Developments in Estonian financial services for retail investors were affected most in 2023 by high interest rates and growth in stock markets. Interest rates having risen fast hampered the growth in the loan portfolios of banks and creditors, but made it possible to get a better price for money deposited on accounts. This increased the amounts held as term deposits (see Figure 1). Growth in global stock markets increased the value of a lot of investments and the assets of pension funds grew again. There was substantial growth in independent investment by retail investors. Non-life insurance premiums continued to grow fast, largely because of tariffs rising.