Interest Rates on Bank Deposits and Loans: April 2023
06/06/2023 - Press Releases
- In April 2023, the weighted average interest rate on new deposits remained almost unchanged at 0.25%, while the corresponding rate on new loans increased to 5.85%.
- The interest rate spread between new deposits and loans increased to 5.60 percentage points.
- In April 2023, the weighted average interest rate on outstanding amounts of deposits increased to 0.29%, while the corresponding rate on loans increased to 5.84%.
- The interest rate spread between outstanding amounts of deposits and loans increased to 5.55 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits remained almost unchanged at 0.25%, compared to the previous month.
In particular, the average interest rate on overnight deposits placed by households remained almost unchanged at 0.02%, while the corresponding rate on deposits by non-financial corporations remained unchanged at 0.10%.
The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 6 basis points to 1.22%. The corresponding rate on deposits by non-financial corporations increased by 40 basis points to 1.87%.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 12 basis points to 5.85%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) increased by 13 basis points to 15.03%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 71 basis points to 12.79%. The average interest rate on housing loans at a floating rate increased by 24 basis points to 4.06%.
The average interest rate on new corporate loans without a defined maturity increased by 41 basis points to 6.36%. The corresponding rate on loans to sole proprietors increased by 14 basis points to 7.57%.
In April 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate increased by 5 basis points to 5.56%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 37 basis points to 6.05%.
As regards the structure of interest rates according to the size of loans granted, the average rate on loans of up to €250,000 increased by 10 basis points to 7.02%, on loans of over €250,000 and up to €1 million it increased by 18 basis points to 6.01% and on loans of over €1 million it increased by 12 basis points to 5.51%.
2. Interest rates on outstanding amounts of euro-denominated deposits and loans
Deposits
The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) increased to 0.29% from 0.26% in the previous month.
In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households increased by 14 basis points to 1.13%, while the corresponding rate on deposits by non-financial corporations increased by 24 basis points to 1.78%.
Loans
The weighted average interest rate on outstanding amounts of loans increased by 15 basis points to 5.84%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity increased by 5 basis points to 4.38%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 12 basis points to 7.71%.
The average interest rate on corporate loans with over 5 years’ maturity increased by 15 basis points to 5.56%. The corresponding rate on loans to sole proprietors increased by 25 basis points to 6.86%.
Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)
Notes:
- The interest rate spread is the difference between the weighted average rate on loans and the weighted average rate on deposits.
- For the calculation of the weighted average interest rate on all outstanding deposits, the overnight deposits are also taken into account.
- Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
- New business refers to new contracts that were agreed during the reference month and not actual loan disbursements.
Related information:
The complete data set of bank deposit and loan interest rates is published in the sub-section “Bank deposit and loan interest rates” on the Bank of Greece website.
The next Press Release for May 2023 will be published on 5 July 2023 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar