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Are you thinking about “investing” in savings certificates? Find out how to get started

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nAt a time when economic data from the pandemic is still “paying for itself,” just as new economic crises lurk with instability at the national level, saving may seem more difficult than expected.

However, for those who want – and can – do so with as little risk as possible, savings certificates can be a good solution.

DECO PROteste explains on its website how to subscribe, consult and redeem these certificates, since they have a guaranteed capital, “all the money you invest in the certificates will be safe, and your savings will also be enriched with interest, which is indexed in Euribor” in 3 months and benefit quarterly “.

How to open a savings account?

According to experts, opening an account of this type does not mean having to open a new bank account. “This is an account opened with the Treasury and Public Debt Management Agency (IGCP), the entity that manages the Portuguese public debt, which is not a bank, and is used specifically to subscribe to treasury securities, such as savings account certificates and treasury bonds. “Treasury certificates,” he explains, adding that opening The savings account can be done in person at the CTT branch, at Espaço Cidadão or online, at Banco BiG Online, you can register with the IGCP – however, if you already have it, you can link your registration with the IGCP to your BiG account, without having to travel or. Models.

What documents do you need?

  • Completed Form 701 (ask for the form at the counter);
  • Personal and tax identification document;
  • Proof of address;
  • Proof that you have a bank account;
  • Proof of profession or employer (if any)

How many owners do this account have?

just one. As the association explains, every holder should have their own savings account.

Is it for adults only?

No, a savings account can be opened for a minor, as long as the process is carried out by their legal representative, who must be able to prove this. “In these cases, the legal representative must still fill out two additional forms (Form 701-A and Form 711). Furthermore, the child must also be the holder of the bank account whose IBAN is provided when signing up for the savings account (this may be The bank account has other owners besides the child.)

Subscribe to savings certificates

“Savings certificates are provided per unit, each unit corresponds to an order of 1 euro. Determine the amount to be invested and subscribe to that number of savings certificates. For example, if you want to invest 1,000 euros, you will have to subscribe to 1,000 participating units,” the experts explain. On site, savings certificates can be subscribed at Banco BiG, CTT, Espaços Cidadão and on the state's digital platform Aforro Net.

Entry Fee

To subscribe to savings certificates, you must invest a minimum of 100 euros, and a maximum of 50,000 units can be subscribed, meaning a maximum of 50,000 euros can be invested in savings certificates. They also warned that “for holders of Series E savings certificates, the total number of units combined in the two series cannot exceed 250,000 units.”

How to consult savings certificates?

“If you do not want to go to the CTT every time you want to check your application balance, you can join the Aforro Net system and monitor the development of your savings remotely. Through Aforro Net, you can also make new subscriptions to savings certificates.

When will the certificates be “changed”?

The amount invested in the first months cannot be recovered in the first three months, and after this period, the interest is capitalized and the balance is “fattened”. “If you keep the certificates, it is this balance that will accrue interest over the next three months. In other words, there is automatic reinvestment. In practice, the balance grows every three months, until the moment you decide to redeem the certificates. That is why the interest is said to be reinvested.” , because it itself also begins to produce interest.

On the same page, DECO PROteste also explains how to promote and redeem savings certificates, whichWhich you can consult here.

Read also: Are your bank account details outdated? There is no excuse for this anymore

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