Christmas savings accounts in Panama's National Banking System (SBN) reached a record high of $272 million this year. This figure represents an 11% increase from last year, equivalent to an additional $28 million and 59,565 new accounts, a 13% growth according to data from the Panama Banking Superintendency (SBP).
According to the banking regulator, this product continues to be consolidated as one of the most used by Panamanian households. Following Panama province are Chiriquí with $15.2 million, Colón with $9.5 million, and the Azuero provinces with $8.8 million.
Regarding the user profile, women represent 61% of Christmas savings accounts, with 312,628 accounts and $163 million, equivalent to 60% of the total saved. This behavior is relevant in a context of moderate economic growth, as it fosters financial discipline and promotes a culture of constant saving.
In terms of distribution by province, Panama and West Panama concentrate 81% of the funds, with $220 million and 397,000 accounts. It currently represents the second type of account with the highest share within SBN deposits, accounting for 8% of the total, only below current savings accounts, which concentrate 85%.
The market maintains a high level of concentration. Of the $272 million, 97% is distributed among only four banks: Banco General concentrates $208 million, equivalent to 76.4% of the total, driven by automatic opening through digital channels; followed by Caja de Ahorros with 9.1%, Banco Nacional de Panamá with 6.6%, and Banistmo with 5.1%. The rest of the entities barely gather 2.8%.
In both cases, around 70% of the accounts maintain balances of up to $500, indicating that this product is especially used by people with more limited incomes who seek to organize their year-end expenses through small and periodic contributions.
Christmas savings continue to be a tool that allows families to plan year-end expenses without resorting to debt, especially through credit cards.
