A deposit is the simplest way to keep money safe and earn on it. But two rates that look the same can give different results, and poor early-withdrawal terms can wipe out almost all of your income. Here is what to look at.
First: why do you need a deposit
Answer three questions before comparing banks:
- What is the goal? An emergency fund, saving for a purchase in a year, or keeping a large sum safe.
- When might you need the money? If any time — choose a deposit that allows withdrawals. If not for at least a year — a fixed-term deposit with a higher rate works.
- Which currency will you spend in? If in so‘m, save in so‘m.
Rate vs effective yield
The nominal rate is the headline: "20% per year". The final income also depends on how often interest is added.
Capitalisation means earned interest is added to the balance, so next month interest is calculated on a larger sum. The yield including capitalisation is the effective rate.
Example: 10,000,000 so‘m for one year at 20%
| Option | Income for the year | Effective rate |
|---|---|---|
| Interest at the end | 2,000,000 so‘m | 20.0% |
| Monthly capitalisation | ≈ 2,194,000 so‘m | ≈ 21.9% |
Rates in the examples are illustrative. If interest is paid to your card monthly and you spend it, there is no capitalisation.
Term
Longer terms usually pay more, but carry risks: you may need the money earlier, and if market rates rise you are stuck with the old one. A practical approach is a ladder: split the sum into deposits of 6, 12 and 18 months so part of the money frees up regularly.
Top-ups and partial withdrawals
| Feature | Benefit | Cost |
|---|---|---|
| Top-ups | Add money over time | Sometimes a lower rate |
| Partial withdrawal | Access part of the money | Usually a lower rate; minimum balance |
| Neither | Highest rate | Money locked until maturity |
Early termination: read the small print
When you close early, banks usually recalculate interest at a reduced rate and may deduct interest already paid.
Example
10,000,000 so‘m at 20% for 12 months; after 8 months you need the money, and the early-closure rate is 5%.
- Expected for 8 months: ≈ 1,333,000 so‘m.
- You get: ≈ 333,000 so‘m.
- Loss: about 1,000,000 so‘m.
So‘m or dollars: currency risk
So‘m deposits usually pay much more than dollar deposits, but the so‘m can weaken against the dollar.
Illustratively: so‘m deposit 20%, dollar deposit 4%. The dollar deposit wins only if the dollar rises against the so‘m by more than about 15% in a year (1.20 ÷ 1.04 ≈ 1.154).
Rules of thumb: save in the currency you will spend in; for a planned dollar expense a dollar deposit lowers risk; don’t bet on the exchange rate — you can split between currencies.
Online deposits in mobile apps
Many banks let you open a deposit in their app in minutes, sometimes at a better rate. Check that the app belongs to a bank licensed by the Central Bank, not a payment service or intermediary, that you can see and save the contract, and how to close the deposit. "Savings" in apps that are not banks are not bank deposits — see the article on deposit guarantees.
Bank reliability
Don’t choose by the highest rate alone: a rate far above the market can mean a bank urgently needs money. Check the bank’s licence on cbu.uz and keep the deposit guarantee limit in mind.
Common mistakes
- Looking only at the rate and ignoring early-closure terms.
- Locking the whole emergency fund in a no-withdrawal deposit.
- Saving in dollars "just in case" while all spending is in so‘m.
- Forgetting that deposits may auto-renew at a lower rate — note the maturity date.
Comparison checklist
| Question | Deposit A | Deposit B |
|---|---|---|
| Nominal rate | ||
| Capitalisation frequency | ||
| Effective yield / final amount | ||
| Term | ||
| Top-ups / partial withdrawal | ||
| Early-closure rate | ||
| Currency | ||
| Minimum amount | ||
| Bank on the cbu.uz licence list | ||
| Amount within the guarantee limit |
Rates change often — check current terms on the bank’s site on the day you open.
Next step
Compare current deposits and calculate your income in the ONPUL deposit calculator — it shows the final amount with capitalisation and helps you pick a term.