European savers are pulling more of their money from banks, looking for a better deal as lenders resist paying up to hold on to deposits some feel they can currently live without.
The trend emerged as some of the region's biggest lenders outlined a profitable start to the year in results that also offered a glimpse of a phenomenon dubbed a "bank walk" - a slow but notable outflow of customer cash.
"Traditional banks need to decide whether to maximise their return by keeping rates on deposits as low as possible, or to prioritise their liquidity and stability by increasing rates and retaining customers' funds," Nicola Marinelli, assistant professor of finance at Regent's University London, said.
Data from Refinitiv Lipper showed more than 34 billion euros of net flows into European money market funds in March, the best-selling asset type that month.
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