Higher interest rates return savings to time deposits
Money is starting to move again towards time deposits. The rise in interest rates is returning attractiveness to a product that is gaining weight in savings decisions, by offering more generous remuneration than a year ago.
In Spain, time deposits have seen a 10.5% year-on-year growth in August, reaching 245.619 billion euros, according to the Banco de España's statistical bulletin. This increase is attributed to rising interest rates, making time deposits more attractive to savers. The growth rate has accelerated since the summer, with a 9% year-on-year increase in July and 10.5% in August.
Currently, banks such as Santander and BBVA offer interest rates of up to 2.25% and 2.5% respectively for 12-month time deposits, with some banks offering rates of at least 3% for certain profiles.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
