Total term deposits at banks increased by 13 billion euros in February compared to the same month in 2023 to 100.704 billion euros, the highest figure since May 2016, the Bank of Portugal announced today.
At the end of February 2024, the stock of private customer deposits stood at 181.4 billion euros, up 2% on February 2023 (3.5 billion euros) and 0.5% on January (almost 900 million euros).
Time deposits amounted to 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 demand deposits, probably related to the improvement in the remuneration paid by banks which led customers to put their money into time deposits.
In January, the return on new term deposits for individuals was 2.9%, up from 0.56% in January 2023, but already down from 3.08% in December 2023, the first reduction since September 2022.
The annual rate of change in retail deposits in February was 2% (a positive rate for the second month in a row), above the rate of 1.3% for the eurozone as a whole.
The stock of corporate deposits with resident banks totaled 62.8 billion euros at the end of February, 1.9% less (1.230 billion less) than in February 2023 and 0.42% more (300 million euros more) than in January 2024.
