Best Government Bonds in Portugal
Investing in Government Bonds is a key strategy for Portugal residents looking to protect their savings. Currently, the European Central Bank (ECB) maintains the €STR rate at a level that significantly impacts many fixed-income products across the eurozone.
With an annual inflation rate of approximately 2.4% in Portugal, finding yields that provide a positive real return after taxes of 28.0% is crucial for maintaining your long-term purchasing power.
Government Bonds Yields in Portugal
| Type | Institution / Product | Gross Yield | After Tax | Real Yield | Status | Details |
|---|---|---|---|---|---|---|
| Government Bonds | OT Portugal 10YPT | 4.21% | 3.03% | +0.63% | Beats Inflation | 10-year Portuguese government bond (OT), liquid benchmark |
| Government Bonds | Certificados de Aforro Série E/D (>5Y)PT | 4.01% | 2.89% | +0.49% | Beats Inflation | Legacy series with loyalty premium, March 2026: 4.012% |
| Government Bonds | Certificados de Aforro Série E (<5Y)PT | 3.51% | 2.53% | +0.13% | Beats Inflation | Older series, higher rates, March 2026: 3.512% |
| Government Bonds | OT Portugal 2YPT | 2.64% | 1.90% | -0.50% | Loses to Inflation | 2-year Portuguese government bond, fixed coupon |
| Government Bonds | Certificados de Aforro Série F (<1Y)PT | 2.30% | 1.66% | -0.74% | Loses to Inflation | Portuguese retail savings certificate, Euribor 3M-based, March 2026: 2.012% |
| Government Bonds | Certificados de Aforro Série F (>1Y)PT | 2.30% | 1.66% | -0.74% | Loses to Inflation | With holding premium after 1 year, March 2026: 2.262% |
| Government Bonds | OT Portugal 1YPT | 2.30% | 1.66% | -0.74% | Loses to Inflation | 1-year Portuguese Treasury bill (BT), short term |