Banks are competing for deposits

Banks are competing for deposits

Bank competition for deposits is in full swing, with interest rates on term accounts dominating the drive to attract capital, and yields rising according to the period and the amount of the deposit.

The options offered by Greece’s main banks concern short-term deposits, e.g. 3-month or 6-month with low yields, which increase by reaching up to 2% for long durations, i.e. tying up the money up to two years or depending on the amount of the deposit, which can be as low as €10,000 or require larger amounts, e.g. from €100,000 or €300,000 depending on the bank.

The policy of each bank is different, as some banks, such as National, offer a high horizontal yield even for low amounts, but without rewarding the higher amounts with increased interest rates. Eurobank’s program, until March 17, takes a similar line, while other banks such as Alpha offer higher interest rates of up to 3% for large amounts of €300,000 and above, and a commitment of up to 24 months.

Piraeus Bank offers a rate up to 1.5% for deposits of €100,000-250,000 for 12 months, while for amounts over €250,000 the yield reaches 2%.

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