Based on the analysis of contemporary banking legislation, law enforcement, and judicial practice, the authors identified the most typical violations of consumer rights in the rapidly evolving world of financial services. The authors considered an important aspect related to transferring all powers for judicial interpretation of legislation on financial transactions to the Supreme Court of the Russian Federation. Legal positions of judicial practice regarding the protection of citizens’ rights, especially in concluding contracts for the provision of financial services, have been changing. Statutory requirements for concluding contracts, aimed at providing citizens with a full understanding of financial services, allow consumers to make informed choices. Furthermore, the authors considered interesting foreign experiences in protecting consumers of financial services. Oriented toward positive experiences, the authors aim to improve the legal status of citizens by enhancing their protection in the provision of financial services. The analysis encompassed the most common situations of violation of rights and legitimate interests of consumers of financial services in Russia when concluding bank deposit and bank loan agreements. Recommendations have also been proposed to reduce risks in protecting the rights of consumers of savings services, which was the research’s ultimate goal.