Competition among Cyprus' banks for deposits remained strong in June, with deposit rates rising further for both households and businesses, according to figures published by the European Central Bank (ECB).
The interest rate on household deposits with a maturity of up to one year increased to 1.42% in June, up from 1.25% in May and 1.13% in June 2025.
Despite the increase, Cyprus still recorded the third-lowest household deposit rate in the eurozone, ahead of only Slovenia (0.72%) and Greece (1.20%).
The highest household deposit rates were recorded in the Netherlands (2.52%) and Finland (2.49%).
Across the eurozone, the average rate on household term deposits rose to 2.03%, from 1.92% in May and 1.77% a year earlier.
Business deposit rates also rise
Interest rates on deposits held by non-financial corporations also increased, reaching 1.41% in June from 1.26% in May. A year earlier, the rate stood at 1.01%.
However, despite the rise, Cyprus recorded the lowest business deposit rate in the eurozone.
Businesses in France (2.47%) and Finland (2.31%) enjoyed the highest returns on deposits.
The eurozone average for business deposits increased to 2.21%, compared with 2.04% in May.
Loan rates remain below EU average
Loan rates in Cyprus remained below the European average.
Consumer lending rates declined compared with May and were the fifth-lowest in the eurozone, while mortgage rates remained broadly stable.
Business lending rates, meanwhile, increased during June and ranked as the eighth-highest in the eurozone.
