Where do Albanians "lock" their money? - BoA: In October, 2-year term deposits continued with the highest growth of 3.7%
Albanians prefer to lock their money in long-term deposits in banks. The latest data from the Bank of Albania shows that the majority of citizens keep their savings in deposits with a term of over 2 years.
Keeping savings in the bank for a long period is often considered a safer investment, especially by those who intend to use the money in the distant future, whether for children, for illness, buying a house, starting a business, and so on. Also, long-term deposits have higher interest rates. The longer the term of the deposit and the greater the value of the savings, the higher the interest income will be after a few years.
According to official statistics, deposits in lek with a term of over 2 years reach a value of 167.4 billion lek for individuals, followed by those with a term of one year with 124.7 billion lek and deposits up to 2 years with 49.5 billion lek in total.
However, if we compare in terms of growth and by type of deposit, savings kept in banks for 2 years have experienced the largest increase in October. Specifically, 2-year term deposits experienced a record increase of almost 3.7% compared to September. In second place are 1-month term deposits with a 1.5% increase, while demand deposits have increased by 1.2%.
On the other hand, deposits with a maturity of 1 month and 3 months are the least preferred in terms of growth. In October, savings held with a maturity of 1 year resulted in an increase of 0.1%.
Deposits continue to be the main form of investment of Albanians' money, although there are currently many other ways of investing, such as in government securities, cryptocurrencies and others.
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