Certificados de Aforro Yields Climb to a One-Year High of 2.195% for May Subscriptions — Series F Pulls Decisively Ahead of Bank Deposits as Euribor Crawl Filters Through to Retail Savers

Portugal's flagship retail savings product is back in the spotlight. The Agência de Gestão da Tesouraria e da Dívida Pública (IGCP) confirmed this week that new Certificados de Aforro Série F subscriptions opened during May 2026 will pay a base rate of 2.195%, up from 2.138% in April. It is the second consecutive monthly increase of 2026 and the highest level the rate has reached in twelve months.

The move matters because Portuguese household savings have been parked, in unusual proportions, in certificados rather than in bank deposits. Banco de Portugal's most recent retail-rate snapshot put the average remunerated bank-deposit rate at just 1.37% in February — "one of the lowest in the eurozone," as the central bank's own commentary put it. The gap between the May CA rate and that benchmark deposit rate now sits above eighty basis points, the kind of differential that shifts billions across the household savings stack.

How the Rate Is Built

The Série F base rate is computed monthly from the average of three-month Euribor over the antepenultimate working day of each month and the ten preceding business days. The IGCP applies a 1.0% spread on top of the Euribor average, with a 2.5% headline cap when Euribor sits above 2.5% and a floor of zero when Euribor turns negative. Through the first quarter of 2026, three-month Euribor crept higher on the back of European energy-import pressure linked to the Middle East price overhang, dragging the May setting up to the 2.195% read.

On top of the base rate, savers earn a permanence premium that kicks in from the second year of subscription. The premium is worth 0.25 percentage points in the early years and steps up further the longer the certificate is held, providing a partial cushion when base rates fall. For older Série E and Série D holders the rate-setting mechanism differs and the spreads are larger, which is why some legacy positions still pay above the new headline.

Subscription Limits and Series-F Specifics

The Série F subscription ceiling stands at €250,000 per individual, raised in 2025 from the previous €100,000 cap. Holders of older Série D paper looking to roll into Série F can do so up to a combined €500,000, an arrangement designed to channel maturing savings back into the active series rather than into bank deposits or money-market funds. Minimum entry is €100, there is no fee structure, and the capital is guaranteed by the Portuguese state — features that explain why CA stock has held its ground even when interest rates compressed.

How CA Returns Compare on the Wider Map

For residents and expats running a euro-denominated savings book, the May rate sits in an interesting middle zone. It is comfortably above standard bank deposits, broadly in line with the better money-market funds available through Portuguese platforms, and below the yields available on three-to-five-year corporate paper from issuers such as the recent Benfica SAD subscription that closed last week at 4.65%. The CA pitch is not yield-maximisation; it is liquidity and state-guaranteed capital with a Euribor-linked floating coupon.

What This Means for Residents and Expats

• Liquidity profile: CA paper can be redeemed after the first three months at any time, with accrued interest, making it usable as a short-term parking vehicle as well as a multi-year hold.
• Tax treatment: Interest is taxed at the standard 28% withholding for residents, in line with deposit interest. Non-habitual residents with active NHR status may benefit from specific carve-outs depending on the year of registration.
• Versus deposits: The May rate offers a clear pickup over the 1.37% February deposit average, and existing Série F holders also benefit from quarterly rate refreshes — meaning rising Euribor flows through to the coupon faster than it does on most fixed-rate term deposits.
• Versus dollar accounts: Expats holding US-dollar savings that they may eventually need to convert into euros can use Série F to build a euro buffer at a state-guaranteed rate while waiting for currency timing.
• Subscription window: The 2.195% rate applies to subscriptions opened during May. Subscriptions made in April carry the lower 2.138% headline.