The base rate on Certificados de Aforro (Savings Certificates) rises to 2.356% for July, up 14.1 basis points and a fourth consecutive monthly increase, as the three-month Euribor benchmark climbs.
Credit intermediaries arranged 50.6% of consumer loans in 2025 — the first time the channel has crossed half since it was regulated in 2018. They handled 57% of mortgages and 82.6% of car finance, the Bank of Portugal reports.
Certificados de Aforro hit €42.4 billion at end-May, a 20th straight monthly climb, with €750 million in net subscriptions — the biggest single-month inflow in three years. Série F pays almost 2.2% after April's €250,000 cap lift.
Speaking on Conversa Capital (Antena 1 / Jornal de Negócios), Bastonária Paula Franco said IRS reimbursement processing is now "practically stopped" with thousands of declarations pending — and that the 2026 housing fiscal package is "no miracle" despite well-aimed measures.
A despacho signed on Monday and gazetted in the Diário da República raises the per-saver Series F ceiling from €100,000 to €250,000 and the combined Series E+F cap from €350,000 to €500,000. Series F is paying 2.138% in April; the Aforro stock crossed €41 billion in March.
By 20 April 2026, taxpayers had filed 2.1 million IRS declarations for 2025 income — but the Autoridade Tributária has finalised only 745,000 of them, leaving roughly 1.35 million in the queue. €164.7 million in refunds is out the door, with the bulk of the seven-week processing window still ahead.
IGCP figures show the state's flagship retail savings instrument crossed €41 billion in March, after €280 million of new subscriptions in one month. Households now hold €48.3 billion across both retail debt products — but Tesouro bonds shrank for the 53rd month in a row.
