ZAP // André Kosters / Lusa; IGCP
The rate fell to 2.012%, but family interest remains, with the total amount reaching a new record in January.
The remuneration of savings certificates goes down again in Marchwith the base rate remaining at 2.012%, reflecting the evolution of the three-month Euribor. This is the third consecutive month of decline in the index that serves as the basis for calculating the remuneration of this State savings product, even though the interest of Portuguese families remains high.
The base rate for savings certificates is determined monthly, on the second to last working day of each month, and results from the three-month Euribor average observed in the previous 10 business days. The formula provides for minimum and maximum limits, and the rate cannot be lower than 0% or higher than 2.5%, recalls .
Despite the drop in remuneration, savings certificates continue to capture savings. The total amount invested in this instrument reached in January a new historic highapproaching 40.6 billion euros. That month alone, net inflows were around 393 million euros, more than offsetting the redemptions seen in Treasury certificates.
Analysts explain the maintenance of demand for weak attractiveness of bank deposits. According to the most recent data, for December, the average return on household deposits was 1.36%, a value significantly lower than that offered by savings certificates, even after the recent drop in the basic rate. Throughout 2025, the average deposit rate fell by around 0.8 percentage points, placing Portugal among the Euro Zone countries with worst levels of remuneration for bank savings.
In the market, most banks’ term deposit offers have rates lower than the basic remuneration of savings certificates. Exceptions are specific and mainly aimed at new customers. Among the most competitive examples are a three-month deposit from Bankinter, with a rate of 2.25%, and a six-month deposit from Caixa Geral de Depósitos, which offers a return of 3%.
