Deposits with agreed maturity increased in September from a year earlier
In September 2024, Finnish households concluded a higher number of new agreements on deposits with agreed maturity than a year earlier. New agreements totalled EUR 1.4 billion, an increase of EUR 0.2 billion from September 2023. The interest rates on households’ new agreements on deposits with agreed maturity have declined for three months. In September 2024, the average interest rate was 3.29%.
In September 2024, Finnish households concluded a higher number of new agreements on deposits with agreed maturity than a year earlier. New agreements totalled EUR 1.4 billion, an increase of EUR 0.2 billion from September 2023. The increase was also reflected in the stock of these deposits (EUR 14.9 billion), which grew in September at an annual rate of 64.5%. The growth rate was nevertheless slower than in the previous month.
The majority of households’ deposits with agreed maturity are with a maturity of up to one year. In September 2024, new deposits of this maturity type accounted for 95% of all new agreements on deposits with agreed maturity – the largest share in monthly terms in the history of the data series. Of the stock of agreed maturity deposits, 65% are with a maturity of up to 1 year and 35% with a maturity of over 1 year.
The interest rates on households’ new agreements on deposits with agreed maturity have declined for three months. In September 2024, the average interest rate was 3.29%, compared with the near-term peak of 3.56% recorded in June. With falling market rates, the interest rates on deposits with longer maturities have fallen below those on deposits with shorter ones. In September, the interest rate on new deposits with an agreed maturity of up to one year was 3.3% and on deposits with an agreed maturity of over one year 3.23%. The average interest rate on the stock of agreed maturity deposits also fell slightly in September, to 3.19%.
Households usually conclude a higher number of agreements on deposits with agreed maturity when these are remunerated at higher interest rates. However, the most recent interest rates peaks have not fuelled agreed maturity deposits as in the past. In the history of the data series, the largest monthly volume of new agreed maturity deposits has been in October 2008, when households[1] made EUR 6.5 billion worth of new agreements in this deposit category, with an interest rate of 5.04%. The stock of agreed maturity deposits also reached its all-time peak during the same period, standing 73% above the September 2024 level, at EUR 25.7 billion. However, along with agreed maturity deposits, various types of deposits that are redeemable at notice have also become more common. In September, the stock of these deposits stood at EUR 29.0 billion, and the average interest rate on the deposit stock was 2.36%.
Loans
Finnish households drew down new housing loans in September 2024 to a total of EUR 1.1 billion, the same as in September a year earlier. Of the total, buy-to-let mortgages accounted for EUR 110 million. The average interest rate on new housing loans fell from August, to 3.71%. At the end of September 2024, the stock of housing loans stood at EUR 105.8 billion, and the annual growth rate of the loan stock was a negative -0.8%. Buy-to-let mortgages accounted for EUR 8.7 billion of the housing loan stock. At the end of September, Finnish households’ loan stock comprised EUR 17.9 billion in consumer credit and EUR 17.6 billion in other loans.
Drawdowns of new loans[2] by Finnish non-financial corporations in September totalled EUR 2.3 billion, of which EUR 410 million was to housing corporations. The average interest rate on the new drawdowns was down on August, at 4.83%. At the end of September, the stock of loans granted to Finnish non-financial corporations stood at EUR 108.1 billion, of which loans to housing corporations accounted for EUR 44.9 billion.
Deposits
At the end of September 2024, the stock of Finnish households’ deposits stood at EUR 110.7 billion, at an average interest rate of 1.33%. Overnight deposits accounted for EUR 66.8 billion of the deposit stock.
Loans and deposits to Finland, preliminary data |
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| July, EUR million | August, EUR million | September, EUR million | September, 12-month change1, % | Average interest rate, % | |
| Loans to households, stock | 141,223 | 141,425 | 141,274 | -0.5 | 4.45 |
| - of which housing loans | 105,861 | 105,914 | 105,838 | -0.8 | 3.87 |
| - of which buy-to-let mortgages | 8,680 | 8,708 | 8,726 | 4.05 | |
| Loans to non-financial corporations2, stock | 107,497 | 107,747 | 108,146 | 0.8 | 4.52 |
| Deposits by households, stock | 109,951 | 110,644 | 110,685 | 0.5 | 1.33 |
| Households' new drawdowns of housing loans | 1,049 | 1,104 | 1,143 | 3.71 | |
| - of which buy-to-let mortgages | 96 | 111 | 111 | 3.83 | |
* Includes loans and deposits in all currencies to residents in Finland. The statistical releases of the Bank of Finland up to January 2021, as well as those of the ECB, present loans and deposits in euro to euro area residents and also include non-profit institutions serving households. For these reasons, the figures in this table differ from those in the aforementioned releases.
1 Rate of change has been calculated from monthly differences in levels adjusted for classification and other revaluation changes.
2 Non-financial corporations also include housing corporations.
- Euro-denominated deposits and loans of euro area residents: stock, 12 month rate of change and average interest rate
- Euro-denominated loans and deposits of Finnish households
- New business on loans and new drawdowns of household loans
- Finnish contribution to the euro area monetary aggregates and their main counterparts
- Imputed interest rate margins on loans from MFIs
The next news release on money and banking statistics will be published at 10:00 on 29 November 2024.
Related statistical data and graphs are also available on the Bank of Finland website: https://www.suomenpankki.fi/en/statistics/.
[1] The figures for 2008 also include data on non-profit institutions serving households. However, these volumes have been relatively low compared with new agreements by households.
[2] Excl. overdrafts and credit card credit.