Miranda Sarmento Lifts the Aforro Ceiling — Series F Cap Rises to €250,000 Per Saver and the Combined E+F Limit Reaches €500,000 as the State Courts Retail Cash

The Government has quietly handed Portuguese savers their biggest single retail-debt expansion in years. Finance Minister Joaquim Miranda Sarmento signed a despacho on 21 April 2026 — published this week in the Diário da República — that raises the maximum per-saver subscription on Series F Certificados de Aforro from 100,000 to 250,000 units, with each unit equal to one euro. The combined ceiling across the two open series — E and F — moves from €350,000 to €500,000.

For most expat savers the practical consequence is straightforward: the same product that has been the country's default low-risk parking spot for euro deposits is suddenly able to absorb a great deal more cash from the same household.

What changed, in numbers

Before the despacho, a single account holder could subscribe a maximum of 100,000 Series F units and a combined 350,000 across Series E and F. From this week, the per-saver cap on Series F is 250,000 units, and the combined cap is 500,000 — a 150% bump on the headline series and a 43% bump on the combined ceiling. The change took effect on the day Miranda Sarmento's signature was published.

The Government's stated rationale is to "promote the efficiency and sustainability of Portuguese public debt, simultaneously contributing to its prudent management." Translated: the Treasury would rather sell more debt directly to Portuguese households than tap institutional investors at higher yields, particularly with refinancing pressure rising as ECB cuts plateau and global rates wobble on geopolitical risk.

Why now: the rate is finally interesting

The April subscription rate on Series F sits at 2.138% gross, the highest payout on the series since May 2025. That is well above the rates being offered on most retail bank deposits in Portugal — which is why net inflows into the Aforro have been positive for 18 months in a row. As of March 2026, the cumulative stock held in Certificados de Aforro had crossed €41 billion, with March alone adding close to €280 million.

The Series F formula resets quarterly off Euribor with a fixed premium, which is why the headline rate has been creeping up this year even as the European Central Bank has held its main rates steady. For savers comparing the certificates to the bank deposit rates the BdP publishes monthly, Series F has been the higher payout for most of 2026 — and with no IRS withholding at source if held inside the standard tranches.

What it means for residents

For foreign residents who hold Portuguese tax residency — and who can therefore subscribe — the practical effect is that a single saver can now park up to half a million euros across the Aforro programme without splitting accounts among family members or running across the threshold mid-year. The €250,000 ceiling on Series F is also above the €100,000 deposit guarantee floor, so for cash savers comparing risk profiles the certificates' direct sovereign exposure becomes more relevant the higher up the cap one climbs.

Subscriptions are made through the IGCP's aforronet portal or at any CTT counter. The minimum ticket is one unit (€1) and there is no entry fee. Early redemption is permitted after 90 days, with full liquidity after 12 months.

The bigger picture

Sarmento's signature is the third Aforro tweak in 18 months — the previous two raised the floor rate and adjusted the bonus premium structure. Together they signal a Treasury that has decided retail savers are a strategic funding source worth cultivating, not a curiosity. The numbers back the strategy: at €41 billion, the certificates now finance close to 13% of Portuguese sovereign debt — a share that has roughly doubled since the cost-of-living squeeze of 2022 first sent households hunting for higher yields outside their bank accounts.