Interest Rates on Bank Deposits and Loans: October 2024
04/12/2024 - Press Releases
- In October 2024, the weighted average interest rate on new deposits remained almost unchanged at 0.53%, while the corresponding rate on new loans decreased to 5.41%.
- The interest rate spread between new deposits and loans decreased to 4.88 percentage points.
- In October 2024, the weighted average interest rate on outstanding amounts of deposits remained almost unchanged at 0.51%, while the corresponding rate on loans decreased to 5.83%.
- The interest rate spread between outstanding amounts of deposits and loans decreased to 5.32 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 0.53%, compared with the previous month.
In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits placed by non-financial corporations remained almost unchanged at 0.18%.
The average interest rate on deposits from households with an agreed maturity up to 1 year remained almost unchanged at 1.84%, while the corresponding rate on deposits from non-financial corporations decreased by 21 basis points to 2.77%.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations decreased by 19 basis points to 5.41%.
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 8 basis points to 14.95%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 16 basis points to 12.20%, while the average interest rate on housing loans at a floating rate decreased by 28 basis points to 4.00%.
The average interest rate on corporate loans without a defined maturity decreased by 27 basis points to 6.02%. The corresponding rate on loans to sole proprietors increased by 13 basis points to 7.44%.
The average interest rate on new corporate loans with a defined maturity at a floating rate decreased by 27 basis points to 4.98%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 21 basis points to 5.36%.
As regards the structure of interest rates according to the size of loans granted, the average rate on loans of up to €250,000 decreased by 56 basis points to 5.48%, on loans of over €250,000 and up to €1 million it decreased by 11 basis points to 5.44%, while on loans of over €1 million it decreased by 30 basis points to 4.91%.
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 0.51% 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 almost unchanged at 1.84%, while the corresponding rate on deposits placed by non-financial corporations decreased by 14 basis points to 2.72%.
Loans
The weighted average interest rate on outstanding amounts of loans decreased by 14 basis points to 5.83%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 4.28%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions stood at 8.34% compared with 8.37% in the previous month.
The average interest rate on corporate loans with over 5 years’ maturity decreased by 17 basis points to 5.62%. The corresponding rate on loans to sole proprietors decreased by 12 basis points to 6.50%.
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:
1. The interest rate spread is the difference between the weighted average rate on loans and the weighted average rate on deposits.
2. For the calculation of the weighted average interest rate on all outstanding deposits, the overnight deposits are also taken into account.
3. Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
4. 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 November 2024 will be published on 7 January 2025 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar