Modification of the Statutory Interest Rate

23/02/2023

Having remained stable for 7 years at 3%, the statutory interest rate for 2023 was set at 3.25%. What is this rate used for? How can this rise affect you?

This interest rate is set annually in the General State Budget Law, and the previous year's rate is maintained if the budget is extended.

This rate is commonly used as a reference for setting surcharges, indemnities or penalties in the case of late payments when nothing else has been agreed, and also in legislation and contracts.

For example, in the case of a current account that becomes overdrawn (tacit overdraft), legislation establishes that the APR of interest and/or fees that can be charged is limited, in the case of individual consumers, to 2.5 times the statutory interest rate. Thus, the maximum APR for current account overdrafts has risen from 7.5% to 8.125%.