Savings in banks, Albanians choose long-term deposits - BoA: Deposits over 2 years dominate. Those without time limit grow at a faster pace
Albanians prefer to keep their money mainly in long-term deposits in banks, although demand deposits have also increased in recent months. Bank of Albania data 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 174.7 billion lek for individuals, followed by those with a term of one year with 127 billion lek and deposits up to 2 years with 55.3 billion lek in total.
However, if we make a comparison in terms of growth and by type of deposit, demand deposits have experienced the largest increase in July. Specifically, demand deposits experienced an increase of almost 1.6% compared to June. Savings with a maturity of over two years and two years increased by 0.7% and 0.9%, respectively.
On the other hand, deposits with terms of 1 year, 6, 3 and 1 month are the least preferred in terms of growth. In July, savings held with a term of 3 months resulted in a decrease of 0.7%.
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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