Bank deposits in Croatia lost the most to inflation among advanced economies, a November 2026 report finds. By comparing what banks paid on deposits with how fast consumer prices rose, a new study by Atmos shows that in most of the economies it looked at, from Japan to the US, money left in the bank bought less when the year closed than when it opened.
Croatia is the advanced economy where bank deposits lost the most to inflation, paying savers 1.53% in 2025 as prices climbed 4.4%.
Interest on bank deposits in Japan averaged 0.40% in 2025, the lowest rate among the 10 countries where savers fell furthest behind inflation.
The United States ranked 13th, with Americans losing around 1% of their bank savings, or $9.20 per $1K.
The research examined 34 advanced economies to find where money kept in bank deposits lost the most value to inflation in 2025. It took the average interest rate banks paid on deposits over the year, using fixed-term deposit rates for the EU, the US, the UK and Japan, all before tax. Taking each economy’s 2025 inflation rate away from that figure gave the real return on savings, which was then turned into the gain or loss on every 1,000 units of local currency kept on deposit. The economies were ranked from the biggest loss to the biggest gain.
Here’s how the 10 advanced economies where bank deposits lost the most to inflation compare:
|
Rank |
Country |
Deposit Rate (%, 2025 average) |
Inflation (%, 2025) |
Real Return on Savings (%, 2025) |
Gain or Loss on 1,000 Saved (local currency) |
|
1 |
Croatia |
1.53 |
4.40 |
-2.87 |
-29 |
|
2 |
Japan |
0.40 |
3.17 |
-2.77 |
-28 |
|
3 |
Bulgaria |
0.88 |
3.50 |
-2.62 |
-26 |
|
4 |
Estonia |
2.25 |
4.80 |
-2.55 |
-26 |
|
5 |
Slovakia |
2.12 |
4.20 |
-2.08 |
-21 |
|
6 |
Austria |
1.77 |
3.60 |
-1.83 |
-18 |
|
7 |
Latvia |
2.01 |
3.80 |
-1.79 |
-18 |
|
8 |
Greece |
1.26 |
2.90 |
-1.64 |
-16 |
|
9 |
Slovenia |
0.99 |
2.50 |
-1.52 |
-15 |
|
10 |
Lithuania |
1.98 |
3.40 |
-1.42 |
-14 |
1. Croatia
-
Average deposit rate, 2025: 1.53%
-
Inflation, 2025: 4.4%
-
Real return on savings: -2.87%
-
Gain or loss on 1,000 saved: -29
Croatia leads the list of advanced economies where bank savings lost the most value to inflation. Croatian banks paid an average of 1.53% on new household deposits fixed for a year or less, and the cost of living across the country rose 4.40% over the same twelve months. A Croatian saver who kept 1,000 euros on deposit for the whole of 2025 finished the year able to buy 29 euros’ worth less with it, even after the interest was paid. Rates on new deposits there dipped through the middle of the year before recovering in December to their best level since March.
2. Japan
Japan comes second, as bank savings there lost 2.77% of their value to inflation in 2025. Croatia saw faster price rises than Japan, where inflation came to 3.17% and new time deposits earned savers only 0.40%. Those deposit rates crept up as the year went on, so that the weakest month of the second half still paid more than the strongest month of the first, and December paid the most. Even so, the interest a Japanese saver earned made up for only about an eighth of what higher prices took from their money.
3. Bulgaria
Third place goes to Bulgaria, where bank savings ended 2025 down 2.62% once inflation was taken into account. Bulgarian prices climbed 3.5% during the year. Household deposits with terms of up to one year earned 0.88% in the country’s banks, and rates on new deposits finished 2025 lower than they began, with no month from October to December matching any month from January to March. A Bulgarian saver would have needed a deposit rate about four times as high as in Japan just to keep pace with prices.
4. Estonia
Estonian savers took the fourth-largest loss to inflation in 2025, as their deposits were worth 2.55% less by December once higher prices were taken into account. Banks in Estonia offered 2.25% on new deposits across the year, and January brought the highest rate of any month. Estonia had higher inflation than Croatia, with prices up 4.8% over the year. The cost of living in Estonia went up more than twice as fast as a saver’s deposit grew with interest.
5. Slovakia
Slovakia rounds out the top five for savings that lost value in 2025, with money in Slovak banks falling 2.08% behind inflation. Banks there paid savers 2.12% on new fixed-term deposits, a rate that slid from January to a low in August, then picked up again in October and stayed close to that level through December. Compared with Estonia, prices in Slovakia rose a little more slowly, by 4.2% in 2025. The interest Slovak savers earned covered about half of the rise in their everyday costs.
US Ranking – 13th place
Despite not making the top 10 for bank savings losses, the US records the same trend as other advanced economies, with inflation outpacing savings. The deposit rates in the country sat above average in the last year, at 1.72%, which is higher than in Hong Kong, Greece, or Japan. At the same time, inflation spiked by 2.63%, leaving savings almost 1% behind. In monetary value, it’s $9.20 lost for every $1K in the bank account.
Nick Cooke, the CEO of Atmos, commented on the study:
“Most people judge their savings by the number on the statement, and as long as interest comes in, that number goes up. The better question is whether the interest is keeping up with prices, since a rate that sounds decent can still leave your money buying less a year later. Everyday current accounts and instant-access accounts usually pay less than fixed-term deposits, so cash sitting in them probably fell even further behind. Timing matters too. The rate you get depends on when you open or renew a deposit, so two people saving the same amount can end the year in different places. Check what your bank pays you against how fast prices are rising.”