A “silent” loss since 2015, when the interest rate paid by banks was no longer higher than inflation in Portugal.
The inhabitants of Portugal have more than 112 billion euros in term deposits in banksaccording to Banco de Portugal figures for February.
At the beginning of the pandemic, in 2020, this value was 87 million euros, which means there was an increase of around 30% in just 6 years.
But in practice, anyone who has money in term deposits is almost certainly lose money. 11 years ago.
It reinforces that 2015 was the last year that the interest rate paid by banks on term deposits was greater than inflation.
Specific numbers: inflation at 2.8% this year (estimate) and 1.36% tax gross average of new term deposits.
Anyone who has R$10,000 in a term deposit yielding 2% will have R$10,200 in a year’s time – but with inflation close to 3%, this difference of 200 euros is not enough to make purchases of the previous year.
That is, the interest that customers receive from banks is not enough to keep up with rising pricesyear after year.
It’s a “silent” loss of money a decade ago. More money in the account, but not enough to keep up with purchasing power, which thus decreases.
Natália Nunes, coordinator at DECO Proteste, does not hesitate: “In real terms, yes, the Portuguese are losing money“.
