Data from the banking supervisor indicates a decline in the average interest rate on new term deposits for individuals, falling by 0.06 percentage points in June compared to May (1.49%), and contrasting with 2.66% in the same month the previous year.
This marks the lowest remuneration for term deposits by Portuguese banks since May 2023 (1.39%), after reaching a 12-year high of 3.08% in December of the previous year.
Since then, this rate has consistently decreased.
By the end of June, the total amount of new term deposits by individuals reached 10.648 billion euros, which is 2.445 billion euros less than in May, but 474 million euros higher than the same time the previous year.
The average interest rate on new deposits with a term of up to one year fell by 0.07 percentage points between May and June, to 1.43%.
Despite the decline, this “remained the term class with the highest average remuneration and represented 95% of new deposits in June,” noted the Banco de Portugal.
Across the Eurozone, the average interest rate also decreased in June compared to the previous month, by 0.06 percentage points, settling at 1.81%.
The central bank reported that Portugal remained among the Eurozone countries with the fourth lowest interest rate.
Among companies, the average remuneration for term deposits decreased from 1.84% in May to 1.71% in June, with new deposits totaling 8.368 billion euros (733 million euros less on a monthly basis but 890 million euros more year-on-year).
Term deposits of up to one year accounted for 99.7% of new company term deposits.
