PLN 350 bln not earning interest in bank accounts
11:02
Bank deposits earning little or no interest now constitute nearly 56 percent of individual customer accounts in Polish banks, according to BGŻ Optimy. At the end of June this year, PLN 350 billion was parked in such accounts.
BGŻ Optimy calculates that in the ten WSE-listed banks (with an 80 percent combined share of the Polish bank deposit market), the proportion of money held by clients in low-interest (e.g. 0.1 percent annual rate) or no-interest personal accounts is steadily growing. At the end of 2014, such funds made up 43.5 percent of the money deposited by private individuals in deposits, term deposits, and current accounts. A year later this percentage grew to 44.9, and in the first half of this year already reached 55.8 percent.
The growth in non-interest-bearing deposits is mainly due to falling interest rates and less attractive deposits. “Four years ago, deposits earning 5 percent were still available, but now it's hard to find offers for more than 2 percent, and this mostly under special conditions,” said Andrzej Wiczewski, investment advisor at EFIX DM.
