Spain’s Falling Deposit Rates Highlight Uneven Impact of Interest Rate Hikes
- Savers get a lot less for new deposits in Spain than in France
- The ECB is preparing to hike interest rates again in March
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With European Central Bank policy makers preparing to hike interest rates yet again at their March meeting, Spanish banks have been paying their customers even less for their savings.
Spain’s lenders paid 0.37% on new household deposits with an agreed maturity of as long as one year in January, down from 0.42% in December, according to ECB data published Friday. By comparison, the rate for the savings of French families jumped to 2.34% from 2.13%, while Dutch banks paid 2.03%.