ECB raises the deposit rate to 2.50% as of 16 September 2026

ECB deposit rate: what changes in September 2026

The European Central Bank (ECB) raised its deposit facility rate from 2.25% to 2.50%, effective 16 September 2026. The move is 25 basis points.

The main refinancing operations rate was raised as well, from 2.40% to 2.65%, a move of 25 basis points. The gap between the two policy rates stays at 15 basis points, with the refinancing rate still above the deposit rate.

The deposit rate is what banks earn on the cash they leave with the ECB overnight. As long as the euro area banking system holds ample liquidity, it is this rate, far more than the refinancing rate, that anchors short-term money market rates.

Where this move sits in the recent cycle

The previous change came on 17 June 2026, when the deposit rate went from 2.00% to 2.25%. This is therefore the second increase in a row.

From the 2.00% level in force before 17 June 2026, the deposit rate has gained 50 basis points in two increases.

Over the history of the series kept in our data, which starts on 28 June 2000, the deposit rate has ranged between -0.50%, recorded on 18 September 2019, and 4.00%, reached on 20 September 2023.

Why European index futures traders follow this rate

For a futures trader, the rate matters first through the cost of carry: the fair value of an index future includes the short-term interest rate to expiry minus expected dividends. With dividends unchanged, higher short-term rates widen the gap between the future and the cash index, and lower rates narrow it.

On Eurex, the EURO STOXX 50 contract (FESX) is worth 10 € per index point and the DAX contract (FDAX) 25 € per point. On a decision day, a move of a few dozen index points therefore means several hundred euros per contract.

That is why position size is best set from the risk accepted per trade rather than from a fixed number of contracts, especially around monetary policy decisions, when volatility tends to rise.

What this decision does not tell you

The date in the official series is the effective date, not the announcement date: the decision is made public after the Governing Council meeting and applies a few days later. Markets often price such moves in advance, so the price reaction on announcement day depends mostly on the gap with expectations. This article describes a decision already taken and says nothing about future monetary policy.

After a decision, European index futures traders watch the ECB President’s press conference, the Eurosystem staff projections when they are published, and then the account of the meeting, released about four weeks later. Euro area inflation figures, whose flash estimate comes out at the end of each month, then help judge whether the move stands alone or belongs to a series.