According to Eesti Pank, the volume of Estonian household deposits reached 11.6 billion euros in October. At the same time, the volume of time deposits increased by 147.8% during the year. “Customers’ interest in term deposits began to increase already at the end of last year and increased in line with the increase in interest rates. At the end of September we increased the annual rate on term deposits to 4.5%, and this is probably the main reason for the record growth”, explains Tarmo Ulla, Head of Private Banking at Swedbank.
Swedbank has increased interest rates on term deposits several times this year. Currently, an annual deposit has an interest rate of 4.5% and a semi-annual deposit has an interest rate of 4.1%. The interest rate for a one-month term deposit at Swedbank is 2.25%. You can also earn 2% interest with Money Collector, which has no service fees and no time limits for withdrawing money.
As a special offer, Swedbank customers can also earn 4.5% interest on a three-month deposit in December. “We have also significantly increased interest rates on short-term deposits to give customers more flexibility to grow their free money,” Ulla noted.
According to the European Central Bank, Estonian household deposit growth is the highest in the euro area. “We want to offer our customers the best conditions to grow and save money. This way residents can maximize their savings in difficult economic times,” said the head of personal banking at Swedbank.
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2023-12-08 06:44:12
in-october-the-volume-of-private-time-deposits-increased-to-record-levels