Statistical news focuses on the latest figures and trends in Danmarks Nationalbank’s statistics. Statistical news is targeted at people who want quick insight into current financial data.
Interest rate drop on private customers' deposit accounts
In June, the majority of Danish banks announced interest rate changes on select deposit accounts. This happened in continuation of Danmarks Nationalbank's interest rate cut on the 7th of June. The effect can now be seen in the interest rate on private customers' record-breaking deposits. In August they experienced the largest interest rate drop in a single month since January 2021, when the deposit rate became negative for the first time. The interest rate thus fell by 0.10 percentage points to an average annual interest rate of 1.49 percent in August. This is still marginally higher than the level at the turn of the year. If you compare it with the banks' lending rates to private individuals, they have fallen on average by 0.34 percentage points since the turn of the year to currently 5.59 percent. After Danmarks Nationalbank cut interest rates again with effect from the 13th of September, several banks have announced further interest rate reductions on private customers' deposit accounts. These will take effect in the coming months.
Biggest monthly interest rate drop on deposits since January 2021
Note:
The figure shows the average interest rate p.a. on Danish private customers' (employees, pensioners, etc.) interest-bearing deposits in Danish kroner in banks. In the figure, the observations for February 2020 and 2024 are corrected for the effect of leap years, which data for the interest statistics published in the Statbank do not take into account. Find chart data in the Statbank here.