The average interest rate on new fixed-term deposits for individuals rose by 0.03 percentage points compared to September, now standing at 2.39% compared to the same month last year, according to the banking supervisor. This marks the first increase since rates remained stable from January to August. The rate last saw a rise from November to December 2023, reaching 3.08%. By the end of October, the total of new fixed-term deposit operations for individuals increased by 613 million euros, amounting to 12.645 billion euros. The average interest rate for new deposits with a term of up to one year increased by 0.02 percentage points to 1.37%, accounting for 96% of new deposits in October. Across Europe, the average rate also rose by 0.03 percentage points in October, now sitting at 1.81%. Portugal climbed one position among Euro area countries, now having the fifth-lowest rate.
For businesses, the average remuneration for fixed-term deposits increased from 1.66% in September to 1.68% in October, marking a second consecutive rise. New business deposits totaled 9.770 billion euros, an increase of 54 million euros from the previous month.
