Deposit interest rate at lowest level in history
15:36
he average bank deposit in Poland now brings an annual interest of less than PLN 11 on each PLN 1,000, according to HRE Investments. This is the worst result ever. According to Bartosz Turek, the chief analyst at the company, banks have reduced interest rates on deposits pending the ruling of the Court of Justice of the European Union (CJEU).
“The average bank deposit opened in August 2018 could only bring a 1.34% annual interest, according to the latest data published by the NBP. After taxation (19%), this means an annual net interest of just PLN 10.85 on every PLN 1,000 entrusted to a bank,” the expert noted.
He added that inflation is currently diminishing the purchasing power of savings approximately three times faster than banks are adding interest to deposits. As a result, most depositors will in the future, when they collect their savings from the bank, be able to buy fewer goods and services for their savings than at the time of making their deposits.
