The Certificates of Savings and other public debt instruments remain among the preferred savings options for Portuguese citizens due to the “security, simplicity, and capital guarantee they offer,” according to CTT – Correios de Portugal. They reported that public debt investment via CTT more than doubled by September.
“Evidence of this is the growth observed in the first nine months of this year, where the value invested in public debt through CTT – stores and app – amounted to 5.0135 billion euros by the end of September, more than doubling compared to the same period last year,” a statement reads.
CTT explains that the “F series of Certificates of Savings currently has a competitive interest rate, with additional benefits of interest calculated quarterly and added to the capital amount, as well as loyalty bonuses applied from the second year, potentially providing an increase of up to 1.75% in returns, with the advantage of no account maintenance fees or commissions.”
“For the opening of new savings accounts, the minimum amount is 100 euros, with minimum reinforcements starting from 10 euros. The redemption of invested savings can be done at any time without penalties after the first three months,” the postal service points out.
The Portuguese primarily direct their savings towards bank deposits and savings certificates, with a smaller proportion opting for investments, according to a study by TGM Research Institute.
On the digital front, the CTT app allows for the simple, fast, and secure subscription of Savings Certificates at any time and from anywhere.
“Since the launch of this feature in July 2024, it has seen enormous uptake from savers, with subscriptions already exceeding 150 million euros. The evident competitiveness of Savings Certificates compared to other applications and savings, such as most term deposits, justifies the growing demand for this channel,” the statement notes.
“The Saving and Protecting area of the CTT app allows savers with existing savings accounts to reinforce their Account, simulate the return from their investment and share this simulation with others, and also view the history of the latest savings account movements,” they add.
According to CTT, “all these services are available for existing Savings Accounts.”
“Openings of new Savings Accounts must be done in person in one of the approximately 570 CTT Stores across the country. If a client wishes to open an account immediately, they can get a digital ticket through the CTT app. Alternatively, the client can also schedule a visit to the store at a location and time convenient via the CTT Website or by calling 800 201 800,” they add.
