Maximum historical savings certificates: How many million do you get?

O amount invested in savings certificates (CA) refired in September, by 24th consecutive month, accumulating 16.3% in homologous terms and establishing a new historical maximum, according to data released by Banco de Portugal (BdP), on Thursday.

How many million do you get? 

In total, there was eur 45,391 million invested in savings certificates at the end of september, the highest value since the start of the BdP series in December 1998 and representative of an acceleration against the annual growth of 15.7% recorded in August.

In nominal terms, there was at the end of September of this year another EUR 6,353 million applied in CA than in the same month of 2025 and another EUR 789 million than in August.

September was thus the 24th consecutive month of rising overall value in savings certificates.

After strong demand, driven by the rise of Euribor, CAs began to lose the interest of savers when, in June last year, the series of certificates in marketing (‘E series’) was replaced by the ‘F series’, with a lower interest rate.

Portuguese continue to prefer savings certificates

Still, investors have again opted for this instrument, which more than compensated the disinvestment in treasury certificates (CT), which declined in the month under review to EUR 6.331 million, minus EUR 110 million than in August and a fall of EUR 24.3% (EUR 2,030 million) in homologous terms.

The value invested in CT, now at the lowest value since January 2015, has declined consecutively since October 2021, when it reached a maximum of 17,865 million euros.

The treasury certificates, on the other hand.. 

According to the latest statistical data from the Treasury and Public Debt Management Agency – IGCP, for August, the new CT emissions were, in that month, EUR 230 million, while the exits (rescue) amounted to EUR 321 million.

In early July, the government announced the templates for the Series 5 Treasury Certificates, which replaced the current Treasury Certificates Saving Value (CTPV). Since then, the values issued have been higher than in previous months, but the monthly flow remains negative.

The interest rate of the first year is 2.35%, rising to 2.45% in the second and third, to 2.65% in the fourth and fifth, to 2.75% in the sixth and seventh, to 2.85% in the eighth and new and finally to 3.35% in the tenth and last.

The lowest figure in CA was recorded in November 2012, when Portugal was complying with the rescue plan and the unemployment rate went up, thus accounting for €9.7 billion in investment in these securities.