In November 2024, the weighted average interest rate on new deposits decreased to 0.49%, while the corresponding interest rate on new loans decreased to 5.27%, according to a statement from the Bank of Greece. The spread between new deposits and loans narrowed to 4.78 percentage points.

At the same time,the interest rate spread between new deposits and loans narrowed to 4.78 percentage points. In November 2024, the weighted average interest rate on all existing deposits remained almost unchanged at 0.50%, while the corresponding interest rate on loans decreased to 5.75%. The interest rate spread between existing deposits and loans narrowed to 5.25 percentage points.

The announcement of the Bank of Greece in detail:

1. Interest rates on new deposits and loans in euros

New Deposits

The weighted average interest rate on all new deposits decreased by 4 basis points in November 2024 to 0.49%.

In particular, the average interest rate on overnight deposits from households remained unchanged at 0.03%, while the corresponding interest rate on corporate deposits remained almost unchanged at 0.16%.

The average interest rate on deposits with an agreed term of up to 1 year from households decreased by 10 basis points to 1.74%, while the corresponding interest rate on deposits from businesses decreased by 21 basis points to 2.56%.

New Loans

The weighted average interest rate of all new loans to households and businesses decreased by 14 basis points and stood at 5.27%.

In particular, the average interest rate on consumer loans without a fixed term (category that includes loans through credit cards, open loans and overdrafts from current accounts) increased by 7 basis points and stood at 15.02%.

The average variable rate consumer loan rate was almost unchanged at 12.23%, while the average variable rate mortgage rate decreased by 12 basis points to 3.88%.

The average interest rate on business loans without a fixed term decreased by 7 basis points to 5.95%. The corresponding interest rate on professional loans decreased by 8 basis points and stood at 7.36%.

The average interest rate on new fixed-term and variable-rate business loans decreased by 17 basis points to 4.81%. The average interest rate on regular maturity loans with a variable interest rate to small and medium enterprises (SMEs) decreased by 34 basis points and stood at 5.02%.

Regarding the structure of interest rates in terms of the amount of the loan, it is noted that the average interest rate for loans up to 250,000 euros decreased by 42 basis points and was 5.06%, for loans from 250,001 to 1 million. euros decreased by 14 basis points and amounted to 5.30%, while for loans over 1 million. euro decreased by 16 basis points and stood at 4.75%.

2. Interest rates on existing deposit and loan balances in euros

Existing Deposits

The weighted average rate of total outstanding deposits (including overnight deposits) remained almost unchanged at 0.50%, compared to the previous month.

In particular, the average interest rate on the existing balances of deposits from households with an agreed term of up to two years remained almost unchanged at 1.82%, while the corresponding interest rate on deposits from businesses decreased by 10 basis points and stood at 2.62%.

Existing Loans

The weighted average interest rate on existing loans decreased by 8 basis points to 5.75%.

In particular, the average interest rate on existing mortgage loan balances with a duration of more than 5 years remained almost unchanged at 4.26%. The corresponding interest rate on consumer and other loans to individuals and private non-profit institutions also remained almost unchanged at 8.32%.

The average interest rate on business loans with a term of more than 5 years decreased by 11 basis points and stood at 5.51%. The corresponding interest rate on business loans also decreased by 11 basis points to 6.39%.