Which Bank Is Best for Deposits in Armenia in 2026

In 2026, two main instruments are used in practice for placing money at interest in Armenia: bank deposits and savings accounts. The final financial result depends not only on the stated interest rate but also on the selected product, currency, and placement term.

Many depositors focus on advertised rates and do not compare banks under identical conditions. This distorts expectations and complicates decision-making. This article uses a single comparison scenario, allowing an objective comparison of Armenian banks’ offers and helping to understand in which cases a deposit is actually more profitable than a savings account for an amount of around AMD 10 million.

What You Will Learn from This Article

1. which banking product is better suited for passive income;
2. why deposits and savings accounts produce different financial results;
3. which Armenian banks offer competitive deposit rates in 2026;
4. how currency choice affects income and risks;
5. how to choose a bank based on logic rather than brand recognition.

AFM Methodology

AFM compares banks not by advertised rates, but by clear and realistic conditions under which an individual can actually place their money.

Basis of the Analysis

1. official tariffs of commercial banks in Armenia;
2. deposit terms applicable in 2026;
3. a single comparison scenario without individual promotions.

Comparison Scenario

1. amount: approximately AMD 10,000,000 or the equivalent in foreign currency;
2. term: 1 year;
3. goal: passive income without using the funds;
4. conditions: standard bank offers.

This approach and scenario were chosen as the most clear and universal for comparing banks. It reflects a typical private depositor’s situation and allows bank offers to be compared under identical conditions, without the influence of promotions or marketing factors.

Which Banking Products Are Suitable for Placing Money at Interest

In practice, two main instruments are used:

1. bank deposits (term deposits);
2. savings accounts.

Both products involve interest accrual, but they differ in terms of income level, flexibility, and predictability of the final result.

Savings Accounts: Flexibility Instead of Maximum Income

A savings account is an account where interest is accrued on the balance, while the funds remain fully accessible.

As of 2026:

1. average rates range from 3.5% to 5% per year;
2. interest is accrued on the actual account balance;
3. the rate may be revised by the bank during the year.

A savings account is suitable if the money may be needed at any time or is used as temporary storage. Such accounts are offered, among others, by Ameriabank, Ardshinbank, ACBA Bank, Inecobank, and IDBank. However, with a 1-year horizon and an amount of around AMD 10 million, a savings account generates significantly lower income than a classic bank deposit.

At the beginning of 2026, savings account rates in Armenia noticeably lag behind deposit rates. This instrument is primarily designed for holding funds that may be needed in the near future, while the interest on the balance is merely a small additional benefit rather than a full-fledged source of income.

Bank Deposits: The Core Passive Income Instrument

A deposit involves placing funds:

1. for a fixed term;
2. at a predetermined interest rate;
3. with a predictable final return.

Deposits are currently the most suitable instrument for comparing banks objectively and assessing financial outcomes under identical conditions.

Why a Deposit Is More Profitable Than a Savings Account: A Calculation Example

With an amount of AMD 10,000,000 and a term of 1 year:

1. a deposit at 10% per year generates approximately AMD 1,000,000 in income;
2. a savings account at 4% per year generates approximately AMD 400,000.

The difference amounts to roughly AMD 600,000 per year with the same invested amount. It can be expected that savings account rates may gradually increase over time in line with market conditions and banks’ interest rate policies. However, this is a long-term scenario that does not affect the current choice of instrument for a 1-year horizon. As of early 2026, a bank deposit remains the more profitable option.

Which Armenian Banks Offer the Most выгодные AMD Deposits

AMD-denominated deposits provide the highest nominal return when expenses and financial plans are tied to Armenia.

In 2026, interest rates on the best AMD deposit offers reach 9.5-10% per year.

Comparison of AMD Deposits (1 Year)

Data is current as of early 2026.

USD Deposits: A Balance Between Return and Currency Protection

USD-denominated deposits are suitable for those who plan expenses in USD, want to reduce currency risk, and view deposits primarily as a capital preservation tool.

Average rates range from 4.25% to 5% per year. Competitive conditions are offered by Araratbank, Armeconombank, AMIO Bank, Byblos Bank Armenia, and Artsakhbank.

EUR Deposits: When Preservation Matters More Than Income

EUR deposits typically offer rates of 2-2.5% per year and are suitable for minimizing currency risk when future expenses are planned in euros. Returns are lower than for AMD and USD deposits, with the primary focus on capital preservation.

Which Deposit to Choose Depending on Your Goal

For maximum income with a fixed term, AMD deposits are most often selected in practice, as banks offer the highest interest rates on this currency. If currency protection is a priority and future expenses are planned in foreign currency, a USD deposit is a more rational choice. A EUR deposit is suitable when capital preservation is the main objective, while a savings account makes sense only when full liquidity is required, with the understanding that its return will be lower than that of a term deposit.

Conclusion

With an amount of around AMD 10 million and a placement term of 1 year, a bank deposit remains the most effective passive income instrument in Armenia in 2026. It provides a fixed interest rate, a predictable outcome, and a significantly higher return compared to a savings account.

Savings accounts are reasonable only in cases where full liquidity and immediate access to funds are a priority rather than yield.

When choosing a bank, the key parameters should be the deposit currency, placement term, and final return, rather than the bank’s name or advertised rate. Comparing offers under an identical scenario is what allows depositors to select the optimal option and achieve the maximum financial result.