Poles amass a record PLN 1 trillion in bank accounts

The savings that Polish citizens keep in banks have topped PLN 1 trillion (EUR 216 billion) for the first time, an investment firm expert said on Wednesday.

Bartosz Turek, an expert with HRE Investments, prepared his analysis based on central bank data for February.

The data include current and savings accounts as well as deposits.

The total figure for February was PLN 95 billion (EUR 20.6 billion) higher compared to the same month last year.

The trend continued despite PLN 100 billion (21.6 billion) having been withdrawn over one year from deposits due to record-low interest rates that rendered term saving unprofitable. However, an additional PLN 195 billion (EUR 42.2 billion) was deposited into current and savings accounts over the period, Turek has found.

The savings of Poles would be enough to finance Poland's budget spending for two years.

"Domestic banks have not failed savers like, for example, the Greek banks did in 2015 and Cypriot banks in 2013," Turek said, explaining the trend. "That's why most of us appreciate the security, guarantees and easy access to savings kept in banks."

However, a growing number of people are looking for alternative investments, including funds, treasury bonds, properties or gold, Turek added.