Term deposits reached 100,704 million euros in February, an increase of 13,000 million euros compared to February 2023
Total term deposits in banks increased by 13,000 million euros in February compared to the same month in 2023 to 100,704 million euros, the highest value since May 2016, announced the Bank of Portugal.
At the end of February 2024, the ‘stock’ of private customer deposits was 181,400 million euros, 2% more compared to February 2023 (3,500 million euros) and 0.5% more than in January (almost 900 millions of euros).
Term deposits reached 100,704 million euros in February, an increase of 13,000 million euros compared to February 2023 and 1,400 million euros compared to January, which means that there was a reduction in current deposits, probably related to the improvement in the remuneration paid by banks, which led customers to invest money in term deposits.
In January, the remuneration on new term deposits for individuals was 2.9%, above the 0.56% in January 2023, but already below the 3.08% in December 2023, in the first chain reduction since September 2022.
The annual rate of change in individual deposits in February was 2% (positive rate for the second consecutive month), above the rate of 1.3% for the euro zone as a whole.
The ‘stock’ of company deposits in resident banks totaled, at the end of February, 62,800 million euros, 1.9% less (1,230 million less) than in February 2023 and 0.42% more (300 million more of euros) than in January 2024.
