The ECB Governing Council held all three key rates unchanged at its July 23, 2026 meeting: deposit facility at 2.25%, main refinancing operations at 2.40%, and marginal lending facility at 2.65%. This is the first hold after the ECB raised all three key rates by 25bps in June 2026.
President Lagarde noted that inflation declined to 2.8% in June from 3.2% in May, but said the full inflationary impact of the energy shock has yet to play out. She reaffirmed a data-dependent, meeting-by-meeting approach, with no pre-commitment to a particular rate path.
For EU neobank customers, the hold means savings and interest-bearing account rates at Revolut Savings, N26 Savings, bunq Easy Savings, and Wise Interest remain stable — no immediate product rate changes expected. The ECB deposit facility rate at 2.25% remains the direct benchmark for neobank savings account rates across the eurozone.
Watch the September 2026 ECB meeting for any further rate decisions as the Governing Council assesses incoming inflation data.
Source: https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.mp260723~29f24d99bc.en.html