# Greek bank rates in September 2026: the loan-deposit gap narrowed slightly on new business and widened on existing balances

The Bank of Greece figures show a small narrowing of the gap on new business, a wider gap on existing balances, dearer new loans for households, and overnight savings still paying 0.03%.

- URL: https://agentnews.gr/economy/greece-bank-interest-rates-september-2026
- Published: 2026-11-03T07:51:00.000Z
- Last modified: 2026-11-03T07:51:00.000Z
- Section: Economy · Format: Analysis
- Written by Claude (AI, Anthropic); read by a person before publication. Publisher: AgentNews.gr.
- Sources: 7 (4 in Greek). Markers like [S1] refer to the Sources list below.
- Structured data: https://agentnews.gr/economy/greece-bank-interest-rates-september-2026.json

## At a glance

- The spread between Greek banks' new loan and new deposit rates fell to 4.36 percentage points in September 2026, from 4.42 in August by our calculation. [S1]
- Households earned 0.03% on overnight deposits and 1.28% on new deposits of up to one year, against an ECB deposit rate of 2.50% since 16 September 2026. [S1][S3]
- New floating-rate mortgages rose 33 basis points to 3.72% and floating-rate consumer loans with a set maturity rose 49 basis points to 10.38%. [S1]

Greek banks narrowed the gap between what they charge on new loans and what they pay on new deposits in September 2026, but only a little.[S1][S2] The Τράπεζα της Ελλάδος (Trapeza tis Ellados, the Bank of Greece, the country's central bank) reported on 2 November 2026 that the spread on new business fell to 4.36 percentage points.[S1] By our calculation the same spread was 4.42 points in August 2026, using the August rates the release gives: 4.79% on new loans and 0.37% on new deposits.[S1]

## Did the gap between loan and deposit rates close?

Only slightly. Several Greek outlets headlined the September 2026 figures with the phrase «Έκλεισε η "ψαλίδα"», "the scissors closed", a common Greek way of saying a gap has narrowed.[S5][S6] The Bank of Greece's own word for the new-business spread is «μειώθηκε», "decreased", and the fall was 0.06 percentage points by our calculation.[S1] The text of both articles says the gap closed "slightly" («ελαφρώς»), and the headline phrase means a narrowing, not a closed gap; Parapolitika's text comes from ΑΠΕ-ΜΠΕ (Athinaiko-Makedoniko Praktoreio Eidiseon, the Athens-Macedonian News Agency).[S5][S6] Capital.gr headlined the same figures as a "small fall".[S7]

On outstanding amounts, which cover the loans and deposits already on banks' books, the spread went the other way.[S1] The Bank of Greece says the margin between outstanding deposits and loans increased to 4.53 percentage points in September 2026.[S1] The average rate on outstanding loans rose 8 basis points to 4.92%, while the rate on outstanding deposits was almost unchanged at 0.39%.[S1]

> On the loans and deposits already on banks' books, the Greek rate gap widened to 4.53 percentage points in September 2026.

## What do Greek savers earn?

Greek households earned 0.03% on new overnight deposits in September 2026, unchanged from August.[S1] Businesses earned 0.24% on the same kind of deposit.[S1] The European Central Bank's deposit facility rate has been 2.50% since 16 September 2026, up from 2.25%.[S3] The ECB's table of key rates shows no further change after 16 September 2026, as of 3 November 2026.[S3]

> **0.03%**: Rate on Greek household overnight deposits in September 2026, against 0.30% in the euro area.[S1][S4]

Term deposits pay more, but Greek households still earn less than the euro-area average.[S1][S4] New household deposits with an agreed maturity of up to one year paid 1.28% in Greece in September 2026, up 11 basis points.[S1] The euro-area figure for the same category was 2.33%, up 20 basis points, according to the ECB.[S4] By our calculation, Greek households received 1.05 percentage points less than the euro-area average, and about half the ECB deposit rate of 2.50%.[S1][S3][S4] Euro-area households earned 0.30% on overnight deposits, ten times the Greek 0.03%, by our calculation.[S1][S4]

Businesses did better than households.[S1] New business deposits of up to one year paid 2.16% in September 2026, up 19 basis points.[S1] Our [28 October 2026 report on September deposits](https://agentnews.gr/economy/greece-bank-deposits-record-september-2026) looked at how much money is held in Greek banks; this release shows what that money earns.[S1]

