The IGCP Removes the €5,000 Online Ceiling on Certificados de Aforro, Clearing the Way for Single Purchases up to €250,000

Portugal's public-debt agency has removed one of the most persistent irritations for small savers: the €5,000 ceiling that capped online purchases of Certificados de Aforro (Savings Certificates). From this month, savers can subscribe any amount in a single online transaction, up to the product's global limit of €250,000 per holder.

The change was announced on 1 July by the IGCP (Treasury and Public Debt Management Agency), which manages the AforroNet platform. Until now, AforroNet processed payments through the banks' ordinary "service payment" channel, which most institutions cap at €5,000 per operation.

What has changed

AforroNet now settles subscriptions through the DUC (Documento Único de Cobrança, or Single Collection Document) — the standard mechanism used to pay obligations to the Portuguese state. By swapping the old service-payment reference for a DUC, the platform sidesteps the banking cap entirely.

• Before: A saver wanting to invest €30,000 had to split it into six separate €5,000 payments, or go in person to a CTT (postal service) counter.
• Now: The full amount can be channelled in one online operation, up to the Series F ceiling of €250,000.

The IGCP said the upgrade was built in-house with eSPap (the public administration's shared-services agency) at marginal cost, and that steering more subscriptions through AforroNet actually reduces distribution commissions the Treasury would otherwise pay. "The IGCP reinforces the flexibility and convenience of AforroNet in accessing state savings products," the agency said.

A product at record scale

The timing is telling. Certificados de Aforro have rarely been more popular: through May 2026 they drew about €2.2 billion in net inflows, and total balances outstanding have pushed past €42 billion — a historic high. The base interest rate for July is set at 2.356%, its highest since April 2025 and a fourth consecutive monthly rise, tracking the three-month Euribor.

What this means for residents

• Easier to invest larger sums: Anyone parking savings in state-backed certificates can now move meaningful amounts without repeated transfers or a trip to the post office.
• Open to foreign residents: Certificados de Aforro are available to holders of a Portuguese tax number (NIF) and a domestic bank account, making them one of the simplest low-risk savings options for newcomers.
• Compare the yield: At 2.356% base (plus a loyalty bonus that builds over time), the return sits below some term deposits but comes with state backing and no subscription fees.

With rates still climbing and the online friction gone, the certificates are likely to keep drawing household cash — a quiet but steady rival to the deposit accounts of Portugal's banks.