Interest Rates on Bank Deposits and Loans: August 2023
04/10/2023 - Press Releases
- In August 2023, the weighted average interest rates on new deposits and on new loans increased to 0.39% and 6.33% respectively.
- The interest rate spread between new deposits and loans increased to 5.94 percentage points.
- In August 2023, the weighted average interest rate on outstanding amounts of deposits remained almost unchanged at 0.43%, while the corresponding rate on outstanding loans increased to 6.28%.
- The interest rate spread between outstanding amounts of deposits and loans remained almost unchanged at 5.85 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 0.39%, compared to the previous month.
In particular, the average interest rates on overnight deposits placed by households remained almost unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations increased by 3 basis points to 0.15%.
The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 6 basis points to 1.56%. The corresponding rate on deposits by non-financial corporations remained almost unchanged at 2.70%.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 12 basis points to 6.33%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) remained unchanged at 14.77%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 39 basis points to 13.40%. The average interest rate on housing loans at a floating rate decreased by 16 basis points to 4.03%.
The average interest rates on new corporate loans and loans to sole proprietors without a defined maturity remained almost unchanged at 6.73% and 7.72% respectively.
In August 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate increased by 25 basis points to 6.35%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 33 basis points to 6.07%.
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 18 basis points to 5.68%, on loans of over €250,000 and up to €1 million it increased by 19 basis points to 5.97% and on loans of over €1 million it increased by 26 basis points to 6.40%.
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 0.43%.
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 1.50%. The corresponding rate on deposits by non-financial corporations increased by 5 basis points to 2.55%.
Loans
The weighted average interest rate on outstanding amounts of loans increased by 4 basis points to 6.28%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 4.40%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 6 basis points to 8.05%.
The average interest rate on corporate loans with over 5 years’ maturity increased by 3 basis points to 6.27%. The corresponding rate on loans to sole proprietors also increased by 3 basis points to 7.10%.
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 September 2023 will be published on 2 November 2023 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar