The amount invested in Savings Certificates increased again year-on-year in August, reaching 38.547 billion euros, marking a 13.6% rise, according to data released by the Bank of Portugal (BdP).
This is the highest amount ever invested in Savings Certificates (CA) since the BdP series began in December 1998, representing an acceleration compared to the 12.6% year-on-year growth observed in July.
How much can your savings appreciate?
The Treasury and Public Debt Management Agency (IGCP) offers a savings certificates simulator that allows individuals to calculate the appreciation of their savings in these products.
According to IGCP, the presented appreciation of Savings Certificates is calculated using:
- The initial amount of capital invested;
- The interest rates observed over the investment period;
- The applicable retention bonuses;
- The quarterly incorporation of net interest (after IRS withholding).
“The presented appreciation is for illustrative purposes only and cannot be considered as an official basis for any other purposes than informational. The IGCP does not assume any responsibility or consequences arising from misuse of the information provided in this calculation. This information does not exempt individuals from consulting the Savings Certificates Technical Datasheet,” IGCP notes.
Comprehensive information about the various CA series can be found here.
How many millions are in Savings Certificates?
Nominally, at the end of August this year, there were 4.624 billion euros more invested in CA compared to the same month in 2024, and 325 million euros more than in July. Thus, the amount invested in Savings Certificates reaches 38.547 billion euros.
August marked the 11th consecutive month of increase in the total value of savings certificates.
CAs began to lose interest, but…
Following a strong demand prompted by the rise of Euribor rates, CAs began losing savers’ interest when, in June of last year, the series of certificates being marketed (‘series E’) was replaced by ‘series F’, which offered a lower interest rate.
Despite this, investors returned to this instrument, outweighing the disinvestment in treasury certificates (CT), which fell in August to 8.499 billion euros, 158 million euros less than in July (-1.8%) and a 16.4% decrease (-1.670 billion euros) year-on-year.
The amount invested in CT, now at the lowest level since March 2016, has been declining consecutively since October 2021, when it peaked at 17.865 billion euros.
According to statistical data from the Treasury and Public Debt Management Agency — IGCP, new CT issuances were 10 million euros in July, while exits (redemptions) totaled 170 million euros.
The lowest value in CA was recorded in November 2012, during Portugal’s bailout plan and spiking unemployment rates, reflecting an investment of 9.7 billion euros in these securities.
Data released by BdP also shows that in August, the state’s direct debt increased by 7.0% year-on-year to 312.658 billion euros, rising by 2.571 billion euros month-on-month.
In other debt instruments, year-on-year, treasury bonds (OT) rose by 8.7% to 179.553 billion euros, while treasury bills (BT) increased by 17.9% to 12.103 billion euros.
Month-on-month, the net balances of both OT and BT remained unchanged from July.
