Interest Rates on Bank Deposits and Loans: June 2024
31/07/2024 - Press Releases
- In June 2024, the weighted average interest rate on new deposits remained almost unchanged at 0.57%, while the corresponding rate on loans increased to 5.78%.
- The interest rate spread between new deposits and loans increased to 5.21 percentage points.
- In June 2024, the weighted average interest rate on outstanding amounts of deposits remained unchanged at 0.54%, while the corresponding rate on loans decreased to 6.15%.
- The interest rate spread between outstanding amounts of deposits and loans decreased to 5.61 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 0.57%, 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 stood at 0.20% compared with 0.17% in the previous month.
The average interest rates on deposits from households and non-financial corporations with an agreed maturity up to 1 year remained almost unchanged at 1.86% and 3.16% respectively.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 24 basis points to 5.78%.
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 7 basis points to 14.92%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 12 basis points to 12.23%, while the average interest rate on housing loans at a floating rate decreased by 26 basis points to 4.70%.
The average interest rate on corporate loans without a defined maturity decreased by 6 basis points to 6.61%. The corresponding rate on loans to sole proprietors also decreased by 6 basis points to 7.55%.
The average interest rate on new corporate loans with a defined maturity at a floating rate remained almost unchanged at 5.41%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 29 basis points to 5.88%.
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 19 basis points to 5.95%, on loans of over €250,000 and up to €1 million it decreased by 15 basis points to 5.99%, while on loans of over €1 million it increased by 12 basis points to 5.37%.
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 0.54% compared to the previous month.
In particular, the average interest rates on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained unchanged at 1.84%, while the corresponding rate placed by non-financial institutions decreased by 5 basis points to 2.96%.
Loans
The weighted average interest rate on outstanding amounts of loans decreased by 8 basis points to 6.15%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 4.34%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions also remained almost unchanged at 8.36%.
The average interest rate on corporate loans with over 5 years’ maturity decreased by 14 basis points to 5.98%. The corresponding rate on loans to sole proprietors decreased by 7 basis points to 6.83%.
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 July 2024 will be published on 3 September 2024 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar