"Every January, we see a sharp increase in new deposits. This is related not only to the interest rates paid at that time, but also to additional income received by residents – bonuses or the so-called 13th salary," says Kamilė Dijokaitė, loan product sales manager at Inbank.
The January effect: promises to oneself and rational behavior
Although it is commonly believed that people spend more in December and start saving in January, Inbank data shows a slightly different trend.
"Deposit contributions in November and December are essentially the same – people save continuously. In January, deposit growth is more related to additional income than to emotional promises. This indicates rational, thoughtful behavior," says K. Dijokaitė.
According to the financial expert, people usually put their 13th salary, Christmas bonuses, and annual bonuses received at work into deposits in January.
Deposits – savings for a rainy day
When considering a deposit, it is recommended to first assess your needs – whether you may need your savings at any time, or whether they can remain untouched for a certain period of time.
"If complete freedom to withdraw money is important to you, the interest rates will usually be lower. If you can "lock in" your savings for six months or a year, the interest rates will be higher. However, in any case, keeping money in a bank account is inefficient because it depreciates. It is much smarter to put your money to work, for example, in deposits," emphasizes the Inbank representative.
She also reminds us that deposits are considered one of the safest investment instruments – amounts up to €100,000 are insured. According to the expert, a significant portion of the population saves in this way, for example, for a down payment on a home, or uses deposits as quickly accessible funds if needed.
"Most people keep their deposits for no longer than a year. This can mean a few things – that the money is planned to be used soon, or that these funds are seen as savings for a rainy day that may or may not come, so people don't want to "lock up" their money for a longer period of time," says K. Dijokaitė.
Interest rates and the price of money are key factors
According to the expert, the popularity of deposits directly depends on the current price of money on the market. When EURIBOR was negative, deposit interest rates were also close to zero, so some people looked for alternative investment opportunities.
"When money becomes more expensive on the market, banks naturally raise deposit interest rates, which stimulates greater interest in this financial instrument among the population. Due to their simplicity and clarity, deposits remain one of the most popular forms of saving," says K. Dijokaitė.
According to data from the Bank of Lithuania, residents hold nearly €27 billion in deposits. In 2025, the amount of deposits in credit institutions grew by just over €2 billion. Over 20 years, the amount of deposits held in Lithuania has grown nearly sevenfold.
Currently, interest rates on one-year deposits on the market range from 1.5 to 3 percent, depending on the financial institution chosen.
