Banks have already started to raise deposit remuneration and there are signs that the trend is accelerating. This conclusion is the main one of an article published today by Funcas and signed by Santiago Carbó and Francisco Rodríguez whose predictions, if fulfilled, will be good news for savers.
"The most recent evidence indicates that this translation is occurring and that it appears to be accelerating," say the authors of the report. The scenario of "abundant liquidity" of recent years has already given way to another of "greater scarcity" for banks in which "a greater return on bank deposits can be expected," experts say.
His conclusions are in line with the recent message from the vice president of the European Central Bank (ECB), Luis de Guindos, to Spanish banks, to whom he reminded that interest rate increases are made "for everyone", which means " make savings more attractive. "When we raise interest rates, we do so for assets and liabilities," he said.
Funcas analysts have already observed a "significant increase" in the profitability of bank accounts for companies, which "are always the first to receive this transfer of official rates", which is also reaching homes. The average deposit rates for companies reached 2.67% in August, above the 2.3% for households.
The credit rating agency S
For the former savings bank study foundation, the risk of deposit outflows, together with the banks' return of the extraordinary liquidity offered by the ECB during the pandemic, "would lead to a faster and higher review" of this type of products "in comparison with what has been observed recently.
Also make two clarifications. The first is that larger banks, with more liquidity, have less tendency to pass on rate increases to deposits. The second is that if Spain has been slower than other European countries in this transmission, it is also due to the fact that inflation has been more contained.
"The profitability of the accounts is higher in real terms, once inflation is discounted, in countries with lower price growth such as Spain and may explain, in part, the current lower nominal rates on bank accounts," he says.
