Martin Kõrv, press representative for Swedbank, told ERR that its fourth deposit rate hike of the year brings the return on a 12-month deposit to 3 percent, up from 2.5 percent previously.

Evelin Koplimäe, head of private banking at SEB, said that the bank offers a rate of 3 percent for customers who deposit their savings for at least a year.

Coop Pank offers 3.33 percent on deposits for 18-35 months and 3 percent for those between 1-17 months, CFO Paavo Truu said.

The return is 3 percent for for 12-month deposits and 3.2 percent for 24 months at LHV, while it tops out at 2.5 percent at Luminor.

Bigbank offers 3 percent for a 12-month deposit and 3.5 percent for longer periods, which is 2.8 and 3.5 percent respectively for Inbank.

Deposit volumes up sharply

Banks say that interest in deposits has grown sharply.

Swedbank's representative said that fixed-term deposit volumes started growing in September of 2022, with growth coming to more than 22 percent since then. Private customers' fixed-term deposit volumes have grown by 38.2 percent on year, while money kept in open bank accounts has shrunk by 13 percent.

Koplimäe said that fixed-term deposit volumes have grown by roughly 50 percent for SEB compared to the same time last year.

This grows to 85 percent in the case of LHV, which saw €89 million worth of fixed-deposit contracts in January and €69 million in February.

The bank's representative Kadri Haldre said that while private individuals tend to keep money in longer-term deposits, while companies usually go 3-6 months.

Bank of Estonia statistics show that fixed-term deposit and savings volumes started growing in September. Growth reached 10.5 December to January.

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