Valencians, Sevillians and Balearic Islanders double the money in deposits in the year of the rate increase

by archynewsy
0 comment

Money in deposits has increased by 55% in the last year at the national level, exceeding the figure of 145,000 million euros, according to data from the Bank of Spain at the end of June, just a month before Christine Lagarde began the upward path of raising interest rates. These figures imply that For every 100 euros that Spaniards have in their checking accounts at the bank, citizens have gone from allocating 6.6 euros to deposits twelve months ago to 10.5 euros before the summer.

Of the total money deposited over time, practically a third is in Madrid, with just over 42,000 million euros. The transfer from the current account to the deposit is especially significant in the capital, where money in demand accounts falls 15% in one year – it is the largest drop among the large provinces – compared to a 44% increase in deposits . Proportionally, Madrid residents have more time money, seeking profitability, than in their current accounts, with 29% of total savings in Spain, compared to the 24% represented by their demand accounts.

It is a situation that also occurs in Valenciawhose weighting over the total money deposited on time in Spain, with 6.1%, is higher than the input that they make to the total savings of Spaniards (at 5.5%). Valencians, along with Sevillians and Mallorcans, have more than doubled the volume of deposits in the last year. Specifically, Valencia exceeded 8.9 billion euros in term money in June, 128% more; Seville is close to 2,200 million euros, 132% higher; while in the Balearic Islands, term savings exceed 2,600 million euros, 1.8% of the country’s total, and almost 150% higher if compared to the figures from June 2022 when there were only a little more than 1,000 million in vehicles with a specific maturity.

It also highlights the search for profitability on the part of barceloneses. In the last year, its time deposited money has increased by 84%, exceeding €12.25 billion just before the summer. This implies an increase of 84% on the little more than 6.6 billion they had twelve months ago. The transfer of money from the bank account to more profitable products has been accentuated in recent months in the heat of a rise in interest rates in the euro zone that has raised the reference deposit rate to 4%, historical highs . Now, the lack of commercial offer by large entities, such as CaixaBank (with a third of the total market share in payrolls), has redirected citizens’ savings towards more profitable products such as investment funds or Treasury Bills. , which generate a return of 3.67% over twelve months, according to the last auction held at the beginning of the month.

By provinces, it stands out Vizcayain the Basque Country, where its citizens have almost 4,000 million euros in installments, 2.7% of the national total and 700 million more than last year (24% higher). La CorunaFor its part, today it has a 25% higher volume of deposits, reaching almost 3,700 million, while they increased by 43% in Zaragozawith 2,318 million euros.

Related Posts

Leave a Comment