The Hellenic Competition Commission has published the Interim Report of the Sector Inquiry into Bank Deposits, which commenced in July 2024 and which is available ( in Greek)  here.

This Interim Report outlines the structure of the bank deposit sector, supply and demand conditions, provides an in‑depth examination of the parameters that determine interest rate levels, and records the evolution of deposit interest rates from 2019 to early 2025.

The main focus of the inquiry is bank deposits (current accounts, savings accounts, and time deposits), which constitute a key source of funding for credit institutions and a primary savings vehicle for households and businesses. Particular emphasis is placed on fixed term deposits, as they represent the main savings product in the Greek market, in contrast to savings accounts, which in practice function mainly as payment accounts with minimal or zero returns. Loans are excluded from the scope of the inquiry due to their high degree of customization, relevant state interventions, and the nature of mixed deposit‑investment products, which involve investment risk and would distort the ability to draw general and reliable conclusions.

The methodology of the Report is based on a combination of quantitative and qualitative tools: questionnaires to systemic and non‑systemic banks, data from the Bank of Greece, analysis of internal bank documents, literature review, and consumer research on the savings habits and preferences of individuals and businesses. In addition, the Competition Commission collaborated with external scientific expert Professor Markos Zachariadis.

Through this inquiry, the Interim Report highlights the complex and multifactorial nature of the issue of low deposit interest rates in the domestic market and identifies the following concerns/findings related to the factors influencing interest rate formation:

• the oligopolistic structure of the market and high barriers to entry,
• various parameters, most notably the excess liquidity of banks, which may reduce banks’ incentives to more fully and rapidly incorporate increases in ECB policy rates,
• consumer inertia in searching for and potentially switching providers, which may reinforce the already oligopolistic market structure.

By documenting concerns and presenting preliminary positions and proposals, the Report aims to stimulate an open and constructive dialogue with competent authorities and stakeholders, with the goal of strengthening competition to the benefit of depositors.

The sector inquiry shows that:

• the increase in deposits during the period under review mainly concerns highly liquidity, low‑yield products,
• the pass‑through of ECB policy rate increases to deposit rates has been limited, delayed, and uneven,
• the opportunity cost of holding bank deposits remains high, encouraging a shift toward alternative investments,
• the structure and characteristics of the Greek banking market do not favor strong competition in deposit interest rates.

Based on the above, the Report concludes with findings and proposals aimed at enhancing transparency, comparability of deposit products, consumer mobility, and the more effective transmission of monetary policy changes to the benefit of consumers. These proposals aim to improve competition in the bank deposit market and, by extension, support savings and financial stability. Specifically, the Competition Commission proposes:

1. Strengthening competition through new market entries and expansions (e.g., Attica/Credia Bank, cooperative banks, Viva Bank), with the aim of exerting pressure for better interest rates.
2. Creating state‑backed savings accounts similar to the French Livret A/LEP model, with government‑set interest rates, as a complementary tool for financing the state budget and enhancing returns for small depositors, subject to assessment of feasibility and fiscal effectiveness.
3. Developing genuine savings products (e.g., fidelity premiums as in Belgium) that reward capital retention with preferential interest rates, offering a balance between return and flexibility compared to the current situation.
4. Increasing depositor mobility through better information and interest rate comparison tools (Bank of Greece publications, comparison websites), simplifying/promoting “provider switching,” potential extension to businesses, and long‑term exploration of account number portability at the European level.

In light of the above, the Competition Commission invites all interested parties to submit their views on the issues under examination via written submissions at This email address is being protected from spambots. You need JavaScript enabled to view it.. by 16 February 2026 and/or by participating in an online consultation to be held in February 2026, at a date that will be duly announced.

We welcome contributions by stakeholders, which will serve as a valuable guide for the preparation of the Final Report of the Hellenic Competition Commission.