Consumer records: savings certificates

Savings certificates are a way to invest your savings in a safe way, without the possibility of losing the money invested. The capital is guaranteed, as they are public debt securities linked to the state, where the possibility of bankruptcy is almost non-existent. Interest accrues to your savings, which increases the initial amount invested.

But why have these testimonials gained so much popularity in recent months? The reason is simple. Interest is indexed according to the three-month Euribor rates practiced in housing. And since the beginning of the war in Ukraine, “Euribor” has not stopped rising, causing an exponential increase in the amount to be paid on housing loans, which, accordingly, increases the interest on these certificates.

In addition to interest, permanence annuities are also offered. From the beginning of the second year until the end of the fifth year, 0.5% is added to the basic rate. From the sixth to the last year – the tenth – it increases to 1%.

Being a product over 60 years old, the rules have already been updated in five different series. The current series is the E series, which is the only one on sale today.

To open a savings account, go to the CTT Store or Citizen Space. The account is opened at IGCP, the Treasury and Public Debt Management Agency, an entity that manages Portuguese public debt and works specifically with treasury securities, which includes this form of certificate.

You do not need funds to open the account, but when you want to sign up for the certificates, the money should already be available.

Certificates can only be subscribed to by individuals, they are not transferable, and the minimum investment is 100 EUR, i.e. 100 units. The limit per holder is 250,000 units (€250,000).

Once the account is opened, you can consult and make new subscriptions digitally through the Aforro Net system, although it is also possible to do this in CTT.

The capitalized amount and interest are refunded on the 10th anniversary of the subscription date and the certificate is automatically redeemed, reaching its “end of life”. You cannot liquidate the securities, i.e. redeem the money, during the first three months after the subscription, and after that date they can be redeemed at any time.

If you want to redeem only a portion of the savings certificates, to continue accumulating the remaining amount, you can do so, but you can never leave an amount less than 100 units.

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