Race to savings certificates in maximum history: How much do they make?

O amount invested in savings certificates he went back up in august, for the 23rd consecutive month, accumulating 15.7% in homologous terms for a new maximum historyAccording to data released on Monday by Banco de Portugal (BdP).

How much do they make?

In early July, the government announced the molds for the Series 5 Treasury Certificates, which replaced the current Treasury Certificates Saving Value (CTPV).

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

In total, there were EUR 44,604 million invested in savings certificates (CA) at the end of August, the highest value since the start of the BdP series in December 1998 and representatives of an acceleration against the annual growth of 14.7% recorded in July.

In nominal terms, there was at the end of August of this year another EUR 6,058 million applied in CA than in the same month of 2025 and more EUR 753 million than in July.

August was thus the 23rd consecutive month of rising overall value in savings certificates.

Investors have returned to 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.

Nevertheless, investors again opted for this instrument, which more than compensated for the divestment of treasury certificates (TC), which retreated in August to 6,441 million euros, minus 91 million euros than in July and a fall of 24.2% (-2,058 million euros) 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.

According to the latest statistical data from the Treasury and Public Debt Management Agency – IGCP, for July, the new CT emissions were, in that month, €298 million, while the exits (rescue) amounted to €326 million.

Although the issue was lower than the amortisation in July, the amount issued was 4.5 times the total value issued in the previous six months, representing 66 million euros.

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.

The data released by the BdP also record that, in August, the direct debt of the State increased by 1.0% on a homologous basis to EUR 315,889 million, after an increase of EUR 891 million in chain.

In other debt instruments, in homologous terms, treasury bonds (OTs) remained virtually unchanged at EUR 179,444 million, while treasury notes (BTs) advanced to EUR 12.6% to EUR 13,633 million.