The Series F Savings Certificates have once again surpassed the banking offer across all investment maturities, according to the September Interest Rate Benchmark, which analyzed 157 products between 3 and 36 months. The State offers rates of 2.50% at 3 months and 2.69% at 3 years, positioning itself at the top without exception. The average rate of Savings Certificates stands at 2.56%, while the average of bank deposits at the five largest banks - Caixa Geral de Depósitos, Millennium BCP, Santander, Novobanco and BPI - ranges between a modest 0.98% and 1.58%.
Banks only manage to match these rates when they offer digital products to attract new money. This is the case of Bankinter, which pays 2.50% on the 3-month Digital Deposit and on the 6-month Welcome Net, but only for new customers and new capital. When these conditions fall away, the offer retreats to between 0.70% and 1.50%. The difference between Savings Certificates and the best mass market products, such as CGD's 3-month App Deposit at 1.80%, can reach 70 to 75 basis points.
At 6 months, Savings Certificates maintain 2.50%, followed by Bankinter at 2.50% and 2.25%. From there, the curve drops rapidly: Montepio and CGD offer 2.00%, but Santander pays only 1.15% and BPI 1.25%. At 12 months, Savings Certificates pay 2.52%, and at 18 months, only Montepio with Poupança Super manages to reach 2.00%. In the longer terms of 2 and 3 years, where bank offerings drop drastically, the State rises to 2.64% and 2.69%, respectively.
Savings Certificates also stand out for accessibility, with an initial subscription value of just 100 euros, no need for bundled products and full liquidity after the first quarter. What September confirms is that Portuguese banks have given up competing on maturity with the State and now compete among themselves only for new liquidity and digital channels, maintaining high conditional rates tied to new capital and online subscription.
