What caused the significant increase in deposit inflows and the decrease in the rates of deposits in the banks of the Eurozone countries during the COVID-19 pandemic? Our findings reveal that the deposit interest rates in countries with higher COVID-19 infection rates decreased more than the counter rates in countries with lower infection rates, even among the branches of the same banks. Reduction in credit, national policies such as the European economic stimulus package (EuESP), and the risk-averse behavior of consumers do not explain the variations in rates of deposits across those different Eurozone countries. The data suggests that when there are more COVID-19 cases in the Eurozone, people living there become more concerned about losing their jobs or income. This makes them more likely to spend less and save more, thereby impacting the interest rates, ceteris paribus. The significant influx of savings, however, did not find any association between the banks' exposure to COVID-19 infection rates and the rate of insured deposits. Such a deposit influx in the Eurozone banks largely occurred from precautionary savings.