Big differences between Spain and eurozone’s interest rates on fixed-deposit accounts

THE European Central Bank hiked interest rates but the yield on deposits varies throughout the eurozone.

With a two-year fixed deposit account paying an averaging 0.69 per cent compared with the eurozone’s 1.20 per cent average, statistics office Eurostat found Spain trailing its neighbours by an average 73 per cent.

The difference over longer periods widened to 86 per cent, with Spain averaging 0.97 per cent compared to Eurozone’s 1.81.

Italy and the Netherlands pay most on a 24-month fixed deposit account, averaging a 1.8 per cent yield, followed by Estonia (1.73 per cent) and Finland (1.63 per cent).  At the other end of the scale, Cyprus pays just 0.11 per cent, followed by Greece (0.20 per cent) and Portugal (0.35 per cent).

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