The interest rate offered by Portuguese banks on fixed-term deposits has reached its lowest point since April 2023, declining to 1.14%, a decrease of 1.74 percentage points since December 2023 when it peaked at 3.08%, the highest level since July 2012.
By the end of August, the volume of new fixed-term deposit transactions made by individuals decreased by 926 million euros, amounting to 11.238 billion euros.
The average interest rate for new deposits with terms up to one year fell by 0.05 percentage points to 1.34%, representing 94% of new deposits in August.
The average remuneration for new deposits with terms of one to two years remained at 1.39%, marking the highest among the various term categories.
In the euro area, the average interest rate for new deposits decreased by 0.01 percentage points, reaching 1.76%, with Portugal maintaining its position among the eurozone countries with the fifth lowest rate.
For businesses, the average remuneration for new fixed-term deposits declined from 1.66% in July to 1.62% in August, marking a decrease for the 16th consecutive month, totaling 7.943 billion euros, 2.316 billion less than the previous month.
Fixed-term deposits up to one year accounted for 99.6% of new business deposits.
After a period of incentivized deposit remunerations, following an increase in key interest rates, the associated interest rate has resumed its downward trend.
[News updated at 12:46]
