Europe Fintech

European savers deposited €43 billion in March 2020, demonstrating the resilience of the Eurozone deposit market amidst the COVID-19 crisis

  • Eurozone savers deposited €43 billion in March 2020, marking the eighth month where net inflows exceeded 40 billion euros since February 2019

  • French, Italian and Spanish savers transferred the most money to their bank accounts

  • German savers displayed similar behaviour during the 2008 financial crisis and the 2020 coronavirus outbreak

Eurozone deposit flows remained stable amidst the sudden economic shock of Coronavirus, with European savers transferring €43bn into their deposit accounts in March 2020, according to new research published today by Hamburg-based FinTech Deposit Solutions. This marks the eighth month where net inflows exceeded €40 billion since February 2019, demonstrating the resilience of the European deposit market in crisis.

The research shows that French savers deposited the most into their accounts in March 2020, (€19 billion), followed by Italian savers (€17 billion), and Spanish savers (€10 billion).  A total of €7,800 billion is currently deposited in eurozone banks, of which €750 billion has been added in the past two years.

Commenting on the findings, Dr. Tim Sievers, CEO and founder of Deposit Solutions said “Both European savers and banks rely on deposit products in times of crisis. Savers are looking for protection against market fluctuations and the security of guaranteed deposits. Banks, in turn, receive stable and securely predictable financing, which is particularly valuable in times of volatile financial markets.”

German banks hold by far the most customer deposits in the Eurozone, with €2,400 billion. However, according to the analysis, in March 2020, Germany was one of the few eurozone countries where people held less money in their accounts than the previous month – a decrease of €10 billion or 0.4 per cent. Similar behaviour was already observed in September 2008, after the collapse of Lehman Brothers which led to the financial crisis, whereby German savers withdrew 0.4 per cent (€6 billion) more money from their accounts than they paid in, but then transferred many times this amount (€70 billion) back into their account in the following three months.

In other eurozone countries, however, there are significant differences between 2008 and 2020. In September 2008, there were also cash outflows from deposit accounts in the Netherlands, France and Spain. In March 2020, however, all three countries were among the largest net contributors. The crisis in March 2020 is not a repetition, even with a view to customer deposits across the entire eurozone. Net deposits into deposit accounts fell steadily in the months before September 2008 and reached their lowest point with the Lehman bankruptcy. In 2020, on the other hand, deposit growth remained stable both before the crisis and at the time of its outbreak.


  • Editorial Director of the The Fintech Times

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