After a decade walking through the desert, the thrifty Spaniard glimpsed an oasis in the distance… but when he approached the shore he came face to face with reality: there was no water. 18 months after Christine Lagarde announced the start of a new cycle of rising rates and inflation, the country’s largest banks still do not remunerate term savings and have left the way free for small players to attract new clients.
Digital banking is the only one that has entered a kind of miniguerra of the passive offering deposits to individuals now at around 3% over twelve months, and this strategy is bearing fruit.
With data at the end of September, electronic banking had 12.5 billion euros in time deposits. In just a year and a half, the neobanks They have managed to multiply this amount almost five times and this has led them to exponentially increase their market share. In term depositswithout counting the Public Administrations, They hold 7.3% of the pastel for only 4.7% of the total demand accounts, which is, in short, the money that Spaniards have stored in the bank.
Just before the European Central Bank (ECB) carried out its new, much more aggressive monetary policy, its market share was 2.8%, with about 2.6 billion in time deposits from its clients.
These figures reflect that Spanish society is moving in search of making their savings profitable, but they also reinforce a very widespread idea and that is that Spain is a highly banked country, so much so that not even a non-existent offer has caused an outflow of deposits to other entities. smaller or recently created.