70.9% of accounts in Greek banks have a balance of up to 1,000 euros and all together the deposits of this category gather less than 1.3% of all deposits in the Greek banking system. Many of the 70.9% may have almost “empty” accounts, but at the top of the pyramid of depositors there is the financial elite of 0.8% of depositors, who have 42.5% of all deposits in their accounts!
Apparently, the majority of “empty” accounts are not savings, but payroll, where salaries or pensions are deposited each month and are used by their owners, mainly to pay bills. The comparison with previous years is also of interest, as at the end of 2023 the total of household and business deposits reached 199.8 billion euros, while at the end of 2022 it was 188.55 billion euros.
Although the increase in the total seems a positive sign, it is more positive in how these deposits are distributed, as there is a trend of decreasing “zero” accounts and an increase in the middle categories. In particular, while the latest data show that 70.9% of depositors have zero to 1,000 euros in their accounts, a year ago this percentage was at 72.5% of depositors. While zero accounts are decreasing, middle categories are increasing, with the best example being that of 5,001 to 50,000 euros, which in the latest figures are included at 13.6% from 13% a year ago.
The figures come to confirm the surveys of the Hellenic Statistical Authority which for the first quarter of the year showed a deterioration in the savings rate, at -8.1%, compared to -2.2% in the first quarter of 2023. A problem they highlighted and the data of the European Commission. There it was seen that Greece is not only last, but also the only one with negative household savings rates.
In 2023 the household savings rate was -2.7%, this year it is predicted to be -1.5% and in 2025 -1.3%. On average, in the E.U. the percentage of household savings is 14.4%, in the eurozone 15.5% and with Germany first at 21.1%. Sticking to the Commission’s data, we see a similar picture when measuring savings as a percentage of GDP. Greece is at the bottom, with a rate of 8.2% in 2023, against an EU average of 24.7%. and the eurozone.
The “map” of deposits
- From 0 to 1,000 euros it has 70.9% of depositors, whose share in total deposits was just 1.3%.
- From 1,001 to 5,000 euros has 13.3% of depositors, who in total hold 5.2% of deposits.
- From 5,001 to 50,000 euros has 13.6% of depositors, who in total hold 35.3% of all deposits.
- From 50,001 to 100,000 euros has 1.4% of depositors, who in total hold 15.6% of all deposits.
- Over 100,000 euros has 0.8% of depositors, who in total hold 42.5% of all deposits.
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