Poland to be worst country to save in entire EU: report
21:52
The latest data from the National Bank of Poland shows that the average interest rate on deposits opened in July this year was only 0.36 percent. In the Expander report, however, the annual deposit rates were used for comparisons with other countries, which in Poland amounted to 0.2 percent on average. According to the Expander report, it is very low, but there are many countries in the EU where it is even worse.
When it comes to the nominal interest rate on deposits, we are more or less average. In the case of annual deposits, the average rate for EU countries is 0.33 percent. The worst in this respect is in Denmark (-0.06 percent), and if we also take into account the countries of the European Economic Area, in Switzerland (-0.17 percent). The highest interest rates on deposits can be obtained in Romania (2.1 percent) and the Netherlands (1.06 percent).
Nominal interest is not everything, however. It is also important how quickly the money on the deposit depreciates. Eurostat data shows that in July we had the second highest inflation in the EU at 3.7 percent. Only Hungary was ahead of us, where prices increased by 3.9 percent. on an annual basis.
“By adjusting the nominal interest rate on deposits by the price increase, we get the real interest rate. In this case, unfortunately, we are the worst in the European Union. With a result of -3.38 percent we even broke through Hungary (-3.24 percent), which has slightly higher inflation, but at the same time higher interest rates on deposits than in Poland,” the report reads.
Taking into account real interest rates, the most profitable is to save in Greece (+ 2.41 percent), Cyprus (+2.16 percent) and Estonia (+1.93 percent).
