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HomeEconomySavings certificates are losing money for the fifth month in a row

Savings certificates are losing money for the fifth month in a row

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Investments in the government savings product fell from a threshold of 34 billion euros in March.

Savings certificates fell from the threshold of 34 billion euros in March. This is the fifth month in a row that money has exited this government savings product, according to data from the Bank of Portugal.

Figures released by the Mario Centeno-led regulator show that €20.5 million came from savings certificates last month, taking it to €33.996 billion. This is after applications for these certificates decreased by more than 26 million in the previous month.

Investment in savings certificates reached a maximum of 34.07 billion euros in October.

In June last year, CEO Antonio Costa cut savings certificate fees, from 3.5% to 2.5%, at a time when these products were gaining popularity due to the fact that they offered higher returns than many bank deposits.

Data from the Bank of Portugal also shows that treasury certificates fell again, with the Portuguese holding €10.6 billion in March. It's the 29th month of decline for these products, but the value they came out with is the lowest since May 2022.

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