A survey by the TGM Research Institute for Xtb reveals that 32% of Portuguese consider bank deposits the best way to invest money.
Meanwhile, 24% of respondents from a sample of 1,000 prefer savings certificates, and 18% choose investment brokers.
The amount held in deposits reached 196.861 billion euros in August, continuing to grow but at a slowing pace in recent months.
This trend continues despite the decreasing remuneration of new personal term deposits, which have fallen for the 20th consecutive month in August to 1.34%, marking the lowest level since April 2023, as reported by Banco de Portugal (BdP).
According to the banking supervisor, the average interest rate for new personal term deposits decreased by 0.05 percentage points in August compared to July, from 2.56% in the same month last year.
This drop signifies the lowest rate since April 2023 (1.14%) and a decrease of 1.74 percentage points since December 2023, when it peaked at 3.08%, the highest since July 2012.
The propensity to keep money in term deposits is also observed in Europe, with the European Union holding over 11 billion euros in deposits.
The European Commission advocates for the creation of savings accounts allowing small investments, which are not yet available in Portugal, labeling them a “good alternative” to traditional term deposits due to higher returns.
In an interview with Portuguese journalists in Brussels, European Commissioner Maria Luís Albuquerque supported Brussels’ new strategy to optimize citizens’ savings, stating that such accounts “are clearly a good alternative” to term deposits where “people believe they won’t need the money soon.”
The discussion involves accounts provided by authorized financial service providers, including online platforms, enabling small investors to invest in capital market instruments.
In Portugal, these accounts do not yet exist. Current options include term deposits and traditional savings accounts (safe but with low returns), savings certificates (state-issued with guaranteed capital and variable interest rates), Retirement Savings Plans – PPRs (with tax benefits focused on retirement), and funds or stocks for those with higher risk tolerance.
Most Portuguese maintain a conservative profile, favoring guaranteed capital financial products.
Regarding savings certificates, the amount invested was 38.547 billion euros in August, a 13.6% year-on-year increase.
This is the highest amount invested in savings certificates (CA) since the BdP’s series began in December 1998, representing an acceleration compared to 12.6% growth in July.
August marked the 11th consecutive month of total value increase in savings certificates.
Portuguese can also subscribe via the CTT mobile app, which added this feature in July 2024, with subscriptions via this method exceeding 150 million euros.
Today marks World Savings Day, created by the World Savings Banks Institute to promote personal savings and strengthen individuals’ economic self-sufficiency.
