Highest Retail Deposit Interest Rates in the EU:
Changes at the lower end of the ranking of interest rates with 1-year maturities
As in the previous month, interest rates with maturities of 1 year were again the highest in Italy (1.61%), Portugal (1.07%), France (0.98%), and Romania (0.96%). It is interesting to note that Portugal is the only surveyed country with an inverted yield curve: Since April 2017, savers are earning lower returns on term deposits with maturities of 3 years (0.71%) than on term deposits with maturities of 1 year (1.07%). In the past month, the lower range of the ranking has changed notably: In early November, Austrian retail deposit interest rates with a 1-year maturity (0.92%) were listed fifth, displacing Spanish retail deposit interest rates (0.85%) from fith to sixth place. Also average interest rates offered by German banks (0.84%) were able to make up one position and are now ranked seventh ahead of average Dutch intererst rates with maturities of 1 year (0.82%).
Retail Deposit Interest Rates of the 3 largest banks:
Ratio of largest banks vs top 5 offers increased even further in Germany
Since we first surveyed average deposit interest rates of major banks in June 2015, the largest German and Dutch banks continuously offered the lowest interest rates across Europe. During this time period, the ratio of the 3 largest banks vs top 5 offers rose in Germany from 15 to 28 and in the Netherlands from 14 to 21, respectively. This is mainly due to the fact that local major banks lowered their offered interest rates to a larger extent than smaller banks. Major German banks, for example, lowered their interest rates by 70% in contrast to their smaller counterparts that only lowered their offered interest rates by 39% in the same period.
As of November 2nd; Sources:
Austria: biallo; Erste Bank, Raiffeiseinbank Oberösterreich, BAWAG PSK
Belgium: Spaargrids; ING Belgien, KBC, Belfius Bank
Denmark: mybanker; Danske Bank, Nykredit, Nordea
France: FranceTransactions / cbanque; BNP Paribas, Societe Generale, Crédit Mutuel
Germany: biallo; Deutsche Bank, Commerzbank, HypoVereinsbank
Ireland: Bonkers.ie; Bank of Ireland, AIB, Ulster Bank
Italy: Conti Deposito; UniCredit, Monte Dei Paschi Di Siena, Mediobanca
Netherlands: Spaarrente; ING, Rabobank, Abn-Amro
Norway: Norsk Familieøkonomi; DNB, Danske Bank, Nordea
Poland: Oprocentowanie; PKO Bank Polski, Bank Pekao, mBank
Portugal: Pedro Pais; BPI, BCP, Novo Banco
Romania: Conso.ro; BCR, BRD, Banca Transilvania
Spain: bankimia, iahorro, helpmycash; Santander, BBVA, Sabadell
Sweden: Finansportalen; SEB, Nordea, Swenska Handelsbanka
United Kingdom: Moneysupermarket; HSBC, Barclays, RBS
