Best fixed-term deposits in 2026

5 min readReviewed 28 Jul 2026By Thorben Rasmus IdelReviewed by Nahar Geva

Fixed-term deposit rates vary far more than people expect: the Bank of Portugal puts the average for new deposits at around 1.4%, while the best offers pay more than double — almost always in exchange for "new money" and a high minimum. We compared rates verified against each bank’s official disclosure, and included state savings certificates as a benchmark.

Independent: we earn no commission on any product listed on this page. The ranking follows only the criteria below.

Verdict: which to choose

Best rate
DP Novos Montantes
2.50% gross over 12 months, the highest rate here — but it requires €5,000 of new money transferred in the preceding 30 days.
Best without a new-money condition
Certificados de Aforro Série F
At 2.356% in July 2026, state-guaranteed, with no new-money condition and from €10 — the most flexible alternative to a deposit.
Most accessible
Depósito a Prazo Banco CTT
The rate is low (1.00%), but €100 is enough and you can withdraw at any time — useful for a short term without locking up much money.

Side-by-side comparison

Comparison of the reviewed products
Product	Gross rate	Term	Minimum	New money required?	Protection
DP Novos Montantes	2,50 %	12 meses	5 000 €	Sim	FGD até 100 000 €
Certificados de Aforro Série F	2,356 % (jul. 2026)	Até 15 anos	10 €	Não	Garantia do Estado
Depósito Dinheiro Novo	2,25 %	30 dias	10 000 €	Sim	FGD até 100 000 €
Depósito a Prazo Banco CTT	1,00 %	1 a 12 meses	100 €	Não	FGD até 100 000 €

How we ranked these

The ranking is not the result of any commercial agreement — we receive no commission on any of these products. We verified every rate against the bank’s own official page (several comparison sites publish out-of-date figures) and assessed them against these criteria:

Gross rate (TANB): the published gross annual rate, before the 28% tax on interest.
Access conditions: does it require "new money"? Is it limited to new customers? What is the minimum?
Term and liquidity: how long the money is locked up, and what you lose by withdrawing early.
Protection: Deposit Guarantee Fund cover (€100,000 per depositor per bank) or a State guarantee.
Transparency: are the terms published in the product’s official disclosure, without needing a simulation or a salesperson?

Product-by-product analysis

DP Novos Montantes

Banco CTT

Bank supervised by the Bank of Portugal · covered by the Deposit Guarantee Fund

Best for: Savers moving money from another bank who can lock up at least €5,000 for 12 months.

Gross rate: 2,50 %
Term: 12 meses
Minimum: 5 000 €
New money required?: Sim
Protection: FGD até 100 000 €

Strengths

A 2.50% gross rate — the highest in this comparison
12-month term, with a ceiling as high as €150,000
Covered by the Deposit Guarantee Fund up to €100,000 per depositor

Weaknesses

Requires new money: only funds transferred in the previous 30 days that increase your holdings at the bank qualify
A €5,000 minimum
Early withdrawal forfeits all interest on the amount withdrawn

Visit official site →Data verified 28 Jul 2026

Certificados de Aforro Série F

IGCP — Portuguese Treasury and Debt Management Agency

Portuguese State product · capital fully guaranteed by the State

Best for: Savers who want a competitive rate with no new-money conditions, a State guarantee, and freedom to start small.

Gross rate: 2,356 % (jul. 2026)
Term: Até 15 anos
Minimum: 10 €
New money required?: Não
Protection: Garantia do Estado

Strengths

No new-money requirement, and available from €10 (10 units of €1)
Capital fully guaranteed by the State, without the FGD’s €100,000 ceiling
Retention bonuses that grow over time: +0.25% (years 2–5) up to +1.75% (years 14–15)
Redeemable from the first interest payment onwards

Weaknesses

The rate is reset monthly: 2.356% applies to July 2026 subscriptions
The base rate tracks 3-month Euribor and is capped at 2.50%
A 250,000-unit limit per savings account

Visit official site →Data verified 28 Jul 2026

Depósito Dinheiro Novo

ActivoBank

Bank supervised by the Bank of Portugal · covered by the Deposit Guarantee Fund

Best for: Savers who want a high rate without committing for a year — the term is just 30 days.