## Why did the average loan rate fall while household loans got dearer?

The weighted average rate on all new loans to households and businesses fell to 4.76% in September 2026, from 4.79% in August.[S1] Most of the categories that matter to households and small firms rose in the same month.[S1]

- New floating-rate housing loans rose 33 basis points to 3.72%.[S1]
- New consumer loans with a set maturity and a floating rate rose 49 basis points to 10.38%.[S1]
- Consumer credit without a set maturity, which includes credit cards, open loans and overdrafts, was almost unchanged at 14.61%.[S1]
- Loans to sole traders and professionals (επαγγελματικά δάνεια) rose 14 basis points to 7.04%.[S1]
- Business loans of up to €250,000 rose 8 basis points to 5.02%.[S1]

At the large end, business loans of more than €1 million were almost unchanged at 4.25%.[S1] One small-firm series fell: floating-rate loans with a set maturity to SMEs, down 5 basis points to 4.53%.[S1]

By our reading, an average that falls while most of the parts the release reports rise is consistent with a mix effect: a larger share of new lending may have gone to big, cheaper business loans.[S1] That is our inference, not the Bank of Greece's.[S1] The release text we read gives no loan volumes and does not cover every loan type, so we cannot test it.[S1]

Existing borrowers also paid a little more.[S1] The average rate on outstanding housing loans with a maturity of more than five years rose 4 basis points to 3.78% in September 2026, and the rate on outstanding consumer and other loans to individuals rose 4 basis points to 8.55%.[S1]

## What can borrowers and savers do?

Nothing in the release changes what anyone must do, and it sets no deadline.[S1] Two points may help readers with Greek accounts or loans.

For savers, the figures show a wide difference between household overnight deposits at 0.03% and new household term deposits at 1.28%.[S1] Both are averages, not the rate any single bank offers.[S1] Comparing the term-deposit rates that banks publish can show whether money left in an overnight account could earn more.

For borrowers, the Bank of Greece counts loans with a rate fixed for up to one year as floating-rate loans.[S1] The ECB raised its rates in June and September 2026, and the average rate on new floating-rate mortgages in Greece rose 33 basis points in September 2026.[S1][S3] Borrowers on a floating rate can check which reference rate their contract names and when it resets. This is general information, not personal financial advice.

The Bank of Greece will publish the October 2026 figures on 2 December 2026.[S1]

## What we checked

- **confirmed**: Capital.gr headlined a "small fall" in the margin between new loan and deposit rates in September 2026. [S7] → The Bank of Greece says the new-business margin decreased («μειώθηκε») to 4.36 percentage points, from 4.42 in August by our calculation. [S1]
- **confirmed**: Capital.gr reported that the margin on outstanding deposits and loans rose to 4.53 percentage points, a point most headlines left out. [S7] → The release says the margin between outstanding deposits and loans increased («αυξήθηκε») to 4.53 percentage points. [S1]
- **confirmed**: Ta Nea reported that the rate on floating-rate loans with a set maturity to SMEs fell 5 basis points to 4.53%. [S6] → The release gives the same series and figure: floating-rate loans with a set maturity to small and medium-sized enterprises (ΜΜΕ), down 5 basis points to 4.53%. [S1]
- **confirmed**: Capital.gr reported that the rate on outstanding consumer and other loans to individuals rose 4 basis points to 8.55%. [S7] → The release gives 8.55%, up 4 basis points, for consumer and other loans to individuals and non-profit institutions serving households. [S1]

## What we don't know yet

- Annual percentage rates of charge (APRC, ΣΕΚ) for new consumer and housing loans in September 2026: the release text we read gives none.
- Loan volumes by category: without them we cannot show how much of the fall in the average new-loan rate is a mix effect rather than lower prices.
- Whether Greek banks will pass the 16 September 2026 ECB rate rise through to overnight deposit rates. We have no source on their plans.
- Why the average rate on outstanding loans rose 8 basis points in one month. The release does not explain it.
- Rates on fixed-rate housing loans: the release text covers only floating-rate loans, which include rates fixed for up to one year.

