Interest Rates on Bank Deposits and Loans: September 2023
02/11/2023 - Press Releases
- In September 2023, the weighted average interest rate on new deposits increased to 0.43%, whereas the corresponding rate on new loans decreased to 6.15%.
- The interest rate spread between new deposits and loans decreased to 5.72 percentage points.
- In September 2023, the weighted average interest rates on outstanding amounts of deposits and loans increased to 0.46% and 6.35% respectively.
- The interest rate spread between outstanding amounts of deposits and loans increased to 5.89 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits increased by 4 basis points to 0.43%, compared to the previous month.
In particular, the average interest rates on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations remained almost unchanged at 0.17%.
The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 17 basis points to 1.73%, while the corresponding rate on deposits by non-financial corporations increased by 15 basis points to 2.85%.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations decreased by 20 basis points to 6.15%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) remained almost unchanged at 14.79%.
The average interest rate on consumer loans with a defined maturity at a floating rate decreased by 121 basis points to 12.19%. The average interest rate on housing loans at a floating rate increased by 39 basis points to 4.42%.
The average interest rate on corporate loans without a defined maturity stood at 6.76% compared with 6.73% in the previous month, while the corresponding rate on loans to sole proprietors increased by 5 basis points to 7.77%.
In September 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate decreased by 31 basis to 6.04%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) remained almost unchanged at 6.10%.
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 8 basis points to 5.76%, on loans of over €250,000 and up to €1 million increased by 9 basis points to 6.06%, while on loans of over €1 million decreased by 34 basis points to 6.06%.
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) stood at 0.46% compared with 0.43% 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 4 basis points to 1.54%. The corresponding rate on deposits by non-financial corporations increased by 14 basis points to 2.69%.
Loans
The weighted average interest rate on outstanding amounts of loans increased by 7 basis points to 6.35%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 4.42%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 5 basis points to 8.10%.
The average interest rate on corporate loans with over 5 years’ maturity increased by 8 basis points to 6.35%, while the corresponding rate on loans to sole proprietors remained almost unchanged at 7.11%.
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 October 2023 will be published on 4 December 2023 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar