The decline in interest rates, in anticipation of the expected start of the official interest rate cut by the European Central Bank, has begun to be felt in the prices of banking products. Institutions pledged to pay an average of 2.377% for term deposits subscribed by Spanish households in January, down from 2.578% in December. This is the first month-on-month decline in the new deposit rate since the one-time drop in August, and, more importantly, the steepest since June 2013, a month after the ECB cut interest rates (0.219 percentage points). Then and 0.201 now).

Likewise, this decline has been sharper than the average for eurozone banks, which have also been paying their customers more for their term savings than Spanish banks since the beginning of the inflationary crisis.