The deposit rate is 3.5 percent, the highest it has been in 22 years. This is to defeat inflation.
In its fight against high inflation, the European Central Bank has raised interest rates for the eighth time in a row. The base rate at which commercial banks can get money from the central bank is now four percent – the highest level since 2008. The deposit rate is the amount that banks receive when they park excess money in their ECB account , is now 3.5 percent – the highest compensation since 2001.