Savings certificates can keep the top rate of 3.5% for the next two years

The government allowed the opportunity to move forward with the change in savings certificate (SS) rates until the end of 2025. According to the newspaper Public, a good government debt product yield could be maintained at 3.5%, where it currently is, for the next two years. This is due, among other things, to the high transfer of savings to traditional executive products.

The increase in the three-month Euribor rate is mainly the reason for the increase in the amount of savings used by families, especially since September 2022, since the interest on three-month savings certificates is indexed to this rate.

Another explanation for the strong commitment to DOs is that banks are offering interest rates that are considered low, with the average being 0.65% in February this year.

The Minister of Finance referred to the possibility of making these changes, given that subscriptions made in the first quarter of the year are close to the limit set by the government (about 10.250 million euros for savings certificates and for the treasury). .

“We will need to assess how subscriptions will play out over the next few months,” Fernando Medina said, taking the opportunity to highlight that private banks “have not found a savings offering in the market that is compatible with adequate rewards.”

“Savings certificates are an important competitive factor in the market, putting pressure on bank savings products to be more competitive,” said Antonio Ribeiro, an economist at DECO PROTEST, quoted by the newspaper. Public. According to the analyst, without the factor of competition, “we will still have a miserable savings scenario for savers.”

Demand for savings certificates beats historical records. They account for more than 30% of the debt this year. At the end of March, the share of SA in the total public debt amounted to 9.9%, which is higher than in December (6.8%) and March last year (4.6%).