Interest Rates on Bank Deposits and Loans: March 2023
05/05/2023 - Press Releases
- In March 2023, the weighted average interest rate on new deposits remained almost unchanged at 0.23%, while the corresponding rate on new loans increased to 5.73%.
- The interest rate spread between new deposits and loans increased to 5.50 percentage points.
- In March 2023, the weighted average interest rate on outstanding amounts of deposits increased to 0.26%, while the corresponding rate on loans increased to 5.69%.
- The interest rate spread between outstanding amounts of deposits and loans increased to 5.43 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 0.23%.
In particular, the average interest rates on overnight deposits placed by households and non-financial corporations remained unchanged at 0.03% and 0.10% respectively.
The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 12 basis points to 1.16%. The corresponding rate on deposits from non-financial corporations increased by 19 basis points to 1.47%. It should be noted that a large part of new deposits by households is currently placed in deposits with an agreed maturity of over 1 year. The amount of new deposits in this category increased to €3.6 billion in March 2023 compared with €229 million in December 2022, while the average interest rate increased to 1.83% in March 2023, compared with 1.04% in December 2022.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 16 basis points to 5.73%.
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 7 basis points to 14.90%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 36 basis points to 12.08%. The average interest rate on housing loans at a floating rate decreased by 16 basis points to 3.82%.
The average interest rate on new corporate loans without a defined maturity increased by 10 basis points to 5.95%. The corresponding rate on loans to sole proprietors increased by 13 basis points to 7.43%.
In March 2023, the average interest rate on corporate loans with a defined maturity at a floating rate increased by 24 basis points to 5.51%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 26 basis points to 5.68%.
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 45 basis points to 6.92%, on loans of over €250,000 and up to €1 million increased by 12 basis points to 5.83% and on loans of over €1 million increased by 17 basis points to 5.39%.
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) increased by 8 basis points to 0.26%.
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 31 basis points to 0.99%, while the corresponding rate on deposits from non-financial corporations increased by 34 basis points to 1.54%.
Loans
The weighted average interest rate on outstanding amounts of loans increased by 23 basis points to 5.69%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity increased by 26 basis points to 4.33%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 32 basis points to 7.59%.
The average interest rate on corporate loans with over 5 years’ maturity increased by 20 basis points to 5.41%. The corresponding rate on loans to sole proprietors increased by 25 basis points to 6.61%.
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 all loans and the weighted average rate on all 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 April 2023 will be published on 6 June 2023 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar