I used to save in dollars, but now I'm not sure - foreign currency deposits give lower interest rates than ruble deposits. Is it even worth keeping money in foreign currency, or should I just convert everything to rubles?
The choice between foreign currency and rubles depends not on interest rates, but on whether you believe in the dollar's exchange rate over your investment horizon. If currency deposits give 2-3% annually and ruble deposits give 10-12%, then a ruble deposit is only more profitable if the dollar doesn't fall by more than that difference. In the current situation with exchange rate uncertainty, many people split their portfolio: part in rubles for the interest, part in currency as a safety cushion in case there are sudden spikes.
The main thing is don't fall for the advice to "convert everything into one thing" - that's always risky. Look at your needs: if the money is for the next 1-2 years and you need stability - rubles are more profitable. If it's a reserve for years ahead and you're worried about inflation and the exchange rate - keep part in currency, even if the interest is lower.
When are you actually planning to spend this money - in a year or in five? That's the key question. Yeah, ruble deposits give you higher interest rates, but if you're saving for the long haul and worried the ruble might weaken, then even low interest on foreign currency could be offset by the exchange rate going up. Just be honest with yourself: are you panicking about what's happening right now, or do you genuinely think the currency will get stronger? If it's the latter - then a foreign currency deposit makes sense, despite the modest interest. But if you're just scared of the unknown, then rubles with high rates will give you more peace of mind.
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