Portugal Deposit Rates Hit 1.82% for Eighth Consecutive Month
📌 Key Highlights & Context
- New individual deposit rates rose from 1.63% to 1.82% in September.
- This represents the largest monthly increase since October 2023.
- Despite the rise, Portugal remains the fifth lowest in the Eurozone, with an average of 2.37%.
Central Bank Confirms Steady Rise
The Bank of Portugal (Banco de Portugal) released data this week indicating a significant rise in interest rates for new individual deposits in September. The rate increased from 1.63% in August to 1.82% in September, marking the eighth consecutive month of growth. This trend offers a positive signal for individuals looking to maximize returns on their savings.
Still Below the Eurozone Average
The 0.19 percentage point increase in September was the largest monthly jump since October 2023. However, this rise was not enough to change Portugal's standing within the Eurozone. The average interest rate for new deposits across the Eurozone also increased by 0.19 points to reach 2.37%. Consequently, Portugal remains the fifth country with the lowest deposit rates in the currency bloc.
- Monthly increase: 0.19 points
- September rate: 1.82%
- Eurozone average: 2.37%
Sources
Juros dos depósitos sobem pelo oitavo mês consecutivo para 1,82%