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Disruptions in NMD market on the way

Data based prediction of the deposit structure in Germany and Austria

During the low interest rate environment of the last decade clients predominantly chose NMDs to park their money. As of November 2022, NMDs amounted to approximately 80% of the deposit volume. Since summer 2022, interest rate hikes have also triggered spikes in term deposit rates. So far, the NMD proportion has not yet fallen significantly, but our study predicts major disruptions in this market in spring 2023: Either the offered NMD rates will close the current gap to term deposit rates, or clients are going to transfer significant deposit volumes from their NMDs to fixed maturity products.