Deposit at PrivatBank: how to open a savings deposit online

A deposit is a way to keep your money and earn interest. At PrivatBank you can open a deposit entirely online in the Privat24 app in a few minutes. Let's cover the types, how to choose a favourable one, whether deposits are insured, how interest taxation and auto-renewal work.

Types of deposits

• term deposit — money is placed for a fixed term at a fixed rate; usually a higher interest rate;
• savings deposit — can be topped up, convenient for gradual saving;
• savings jar — flexible storage with interest on the balance and the ability to withdraw funds anytime.

How to open a deposit online

1. Open the Privat24 app and go to "Deposits" or "Savings".
2. Choose the type, currency, amount and term.
3. Check the rate and early-withdrawal conditions.
4. Confirm — funds are credited to the deposit account.

Screenshot: opening a deposit in the "Savings" section of Privat24

How to choose a favourable deposit

• rate — compare offers across terms and currencies: a longer term usually gives a higher rate;
• withdrawal option — if you may need the money suddenly, choose a deposit with partial withdrawal or a jar;
• capitalization — when interest is added to the deposit, the income is a bit higher;
• top-up — savings deposits let you add funds.

Top-up, withdrawal and auto-renewal

Conditions depend on the type: savings deposits can be topped up, classic term ones usually can't. Early withdrawal often means interest is recalculated at a lower rate. Many deposits have auto-renewal — after the term ends the deposit is automatically extended for a new term at the current rate; you can disable this if you need the money at the end.

Deposit in foreign currency

Besides hryvnia, you can open a deposit in dollars or euros. Foreign-currency deposits usually have a lower rate than hryvnia ones but protect against exchange-rate swings. The choice depends on your goals and savings horizon.

Taxation and deposit guarantee

• taxation: taxes on deposit interest income are withheld under the law — the bank does this automatically, you don't need to calculate it separately;
• guarantee: deposits of individuals are guaranteed by the Deposit Guarantee Fund within the limits set by law. Check the current guarantee amount separately.

FAQ

Are deposits insured?

Yes, deposits of individuals are guaranteed by the Deposit Guarantee Fund within the limits set by law. Check the current amount separately.

Can I top up a deposit?

It depends on the type: savings deposits can be topped up, classic term ones usually can't. See the specific product's terms.

What happens on early withdrawal?

Interest is usually recalculated at a lower (often minimum) rate. So a term deposit is best kept until the end of the term.

How much tax is withheld from interest?

Tax on interest income is withheld automatically under current law; you don't need to calculate it yourself.

Rates and terms change — check current offers in the Privat24 app or on the bank's website.