Danish Bank Deposits Decline for Second Straight Month

Bank deposits in Denmark dropped for a second month in a row. The fall reflects regular autumn spending and routine bill payments across the country. Central bank data shows total savings fell to 1,309.3 billion Danish kroner in September.

Deposits were 1,317.7 billion kroner in August. In July, deposits stood at 1,323.2 billion kroner. Helle Dalsgaard is head of advisory services at pension firm Sampension. She noted the last two-month drop happened in January 2023. However, she warned against calling this a broad new trend.

Allan Sørensen is chief economist at business association Dansk Industri. He said September drops are very common in Denmark. Deposits fell in September in 16 of the last 20 years. Autumn loan payments often reduce household savings during this month. Families also buy winter clothes for the colder season. September does not bring large tax refunds or child benefit payouts.

Total savings remain higher than the 1,283.1 billion kroner seen in January. Dalsgaard expects total bank deposits to grow again soon. Financial uncertainty often encourages people to save more money.