Savings Certificate Interest Rate Remains Capped at 2.5 Percent
The interest rate on Portuguese savings certificates (Certificados de Aforro) will remain at 2.5 percent in November for the third consecutive month. The return matches the legal ceiling established for the sovereign retail debt instrument, which remains a favoured savings product for Portuguese households. However, roughly thirty retail bank term deposits now offer higher rates than the state-backed alternative.
Savings certificates (Certificados de Aforro) are state-backed retail bonds sold to households through banks and post offices, with interest set by a government formula that can change over time. In early 2026 Portuguese families were buying about €13 million per day of these certificates, so savers should compare the current rate and withdrawal rules with other options before investing.
