Data on deposits (November 2024)
Deposits held by households with Spanish credit institutions rose by 1.1% year-on-year in November 2024, to €1.27 trillion, according to data released today by the Banco de España.
This increase was largely driven by a rise in term deposits, which grew by 2.1% year-on-year to €671.7 billion. Sight deposits, on the other hand, decreased by 0.2% year-on-year to €594.3 billion.
In terms of interest rates, the average interest rate on term deposits was 0.81% in November 2024, up from 0.78% a year earlier. The average interest rate on sight deposits was -0.02%, unchanged from November 2023.
The following table shows the evolution of deposits held by households with Spanish credit institutions in recent months:
| Month | Deposits (€ billions) | Year-on-year change (%) | |—|—|—| | November 2024 | 1,270.0 | 1.1 | | October 2024 | 1,260.2 | 1.4 | | September 2024 | 1,253.4 | 1.7 | | August 2024 | 1,243.2 | 1.8 | | July 2024 | 1,238.7 | 1.9 |
The increase in deposits in recent months is likely due to a number of factors, including low interest rates, increased uncertainty about the economic outlook, and a desire to save for future spending.
The Banco de España’s data on deposits is an important indicator of the health of the Spanish financial system. The increase in deposits in recent months suggests that households are confident in the stability of the banking system and the economy as a whole.
Data on deposits (November 2024)
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Bacno de España – News and events a new article on 2024-11-28 11:35 titled “Data on deposits (November 2024)”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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