This paper empirically investigates the effect of local and global network measures on interest rate spreads in the e-MID interbank market. We hypothesize that not only the bank’s position in the network is important, but also the counterparty’s interconnectedness. The empirical results in this paper show that interbank spreads are significantly affected by the banks positioning in the network, measured by both local and global connectedness measures. Overall, lenders are willing to pay a premium (i.e. obtain lower rates) for better connections in the network, at both local and global measures. This effect is statistically significant for the pooled sample and for post-Lehman’s Brothers collapse sub-period. Borrowers, on the other hand, pay a higher premium (i.e. higher rates) for better local connections, but significantly benefit for better global positioning.