Where to put 100 000 ₴ without losing to inflation

The problem: 100 000 ₴ that are not needed right now. Inflation is 10 % a year (NBU, October 2026). The rates are the market averages: a deposit at 12.63 %, government bonds at 15.16 %, a currency deposit at 1.07 %, an expected fund return of 8 %. One question: where will that money be in a year, and in five?

After one year

Option At the end In today's money
Government bonds 115 160 ₴ 104 690.90 ₴
Hryvnia deposit 110 170.50 ₴ 100 155 ₴
Index fund 106 160 ₴ 96 509.09 ₴
Currency deposit 100 827.01 ₴ 91 660.91 ₴
Cash at home 100 000 ₴ 90 909.09 ₴

In nominal terms everything but cash won. In real terms only two did. A deposit at the average rate added 155 ₴ of purchasing power over the year: 110 170.50 ₴ a year from now buys roughly what 100 155 ₴ buys today.

Five years makes the difference visible

Option At the end In today's money Real rate
Government bonds 202 538.82 ₴ 125 760.67 ₴ 4.69 %
Hryvnia deposit 162 303.07 ₴ 100 777.43 ₴ 0.16 %
Index fund 136 138.26 ₴ 84 531.14 ₴ −3.31 %
Currency deposit 104 204.05 ₴ 64 702.51 ₴ −8.34 %
Cash at home 100 000 ₴ 62 092.13 ₴ −9.09 %

The sum on deposit grew by 62 %, its purchasing power by 0.8 %. Which is why "how much will there be at the end" is a poor question and "what will it be worth in today's money" is a good one.

The bar to clear

At 10 % inflation and 23 % tax, a deposit merely draws level with prices at a rate of 12.43 %. The market average is 12.63 % - exactly on the bar, adding nothing. Everything below it is a slow loss, neatly documented.

For a fund, where the tax is charged once on the profit, the bar is almost the same - 12.39 % a year in hryvnias. The expected 8 % is a dollar return, and an honest comparison has to add the depreciation you expect. If the hryvnia weakens by 5 % a year, 8 % in dollars becomes about 13.4 % in hryvnias and the fund clears the bar. If the rate stays put, it does not.

Why bonds lead, and what that costs

The five-year gap between bonds and the deposit is 40 235.75 ₴, and most of it is not the rate but the tax: the state takes 25 120.29 ₴ out of the deposit and nothing out of the bonds (art. 165.1.2 of the Tax Code).

What pays for that:

  • A deposit up to 600 000 ₴ is covered by the Deposit Guarantee Fund, and in full during martial law and for three months after. It opens in five minutes in an app.
  • Bonds are guaranteed by the state - the same issuer that grants the exemption. The paper has to be bought through a bank, the Diia app or a broker, and the purchase fee eats part of the yield, especially on short maturities. Selling early is possible, but at the market price, and that moves.
  • A fund guarantees nothing: 8 % is an expectation, not a rate, and any year can be negative. Over a long horizon, though, it is the one that historically beats both deposits and bonds.
  • A currency deposit is a 1 % rate multiplied by a bet on the exchange rate. The table holds that rate still, so the option looks bad; if the hryvnia drops 20 %, it becomes one of the best.

Ten years: the price of doing nothing

Option In today's money after 10 years
Government bonds 158 157.46 ₴
Hryvnia deposit 101 560.91 ₴
Index fund 72 959.14 ₴
Cash at home 38 554.32 ₴

Cash loses 61 % of its purchasing power - and it is the only row with no issuer risk, no fees and no tax. Ten years on deposit cost 87 852.31 ₴ of tax to end up level in today's money.

How to choose

The term decides more than the rate. Money needed in a year belongs in a deposit or in short bonds, because a fund can be down over any single year. A ten-year horizon is the opposite: short instruments there lose to inflation almost by default.

Then come risk and currency. Everything in hryvnias is a bet that nothing sharp happens to prices or to the exchange rate; everything in dollars is the opposite bet. Splitting into two parts is usually wiser than guessing.

Put your own figures - the sum, the term, your bank's rate and your own inflation forecast - into Where to put your money: every option is recalculated on equal terms, and you will see which of them actually outruns prices in your case.