Almost half of clients' money is in savings accounts

Savings accounts have been the main growth driver for sums attracted by banks from clients over the past year and account for almost three quarters of growth. In September, the population’s savings totalled almost 83 billion RON (22.2 billion euros), 47% of which were in sight deposits, according to data from the NBR (National Bank of Romania). The population’s savings climbed by 23 billion RON over the last 12 months, with 71% of the sums being placed in sight deposits. This category includes both sums in current accounts and those in savings accounts. Bankers have started to introduce savings accounts in their retail offer a few years ago, with the majority of players in the system providing such products at present. Savings accounts are structurally similar to current accounts, but banks offer interests close to those for sight deposits, if a minimum amount is kept in the balance. Apart from the increased flexibility compared with a term deposit, savings accounts also have the advantage of not being subjected to the 16% income tax.