Savings applied in State Certificates, where rates are higher, but they are far increase of 36 billion deposited by individuals in current accounts. Deposits worth 60% of banking assets.

Ever private bank customers had entrusted so much money in overnight deposits. In July, the application of this type of savings deposits reached a new record of 36,051 million euros. Data from the Statistical Bulletin of the Bank of Portugal (BoP), published on Monday, shows that demand deposits since March are progressing at a double-digit pace, with growth counterparts always above 10%. In April and June, even managed to rise 12% in July and have returned to a growth of 10.8%.

From June to July, there was an increase of almost two billion euros (1921 million) in demand deposits, in line with the increase in the same period. The 36 051 million in demand deposits are the highest in 26 years (since 1989, the first year in which the BoP has record of these data).

Although the Portuguese were channeling money to the state saving products at a faster pace, the figure is still low compared to the amount associated with demand deposits, which allow money drives at any time. Among Certificates of Savings Certificates and Treasury in July they were applied in these savings instruments 19 770 million. This figure is just over half the amount of overnight deposits and almost seven times less than the value of the total deposits of individuals, amounting to 137 836 million.

Although the vast majority of bank customers continue to channel savings to time deposits, deposit accounts in sight have registered much higher growth rates in recent months. The annual growth rate of time deposits of 3.1%, compared with 10.8% of the order form. (Read more)

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