Household savings certificates reached a new high in August
The outstanding balance in Portuguese savings certificates reached €44,604 million in August, up 15.7% from a year earlier, according to Banco de Portugal figures reported by Lusa.
Archived after its publication day. Search retains this original briefing for background and accountability.
Archived 12 September 2026The national balance shows continuing demand for the product, but it is not the return an individual saver will receive on a new subscription.
- The August balance was €44,604 million, €753 million higher than in July.
- The annual increase was 15.7%.
- IGCP set the gross rate for new Series F subscriptions in September at 2.500%.
- A national stock figure does not include an individual's tax, liquidity needs or investment horizon.
What the new figure measures
The balance is the amount held across the savings-certificate system at the end of August. It rose for the 23rd consecutive month, according to the reported Banco de Portugal series. Money flowing in, redemptions and credited interest can all affect the balance.
It does not mean every certificate earned 15.7%. That is the year-on-year growth of the total amount invested nationally, not a personal yield.
Before putting money in
IGCP lists the gross rate for new Series F subscriptions in September as 2.500%. Existing issues can have different conditions, and a gross rate is not the after-tax return. Read the product's redemption and interest rules before comparing it with a bank deposit.
Keep cash needed for near-term expenses accessible. If you are moving between countries, confirm your own tax residence and the treatment of interest before treating a Portuguese savings product as a complete financial plan.
What you can do now.
- 01
Compare the current IGCP terms with a written deposit offer.
- 02
Calculate the after-tax return for your circumstances.
- 03
Check when you can redeem before committing emergency savings.
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