Interest Rates on Bank Deposits and Loans: September 2024
31/10/2024 - Press Releases
- In September 2024, the weighted average interest rate on new deposits remained unchanged at 0.54%, while the corresponding rate on new loans decreased to 5.61%.
- The interest rate spread between new deposits and loans decreased to 5.07 percentage points.
- In September 2024, the weighted average interest rate on outstanding amounts of deposits remained almost unchanged at 0.52%, while the corresponding rate on loans decreased to 5.97%.
- The interest rate spread between outstanding amounts of deposits and loans decreased to 5.45 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits remained unchanged at 0.54%, compared with the previous month.
In particular, the average interest rate on overnight deposits placed by households remained almost unchanged at 0.03%, while the corresponding rate on deposits placed by non-financial corporations stood at 0.19% compared with 0.16% in the previous month.
The average interest rate on deposits from households with an agreed maturity up to 1 year remained almost unchanged at 1.86%, while the corresponding rate on deposits from non-financial corporations remained unchanged at 2.98%.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations decreased by 23 basis points to 5.61%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) decreased by 6 basis points to 14.87%.
The average interest rate on consumer loans with a defined maturity at a floating rate decreased by 40 basis points to 12.04%, while the average interest rate on housing loans at a floating rate decreased by 18 basis points to 4.28%.
The average interest rate on corporate loans without a defined maturity decreased by 14 basis points to 6.29%. The corresponding rate on loans to sole proprietors decreased by 9 basis points to 7.31%.
The average interest rate on new corporate loans with a defined maturity at a floating rate decreased by 33 basis points to 5.25%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 10 basis points to 5.57%.
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 23 basis points to 6.04%, on loans of over €250,000 and up to €1 million it decreased by 9 basis points to 5.55%, while on loans of over €1 million it decreased by 32 basis points to 5.21%.
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) remained almost unchanged at 0.52% compared to 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 remained unchanged at 1.85%, while the corresponding rate on deposits placed by non-financial corporations stood at 2.86% compared with 2.89% in the previous month.
Loans
The weighted average interest rate on outstanding amounts of loans decreased by 9 basis points at 5.97%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 4.30%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions remained unchanged at 8.37%.
The average interest rate on corporate loans with over 5 years’ maturity decreased by 8 basis points to 5.79%. The corresponding rate on loans to sole proprietors decreased by 10 basis points to 6.62%.
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 2024 will be published on 4 December 2024 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar