Polish Term Deposits Surge in October, Reaching Record Levels

Poland’s term deposit market experienced a notable surge in October, with over PLN 85.83 billion deposited, according to data from the National Bank of Poland (NBP). This marks one of the strongest monthly results over the past year, surpassing September’s total of PLN 82.63 billion by more than PLN 3 billion.

A significant portion -56% of October’s deposits were placed in accounts with terms longer than one month but not exceeding three months. This reflects a growing preference for slightly longer-term savings products.

However, deposits for the shortest terms, up to one month, saw a marked decline. In October, these deposits amounted to PLN 11.53 billion, a sharp drop of PLN 4.13 billion compared to the PLN 15.66 billion recorded in September. Conversely, deposits with terms of one to three months reached a record-breaking PLN 48.20 billion, up by PLN 6.51 billion from September’s PLN 41.69 billion. This represents the highest figure for this category since the NBP began publishing such data.

The average interest rate for deposits opened in October was 4% per annum, continuing a slight downward trend with a monthly decrease of 0.06 percentage points. The steepest rate drop occurred in deposits with terms of up to one month, where the average rate fell from 4.01% in September to 3.75% in October. Meanwhile, deposits with terms of three to six months saw a modest rate increase, averaging 4.27% in October compared to 4.25% in September.

The data highlights shifting preferences among Polish savers, with greater emphasis on deposits offering higher returns over slightly extended terms despite the overall decline in interest rates for shorter-term deposits.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our personal income tax advisory, or contact us for a free consultation.