Mexico banking deposits slow as interest rates decline

Banking deposit growth in Mexico has slowed during the first half of the year, according to data from the National Banking and Securities Commission (CNBV). Total deposits grew by just over 2 percent, a significant decrease compared to the 3.7 percent growth seen in 2025 and 4 percent in 2024.

This deceleration is attributed to lower interest rates set by the Banco de México. High interest rates previously incentivized consumers to keep funds in savings accounts to earn higher returns; however, as rates decline, savers often seek alternative investment options, moderating the growth of formal bank deposits.

In response to this environment, digital banking institutions like Plata are competing for customers by offering higher yields. Plata, which began operating as a bank in Mexico in March, has introduced savings products with annual returns ranging from 9 percent to 11 percent, including promotional rates of 15 percent for specific initial deposits to encourage formal savings.