Danish household deposits increase by DKK 24.9 billion

Danish households' deposits saw a significant increase of DKK 24.9 billion in April, pushing total deposits to DKK 1,294 billion.

This substantial rise was primarily driven by the payment of excess tax refunds for the 2025 tax year to a large number of households.

Concurrently, fewer households were required to make tax payments, contributing to the net inflow.

Although the net tax payout this year was marginally higher than in the previous year, the overall increase in deposits observed in April was somewhat smaller.

Despite this, the overarching trend indicates a continuous growth in the total deposits held by Danish households.

It is important to note that this aggregate development does not imply a uniform increase across all households, as deposit levels vary widely, with a smaller segment holding significantly higher balances than the typical average.

Beyond traditional bank accounts, Danish households actively invest in securities such as equities, bonds, and investment fund certificates.

Since 2018, a stable relationship has been maintained between the value of households' bank deposits and their direct holdings of securities.

Currently, deposits constitute approximately 52 percent of households' total savings, encompassing both deposits and securities.

While household saving decisions primarily influence deposit levels, the value of securities holdings is heavily dependent on market price developments.

Despite inherent fluctuations, generally rising asset prices over time have substantially increased the value of these holdings.

However, since the end of the COVID-19 period in 2022, households have added new funds to further investments only to a limited extent.