This paper examines the factors that determine private deposits in Greece in the context of an econometric model which includes three interdependent relationships (deposits, prices and wages). The objective is to obtain evidence in order to evaluate whether and to what extent the economic policy measures can affect the size and the time path of deposits. The empirical results indicate significant differences in savers' decisions, as a result of employing alternative hypotheses for interpreting consumers' behaviour. However, this research adds support to the argument that the most important determinants of deposits are disposable income, labour share and the price level.