Gross rate: 2,25 %
Term: 30 dias
Minimum: 10 000 €
New money required?: Sim
Protection: FGD até 100 000 €

Strengths

A 2.25% gross rate over a term of only 30 days
Well above the market average (~1.4%) for such a short term
Covered by the Deposit Guarantee Fund up to €100,000

Weaknesses

Campaign limited to 1–31 July 2026 — check whether it is still available
A €10,000 minimum, and only for new money verified in the previous 30 days
One deposit per customer; early withdrawal forfeits all interest

Visit official site →Data verified 28 Jul 2026

Depósito a Prazo Banco CTT

Banco CTT

Bank supervised by the Bank of Portugal · covered by the Deposit Guarantee Fund

Best for: Existing customers who want to park a small amount briefly, with the freedom to withdraw.

Gross rate: 1,00 %
Term: 1 a 12 meses
Minimum: 100 €
New money required?: Não
Protection: FGD até 100 000 €

Strengths

A minimum of just €100
Choose any term between 1 and 12 months
Allows early withdrawal, in full or in part, at any time

Weaknesses

A 1.00% gross rate — below the market average and less than half the best offers
Only for existing Banco CTT current-account holders
Early withdrawal means losing all accrued interest

Visit official site →Data verified 28 Jul 2026

Decided which one? Run it with your own numbers:

Calculate your deposit’s interest →

Frequently asked questions

What is the difference between the gross and net rate?

The TANB (gross annual nominal rate) is the rate before tax — the one banks advertise. Deposit interest is taxed at a flat 28% on the mainland (19.6% in Madeira and the Azores), so the effective return is considerably lower. A deposit at 2.50% gross returns roughly 1.80% net on the mainland.

Is my money protected?

Bank deposits in Portugal are covered by the Deposit Guarantee Fund up to €100,000 per depositor per bank. Above that, it is worth splitting savings across institutions. Savings certificates are guaranteed directly by the State and are not subject to that ceiling.

What does "new money" mean?

It means money that was not already at that bank: typically it must be transferred in from another institution within a set window (30 days in the cases above) and represent a genuine increase in what you hold there. Moving money between accounts at the same bank does not count — this is how the best rates stay reserved for savings brought in from outside.

Can I withdraw before the term ends?

It depends on the product. Several deposits allow early withdrawal but with total forfeiture of interest on the amount withdrawn — you get your capital back with no return at all. Always confirm this in the standardised information sheet before subscribing.

Savings certificates or a fixed-term deposit?

Savings certificates require no new money, start at €10, carry a State guarantee without the €100,000 ceiling, and earn retention bonuses over the years. In exchange, the rate is reset monthly and capped at 2.50%, whereas a deposit fixes your rate for the whole term. For money you might need to access, certificates are usually more flexible.

Sources

1.DP Novos Montantes — TANB, prazo, mínimo/máximo e condição de dinheiro novo · Banco CTT · retrieved 28 Jul 2026
2.Taxas de juro dos Certificados de Aforro em julho de 2026 (Série F: 2,356 %) · IGCP · retrieved 28 Jul 2026
3.Depósito Dinheiro Novo — TANB, prazo e condições da campanha · ActivoBank · retrieved 28 Jul 2026
4.Depósito a Prazo Banco CTT — TANB, prazos, mínimo e mobilização antecipada · Banco CTT · retrieved 28 Jul 2026
5.Ficha técnica dos Certificados de Aforro Série F (mínimo, limite, prémios de permanência) · IGCP · retrieved 28 Jul 2026
6.Taxas de juro e montantes de novos empréstimos e depósitos (média de mercado) · Banco de Portugal — BPstat · retrieved 28 Jul 2026