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Finnish Households Shift Towards Higher Interest Rates, Despite Decline in Overall Deposit Stock

During 2023, Finnish households shifted their funds to deposit accounts with higher interest rates, despite a decrease in overall household deposit stock. While households transferred 7.3 billion euros to time accounts and slightly more than 2 billion euros to investment deposit accounts, the EUR 108.7 billion stock shrank by more than EUR 3 billion. The funds in overnight deposit accounts decreased by EUR 12.4 billion during the same period.

Despite the decrease, the majority of household deposits – 65 percent – remained in overnight deposit accounts, including current accounts. At the end of 2023, there were 70.6 billion euros of household deposits in overnight accounts, 10.9 billion euros in time deposits and 27.2 billion euros in investment deposits.

Households also had a total of 40.3 billion euros invested in listed Finnish shares and 34.1 billion euros in domestic funds. As interest rates have risen, the differences between different deposit account interest rates have grown significantly, according to the Bank of Finland’s announcement.

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