Banks are lowering interest rates on savings accounts earlier than promised.

      Depositors complain about a sharp cut in rates without warning, although when opening their accounts they were assured that the increased rate would be in effect for at least one to two months. Such cases have been recorded, in particular, at Yandex Bank and MTS Bank, reports Izvestia.

      Financial institutions explain the changes by adjustments to the key rate and market conditions. Experts note that if the rate and term are fixed in the contract, the bank has no right to change them unilaterally. However, verbal promises by employees that are not documented have no legal force — this is considered mis-selling.

      To reduce risks, analysts advise opening term deposits with a fixed rate or moving funds into more reliable instruments. In case of violations, customers are advised to collect evidence and file a complaint with the bank or the Bank of Russia.