Family savings soar to €169Bn

The amount of family savings in Portugal hit a record in July reaching almost €170Bn.

Month after month the amount deposited in banks has increased and according to statistics released from the Bank of Portugal hit a new record in July, hitting close to €170Bn after 11th consecutive monthly increases.
The balance increased by €1.45Bn on the €168.46Bn recorded in June, taking the total to €169.9Bn.
In the space of a year, the amount deposited in banks grew €10.7Bn. “The annual variation rate was 6.6%, 0.4% percentage points above the figure for June,” states the BdP.
Glancing at the entire period of the pandemic, the amount of money deposited with banks by families is huge. If by the end of March 2020 there was €152.24Bn in deposits, now there is €17.7Bn more.
Bank deposits are the preferred option for Portuguese savings. In the first quarter of the year, to march, Portuguese savings stood at 14.2% of available income.