for a big purchase.
• Long-term savings without a specific goal. Splitting works best here: part in hryvnias, which pay a higher rate, part in foreign currency, which insures against devaluation. The proportion depends on how painful a sharp change in the exchange rate would be for you.

A currency deposit or currency government bonds

If you keep part of your money in dollars anyway, compare a deposit with currency government bonds (OVDP). Income from OVDP is not taxed for individuals, while 23% is withheld from deposit interest, and yields on currency OVDP are usually higher than currency deposit rates. The downside is that before maturity a bond can only be sold at the market price, rather than withdrawn like a deposit. More on the choice in the article "Deposit or government bonds".

Common mistakes

• Comparing rates before tax. The advertised 14.29% is before 23% is withheld. You will get about 11.00%.
• Switching currencies back and forth on every piece of news. Each exchange costs the spread, and a few such operations a year eat the whole difference in rates.
• Keeping dollars in cash at home. They earn nothing, can be stolen or lost and are not protected by the Deposit Guarantee Fund.
• Putting everything in one bank above the guaranteed amount. Once full compensation ends, the guarantee covers up to UAH 600,000 per person in one bank.
• Waiting for the "perfect rate". Even professionals cannot predict the exchange rate. Splitting between currencies and buying in instalments is more reliable than trying to guess.

In short

• After tax, a one-year hryvnia deposit pays about 11.00%, a dollar deposit about 0.90%.
• A hryvnia deposit is better if the hryvnia loses less than 10% over the year, or roughly 11% once the exchange spread is included.
• The real return on a hryvnia deposit after inflation is small, about 0.9% a year.
• A dollar deposit is insurance against devaluation, not a way to earn.
• Keep savings in the currency of your future spending, split long-term savings between hryvnia and foreign currency, and buy currency in instalments.

Figures in this article

• Personal income tax18%
  from January 1, 2016
• Military levy on salaries and interest5%
  from December 1, 2024
• Inflation in September 2026, year on year10%
  September 2026
• Guaranteed deposit amount after martial lawUAH 600,000
  3 months after martial law ends
• Limit on buying currency, bank metals and foreign securitiesUAH 200,000/mo
  from August 11, 2026
• Average rate on 12-month hryvnia deposits14.29%
  UIRD index, 30 Oct 2026
• Average rate on 12-month US dollar deposits1.17%
  UIRD index, 30 Oct 2026
• Average rate on 12-month euro deposits0.51%
  UIRD index, 30 Oct 2026
• NBU official dollar rate, UAH42.08
  29 Oct 2025
• NBU official dollar rate, UAH45.59
  29 Oct 2026

Checked against official sources on October 28, 2026. If a figure changes, we update the article and the «Updated» date changes automatically.

Sources

1. Minfin - Ukrainian Index of Retail Deposit Rates (UIRD) in hryvnia, methodology developed with the NBU (in Ukrainian)
2. Minfin - UIRD index of US dollar deposit rates (in Ukrainian)
3. Minfin - UIRD index of 12-month euro deposit rates (in Ukrainian)
4. Minfin - NBU official rate for 30 October 2026 (rate on 29 October: UAH 45.59 per dollar) (in Ukrainian)
5. Dengi.ua - NBU official rate for 29 October 2025: UAH 42.08 per dollar (in Ukrainian)
6. NBU - commentary on inflation in September 2026 (in Ukrainian)
7. Deposit Guarantee Fund - guaranteed amount and full compensation during martial law (in Ukrainian)
8. Debet-Kredyt - NBU limits for individuals from 11 August 2026: currency purchases up to UAH 200,000 a month (in Ukrainian)

This article is for information only and is not an exchange rate forecast or investment advice. Rates in the calculations are index averages; a particular bank's terms may differ. The future hryvnia rate is unknown, so the scenarios in the table are illustrative.