Spanish families stopped taking deposits and contributed in April 500 million euros, The first advance so far this year, as might be expected, is due to the improvement in fees for some institutions, notably foreign banks and Internet-only establishments.
After three months when the household deposit balance fell 21,500 million euros, Volume increased in April, not only to face the rise in inflation, but also to seek more profitable products. 983,300 million.
it’s just a 0.05% advance advanceCompared to the end of March, but in absolute numbers it means approximately: 500 million. However, for the year total, the balance was down 2.09%, representing a drop of 21,000 million, according to data released by the Bank of Spain this Monday.
At the inter-year rate, the volume is 0.11% higher than in April 2023, i.e. €1.1 billion more than that time. For experts, this progress would be much greater if customers weren’t “forced” to transfer their money into funds or other products, because most banks still don’t pay off deposits.
In the recent past, the trend for households was: to steadily increase bank deposits, As the economic crisis worsened due to the covid-19 outbreak, and households opted to be more cautious in their spending.
However, in August 2022 a turning point, because about 3,800 million deposits were withdrawn that month; The balance also fell in September and October, but rose to over one trillion again in November and December.
Companies withdrew 24,200 million annually
In the case of institutional deposits, volume decreased 2.32% in April It reached 293,600 million, down 7,000 million from March. If the accrued since the New Year is taken into account, the amount withdrawn increases to 24,200 million.
Institutional deposits compared to year-on-year fell 2.59%, but in recent months it has developed both upwards and downwards due to the liquidity needs of the moment.