Russians Hoard Record $500 Billion in Banks Lured by High Rates

Russian households have amassed a record amount of bank deposits as they take advantage of historically high interest rates for savings accounts in the wartime economy.

Deposits held by individuals grew 8% in the first seven months of the year to reach 43.6 trillion rubles ($542 billion), according to Bank of Russia data published Tuesday. In total, Russians now hold 61.1 trillion rubles in deposits and accounts.