6.8.2024
August 2024 Overview: Latvian Deposit Market
3 min read
This overview highlights the key elements shaping the Latvian deposit market in August 2024. By staying informed with the latest trends through PickTheBank and carefully evaluating available options, investors can strategically enhance their financial portfolios.
As we progress through August 2024, the Latvian deposit market continues to transform, mirroring broader economic trends within the European Union.
This month’s PickTheBank focus highlights key developments and offers insights into the fixed-term deposit interest rates provided by Latvian banks. Our analysis is rooted in meticulous research of 10 leading Latvian banks, resulting in a curated selection of 320 deposit options tailored to meet diverse financial needs.
The latest statistics from the European Central Bank (ECB) indicate a notable shift in the average interest rate on annual deposits in Latvia. Over the past month, these rates have ranged from 3.00% to 3.15%, with the maximum EUR fixed-term ordinary deposit interest rate peaking at 4.40%. This trend suggests a favorable environment for depositors seeking to maximize returns on their savings.
Below, we present some of the most attractive fixed-term deposit interest rates currently available in Latvia:
Top EUR deposit rates - short term
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 4.40% | Bigbank | EUR | 12 mths | More -> |
| 4.00% | Bigbank | EUR | 9 mths | More -> |
| 3.75% | Bigbank | EUR | 6 mths | More -> |
| 3.75% | Signet Bank AS | EUR | 12 mths | More -> |
| 3.70% | AS Magnetiq Bank | EUR | 12 mths | More -> |
| 3.65% | Rietumu Banka | EUR | 12 mths | More -> |
Top EUR deposit rates - long term
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 3.75% | Bigbank | EUR | 36 mths | More -> |
| 3.70% | Bigbank | EUR | 24 mths | More -> |
| 3.60% | Signet Bank AS | EUR | 24 mths | More -> |
| 3.50% | Signet Bank AS | EUR | 36 mths | More -> |
| 3.50% | Rietumu Banka | EUR | 24 mths | More -> |
| 3.50% | Bigbank | EUR | 48 mths | More -> |
While the interest rates highlighted above are pre-tax and do not account for variations in interest payment frequencies, they serve as a valuable benchmark for potential returns. Depositors are encouraged to verify the latest rates and specific terms directly with the respective banks, as conditions can vary based on the amount deposited, term, and other factors.
The competitive rates offered by various banks highlight the dynamism within the Latvian banking sector, driven by the need to attract and retain customers.
At PickTheBank, we are dedicated to providing comprehensive insights and tailored solutions for your financial needs. With access to fixed-term deposit options from over 5,000 banks across 25 European countries, we empower you to make informed decisions and optimize your savings strategy by choosing from over 30,000 options.
Visit PickTheBank.eu for the latest updates and expert guidance on fixed-term deposits and more.
