The savings of Spanish households in banking products (deposits and demand accounts) increased in February to 993.6 billion, which represents an increase of 0.75% compared to the same month of the previous year, the equivalent of 7.4 billion . . The increase occurs after 8.8 billion were withdrawn in January coinciding with the Christmas holidays, according to data from the Bank of Spain (BdE). Specifically, some 1.9 billion euros were deposited, although the total figure is still below the billion euros it exceeded in December.
In this sense, around 6.9 billion have been withdrawn since the beginning of the year, a behavior that is mainly due to factors such as the escalation of inflation, since, although it has moderated, the CPI rose 2.8% in the second month of the year. anus. Another destination has been Public Treasury Bills, whose investment by individuals is at historic highs, as well as investment funds, mainly monetary and fixed income. Households with sufficient savings have also taken the opportunity to pay off their mortgage early while the Euribor remains above 3.6%.
Throughout 2023, fund withdrawals occurred in most months, among which October stood out, with 6.5 billion; but also the 5,300 million in July or the 5,000 million that came out in February 2023. However, in the final stretch of the year, deposits grew by 5,900 million in November and by 22,700 million during the last month of the year, that is, 28,600 Millions in just two months, despite the resistance of large entities to increase the remuneration of these products. Regarding company deposits, in February they increased by 5.5%, to 311,000 million euros in an interannual rate, and 0.29% since January. However, it was reduced by 15 billion in the last two months.
The deposits of total residents in Spain amounted to 1.58 trillion, practically the same figure as in January, but 27.7 billion less than in December. Compared to February 2023, it increases by 16.3 billion. This import, added to those abroad, reached 1,658 billion in the second month of the year, falling by 39,000 million since the end of 2023. However, they have increased by 26,500 million compared to twelve months ago.
