Albanians prefer long-term savings - BoA: Deposits up to 2 years, with the largest increase in June
Many citizens choose to keep their savings in the bank for a long time. The latest data from the Bank of Albania shows that the majority of Albanians prefer to lock their money in long-term deposits, and this is for several reasons.
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 with a term of over 2 years are the most popular with a value of 176 billion lek, followed by those with a term of one year with 124 billion lek and deposits up to 2 years with 46 billion lek in total.
However, if we make a comparison in terms of growth and by type of deposit, savings kept in banks for 2 years have experienced the greatest increase in June. Specifically, deposits with a term of 2 years have experienced an increase of almost 1.4% compared to May. In second place are demand deposits with a 0.9% increase, while savings kept for 6 months and over 2 years have both increased by 0.3%.
On the other hand, deposits with a term of 1 month and 3 months are the least preferred. In June, savings held with such a term resulted in a decrease of 3% and 0.3% respectively.
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