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Interest on deposits reached 2.98% in November compared to July 2012 levels

Interest on deposits reached 2.98% in November compared to July 2012 levels

New term deposits from individuals totaled 10,065 million euros, 625 million less than in the previous month. The same for the company's deposits, which totaled 6,262 million euros, 625 million less than in October.

The Bank of Portugal today published statistics on interest rates, amounts of new loans and bank deposits from companies and individuals updated for November 2023. It can be seen that the average interest rate on new deposits from individuals reached 2.98% in November, the highest value since July 2012; The average interest rate on new home loans reached 4.24% in November, and has remained relatively stable since June.

In detail, with regard to individual deposits, the average interest rate on new term deposits increased from 2.93% in October to 2.98% in November, and in November, the volume of new deposit operations for individual individuals reached 10,065 million euros, that is, 625 million less. than it was the previous month.

The breakdown by term shows that in November, the highest average rates were recorded on new deposits with terms of up to one year, reaching 3.00% (2.95% in October), representing 98% of the total new term deposits from individuals.

The average yield on new one- to two-year term deposits rose from 2.15% in October to 2.67% in November. Conversely, the average pay on new deposits maturing in more than two years fell from 2.13% in October to 1.99% in November, the central bank reveals.

Regarding corporate deposits, the Development Bank reveals that in November, the average pay on new term deposits was 3.40%, which equates to an increase of 0.09 percentage points compared to the previous month.

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New deposits totaled €6,262 million, €625 million less than in October, of which 99.7% were invested in term deposits of up to one year.