Caixa Geral de Depósitos (CGD) will stop paying interest under one euro and lowering interest rates on many deposits. This means that who have less than 7000 euros in a tuition fee no longer receive any return .
The Portuguese Consumer Protection Association (DECO) believes that this decision comes to counteract savings and strange that it has been taken by the public bank. The latest data point out that household savings have fallen "marginally" to 4.5%.
"We obviously do not like this measure because it is a public bank and the message that is passing is a deterrent to savings" said DECO economist António Ribeiro in statements to One minute news . "Most families have no emergency funds," he added.
With this consideration, the economist points out that this is a bad example, which can lead to other banking institutions following the same path: "This is a way to open the door for others [bancos] to do " [desta medida] ] is an asymmetric one: it benefits Caixa more than it damages its customers " he pointed out.
justifies that" not paying 30,000 customers a euro, to customers does not make a big difference, but for CGD is almost 30,000 euros, "he said.
We will continue to have very low prices for a long time, even the expression they use [os bancos centrais] According to Filipe Garcia, the banks' customers have a greater impact on the banks' customers is the increase of "It is more important than the average of an interest rate that was already almost 0%" he pointed out.
This is because CGD's decisions affect commercial deposits (Caixapoupança, Caixapoupança Reformado , Emig rante, Superior), where the half-year rates range from 0.05% to 0.01
And the prospects are not optimistic. Filipe Garcia estimates that interest rates will continue at low levels. "In a global perspective, nothing will change. We will continue to have very low prices for a long time, it is also the term they use [os bancos centrais]," he explained.
"Economic rationality would have to be applied in it … but people should not be upset about it" For this reason, the IMF economist believes that the data from the Portuguese bank (BdP) has shown an increase in amounts in current accounts. " They prefer to have the money to order or to spend or to any other investment or application at all," he explained.
After all, "financial rationality would have to be applied in it … but people will not be upset" precisely because profitability is low . So he says that people are looking for alternatives: "Those who have more money in real estate, those who have less in bonds like those who have been put in the last few weeks or state products," he said.
According to the latest data released by the European Central Bank in May, the Portuguese totaled EUR 142,824 million in bank deposits, EUR 48,650 million, of which in accounts to order a record value.
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