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The interest rate on certificates of savings rose to 3.4% in February – the markets

Interest on savings certificates will rise again to 3.4% in February. These government savings products have, in recent months, become more attractive than ever thanks to the indexed bonus of the three-month Euribor rate. But be warned: there is a cap of 3.5% of the base price.

On Series E savings certificates (the certificate currently for sale), the base rate in February will rise to 3.403% overall, according to data released on Tuesday by the Treasury and Public Debt Management Agency – IGCP. In the case of older serials, the yield is higher.

The basic rate for savings certificates is calculated per month according to the formula: E3 + 1%, where E3 is the average of the 3-month Euribor values ​​observed in the previous 10 working days (The result is rounded to the third decimal place). The three-month Euribor — which had been negative for more than seven years, between April 21, 2015, and July 13 last year — is now at 2,482%. In the December average it was fixed at 2.063%.

However, application of the formula cannot result in a base rate of less than 0% or higher than 3.5%. The limitation stems from the design of the product itself, in which the yield calculation is defined. This limitation is a kind of precaution to control the state’s expenditure on interest.

In addition to this basic rate is the time bonus. 0.5% from the beginning of the second year until the end of the fifth year and 1% from the sixth year until maturity (i.e. 10 years).

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In the case of Treasury Savings Growth Certificates (CTPC), the gratuity premium that will be in effect next month will be 1.2%. These products, the return of which is linked to the growth of GDP, have lost their attractiveness compared to savings certificates.