New 2026 Tax on Bank Deposits Will Hit High-Earning Savers Hard
A new tax on passive income, including bank deposits, will take effect in 2026. The measure targets earnings above a set threshold, meaning some savers will face unexpected tax bills. Many still view bank deposits as the safest way to store money, but the changes will require careful planning. The Central Bank has steadily reduced its key interest rate, which impacts both loans and savings. Lower rates mean depositors earn less interest, but they may also owe less tax on those earnings. However, even with rate cuts, those with large balances—around 1.4 to 1.5 million rubles—could still be taxed if their deposits offer high returns.
Tax authorities will track all interest income, so splitting deposits across banks will not help avoid the levy. Instead, savers should calculate their total interest from every account to estimate potential tax. Setting aside 13 to 15% of significant interest earnings in advance can prevent financial strain when the bill arrives. Alternatives like tax-advantaged savings accounts or federal loan bonds (OFZs) may offer better terms for some. Yet, while inflation might slow, real incomes remain stagnant, and taxes must still be paid in cash.
The upcoming tax will change how savers manage their deposits. Those with large balances or high-interest accounts should review their earnings and prepare for possible payments. With lower rates and rising costs, planning ahead will help avoid unexpected financial pressure in 2026.
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