Interest rates on household term deposits rise for the first time in nearly two years

Interest rates on new household term deposits rose for the first time in nearly two years in October. The average rate increased to 1.37%, marking a slight uptick after a period of stagnation. This rise follows a continuous decline in deposit interest rates since January 2024. The Bank of Portugal reported that new deposit operations also saw an increase in volume during October. In October, 613 million euros flowed into private term deposits, bringing the total stock to 12.645 billion euros, still below the May 2025 peak.