Interest Rates on Bank Deposits and Loans: October 2023
04/12/2023 - Press Releases
- In October 2023, the weighted average interest rate on new deposits increased to 0.46%, while the corresponding rate on new loans remained almost unchanged at 6.17%.
- The interest rate spread between new deposits and loans remained almost unchanged at 5.71 percentage points.
- In October 2023, the weighted average interest rate on outstanding amounts of deposits remained unchanged at 0.46%, while the corresponding rate on loans increased to 6.39%.
- The interest rate spread between outstanding amounts of deposits and loans increased to 5.93 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits increased by 3 basis points to 0.46%, compared to 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 by non-financial corporations remained almost unchanged at 0.18%.
The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 4 basis points to 1.77%. The corresponding rate on deposits by non-financial corporations increased by 21 basis points to 3.06%.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations remained almost unchanged at 6.17%.
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 11 basis points to 14.90%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 40 basis points to 12.59%. The average interest rate on housing loans at a floating rate increased by 68 basis points to 5.10%.
The average interest rate on corporate loans without a defined maturity increased by 13 basis points to 6.89%. The corresponding rate on loans to sole proprietors remained almost unchanged at 7.80%.
In October 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate decreased by 11 basis points to 5.93%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 13 basis points to 5.97%.
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 5 basis points to 5.71%, on loans of over €250,000 and up to €1 million it decreased by 30 basis points to 5.76%, while on loans of over €1 million it decreased by 7 basis points to 5.99%.
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 unchanged at 0.46%.
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 6 basis points to 1.60%. The corresponding rate on deposits placed by non-financial corporations increased by 9 basis points to 2.78%.
Loans
The weighted average interest rate on outstanding amounts of loans increased by 4 basis points to 6.39%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 4.42%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 7 basis points to 8.17%.
The average interest rate on corporate loans with over 5 years’ maturity increased by 7 basis points to 6.42%. The corresponding rate on loans to sole proprietors remained almost unchanged at 7.13%.
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 November 2023 will be published on 5 January 2024 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar