Consumer Minute: savings certificates

Savings Certificates are a way to invest your savings in a safe way, without the possibility of losing the money you invested. The capital is guaranteed, as these are government bonds, linked to the State, where the probability of bankruptcy is almost zero. Interest accrues on your savings, increasing the original amount you invested.

But why have these certificates gained so much notoriety in recent months? The reason is simple. Interest is adjusted to Euribor rates – three months – applicable to housing. And since the beginning of the war in Ukraine, the Euribor has not stopped rising, exponentially increasing the amount that must be paid for housing loans, which consequently increases the interest on these certificates.

In addition to interest, permanency premiums are also offered. From the beginning of the second year to the end of the fifth year, 0.5% is added to the base rate. From the sixth year to the last – the tenth – it increases to 1%.

Being a product over 60 years old, the rules have already been updated in five different series. The current one is the E series, the only one sold today.

To open a savings account, go to a CTT store or a Citizen Space. The account is opened at the IGCP, the Public and Public Debt Management Service, an entity that manages the Portuguese public debt and works specifically with Government securities, which include this certificate model.

You don’t need money to open the account, but when you want to subscribe to the certificates, the money must already be available.

Certificates can only be registered by individuals, they are not transferable and the minimum investment amount is the subscription of €100, i.e. 100 pieces. And the maximum per holder is 250,000 units (€250,000).

Once the account is opened, you can consult and make new subscriptions digitally through the Aforro Net system, although it is also possible to do this in CTT.

The refund of the amount and capitalized interest is made on the 10th anniversary of the date of subscription and the certificate is automatically redeemed, reaching its “end of life”. You cannot liquidate the securities, i.e. get the money back, within the first three months of registration, after that date they can be redeemed at any time.

If you want to redeem only part of the Savings Certificates, to continue accumulating the remaining amount, you can do so, but you can never leave an amount less than 100 units.

“Consumer Minute” is a project where we try, every week, to answer your questions. To follow on Expresso Online and on the SIC Notícias antenna, with the support of DECO Proteste. Send your questions to

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