Europe has set itself the goal of putting family money that is currently in unpaid deposits or checking accounts to work to finance European companies and also their infrastructures. The objective is boost business growth and not depend on external financing. It comes accompanied by the Finance Europe label which to deserve requires 70% of assets to be allocated to European companies.
The figures that move are spectacular. In total some 10 billion euros, which in the Spanish case represents 1.2 billion euros in that situation. It represents around 40% of the financial wealth of families on the Old Continent.
But the mobilization of this money through an investment account – yet to be defined – would have negative effects on European banks that would end up affecting the cost of mortgage loans, consumer loans, even loans to small and medium-sized businesses (SMEs) that are financed through banks. He money from deposits and demand checking accounts (bank liabilities) is converted into those credits and loans that reach families, SMEs and large companies.
At the moment, The Spanish mortgage market is one of the cheapest in Europe-2.6% average rate compared to the 3.3% European average-, and this is possible due to the very low remuneration that banks give to their clients’ deposits. Time bank deposits in Spain offer an average remuneration of 1.64% for households, according to statistics from the European Central Bank at the end of 2025. The average cost of total liabilities of the main Spanish banks is around 0.6%, including remunerated accounts and other savings products.
From the Spanish Banking Association (AEB), a spokesperson points out that they are in favor of investment accounts and that it is too early to propose an increase in the cost of credits when the product is not yet defined. But the loss of part of that liability that the banks now hoard at such low interest would force the entities either to remunerate that savings more generously or to go to the markets to seek financing in order to meet their credit demand. More expensive solutions for banking and that would impact the cost of credit offered by banks.
According to the latest data from the Bank of Spain, the Loan to Deposit Ratio (percentage of loans over deposits) increased in the second quarter of 2025 compared to the previous quarter, standing at 96.38%. However, compared to the same period of the previous year, it decreased from 97.29%. A fact that relates both parts of the bank balance and that would change a lot if there were a drastic decrease in deposits. However, banks also go to the markets and usually take advantage of favorable windows during the year to raise resources, refinance previous issues or reinforce buffers of capital instruments required by the ECB.
Different proposals
These investment accounts are still in the study phase. And there are several proposals, some declared and others hinted at by the actors involved. For example, Bolsas y Mercados Españoles (BME) offers a basket, portfolio or savings account for individuals which would be composed that would include investment and business financing products traded on the stock markets. Transactions could be made between the different products without tax (as is now the case with investment funds), and at the end of the year a special tax regime would be applied that was favorable compared to the current situation of the treatment of capital gains.
The president of the CNMV, Carlos San Basilio, was in favor this week of this investment account be “ambitious in your tax incentives”. In the case of banks, His wish points more to the figure of pension plans with an increase in contributions that would allow tax relief and more favorable tax treatment at the time of making repayments.