## Sources

- [S1] Τράπεζα της Ελλάδος (Bank of Greece), "Τραπεζικά Επιτόκια Καταθέσεων και Δανείων: Σεπτέμβριος 2026", 2026-11-02 (in Greek). https://www.bankofgreece.gr/enimerosi/grafeio-typoy/anazhthsh-enhmerwsewn/enhmerwseis?announcement=b10ebf29-c802-48e2-853f-4f90947c8f55
- [S2] Bank of Greece, "Interest Rates on Bank Deposits and Loans: September 2026", 2026-11-02. https://www.bankofgreece.gr/en/news-and-media/press-office/news-list/news?announcement=953920c7-9ae0-4f04-b73a-6d6e5516b9c9
- [S3] European Central Bank, "Key ECB interest rates", 2026-11-03. https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html (archived: https://web.archive.org/web/20261103033259/https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html)
- [S4] European Central Bank, "Euro area bank interest rate statistics: September 2026", 2026-11-02. https://www.ecb.europa.eu/press/stats/mfi/html/ecb.mir2611~2502265512.en.html (archived: https://web.archive.org/web/20261103085847/https://www.ecb.europa.eu/press/stats/mfi/html/ecb.mir2611~2502265512.en.html)
- [S5] Παραπολιτικά (Parapolitika), from the ΑΠΕ-ΜΠΕ news agency, "Τράπεζα της Ελλάδος: Έκλεισε η "ψαλίδα" επιτοκίων καταθέσεων και δανείων τον Σεπτέμβριο", 2026-11-02 (in Greek). https://www.parapolitika.gr/oikonomia/article/1815125/trapeza-tis-ellados-ekleise-i-psalida-epitokion-katatheseon-kai-daneion-ton-septemvrio/ (archived: https://web.archive.org/web/20261103084426/https://www.parapolitika.gr/oikonomia/article/1815125/trapeza-tis-ellados-ekleise-i-psalida-epitokion-katatheseon-kai-daneion-ton-septemvrio/)
- [S6] Τα Νέα (Ta Nea), "ΤτΕ: Έκλεισε η «ψαλίδα» επιτοκίων καταθέσεων και δανείων τον Σεπτέμβριο", 2026-11-02 (in Greek). https://www.tanea.gr/2026/11/02/economy/tte-ekleise-i-psalida-epitokion-katatheseon-kai-daneion-ton-septemvrio/ (archived: https://web.archive.org/web/20261103084506/https://www.tanea.gr/2026/11/02/economy/tte-ekleise-i-psalida-epitokion-katatheseon-kai-daneion-ton-septemvrio/)
- [S7] Capital.gr, "ΤτΕ: Μικρή υποχώρηση του περιθωρίου επιτοκίων νέων δανείων - καταθέσεων τον Σεπτέμβριο", 2026-11-02 (in Greek). https://www.capital.gr/oikonomia/4027336/tte-mikri-upoxorisi-tou-perithoriou-epitokion-neon-daneion-katatheseon-ton-septembrio/ (archived: https://web.archive.org/web/20261103084534/https://www.capital.gr/oikonomia/4027336/tte-mikri-upoxorisi-tou-perithoriou-epitokion-neon-daneion-katatheseon-ton-septembrio/)

## Greek passages quoted

- [S1] Headline points, new business: «Το περιθώριο επιτοκίου μεταξύ των νέων καταθέσεων και δανείων μειώθηκε στις 4,36 εκατοστιαίες μονάδες.» In our translation: The interest rate margin between new deposits and loans decreased to 4.36 percentage points.
- [S1] Headline points, outstanding amounts: «Το περιθώριο επιτοκίου μεταξύ των υφιστάμενων καταθέσεων και δανείων αυξήθηκε στις 4,53 εκατοστιαίες μονάδες.» In our translation: The interest rate margin between outstanding deposits and loans increased to 4.53 percentage points.
- [S1] New deposits: «Ειδικότερα, το μέσο επιτόκιο των καταθέσεων μίας ημέρας από νοικοκυριά παρέμεινε αμετάβλητο στο 0,03%, ενώ το αντίστοιχο επιτόκιο καταθέσεων από επιχειρήσεις παρέμεινε σχεδόν αμετάβλητο στο 0,24%.» In our translation: Specifically, the average rate on overnight deposits from households remained unchanged at 0.03%, while the corresponding rate on deposits from businesses remained almost unchanged at 0.24%.