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Treasury Certificates Calculator (Portugal)

Certificados do Tesouro Série 5 are the Portuguese State’s 10-year savings product: guaranteed capital and fixed rates rising from 2.35% to 3.35%. Enter how much you want to subscribe and see each year’s interest with the 28% IRS already deducted.

Série 5 rates are fixed and rising: 2.35% in year 1 up to 3.35% in year 10. Minimum subscription €1,000, maximum €1,000,000 per holder. The 28% IRS is the current flat withholding rate.

Capital + net interest received
€11,951.20
Total net interest
€1,951.20
Total gross interest€2,710.00
IRS withheld−€758.80
Average gross rate2.71%

Interest paid year by year

Interest is paid every year on the subscription anniversary and does not compound: each payment is the subscribed amount times that year's rate.

YearGross rateGross interestNet interest
12.35%€235.00€169.20
22.45%€245.00€176.40
32.45%€245.00€176.40
42.65%€265.00€190.80
52.65%€265.00€190.80
62.75%€275.00€198.00
72.75%€275.00€198.00
82.85%€285.00€205.20
92.85%€285.00€205.20
103.35%€335.00€241.20

Redemption is only possible from 1 year after subscription and, between anniversaries, forfeits the interest accrued since the last payment. That is why the simulation counts whole years. The capital is always repaid in full.

Educational estimate, not financial advice. Official conditions: the IGCP technical sheet.

What Treasury Certificates (Série 5) are

They are a savings product of the Portuguese State, issued by the IGCP, with guaranteed capital and a 10-year term. Each certificate is worth €1; the minimum subscription is €1,000 and the maximum per holder is €1,000,000. You can subscribe through AforroNet, at CTT post-office counters and at participating Espaços Cidadão. Unlike the old Poupança Valor series, Série 5 has no GDP-growth premium: the whole return is a fixed rate you know at subscription time.

Fixed rising rates, interest paid yearly

The Série 5 gross rate table is: 2.35% in year 1, 2.45% in years 2 and 3, 2.65% in years 4 and 5, 2.75% in years 6 and 7, 2.85% in years 8 and 9, and 3.35% in year 10. Interest falls due once a year, on the subscription anniversary, and is paid out to the holder rather than compounding: every year earns on the subscribed amount, never on accumulated interest. Each payment arrives net of the 28% IRS withholding.

Early redemption and what the calculator leaves out

You can only redeem from 1 year after subscription; the capital always comes back in full, but redeeming between anniversary dates forfeits the interest accrued since the last payment. That is why the calculator counts whole years held. Out of scope: the old Poupança Valor series (closed to new subscriptions; existing holders keep the conditions of their subscription, including the quarterly GDP premium the IGCP keeps setting) and a detailed comparison with Certificados de Aforro, which have their own calculator.

Worked example

Say you subscribe €10,000 and hold Série 5 to maturity, the full 10 years. In year 1 you receive €235 of gross interest (€169.20 net); the annual payments rise with the rate, and in year 10 you receive €335 gross (€241.20 net). In total, gross interest adds up to €2,710, IRS withheld is €758.80 and net interest is €1,951.20. Together with the capital repaid at the end, you receive €11,951.20. The average gross rate over these 10 years is 2.71% per year.

Frequently asked questions

What are Portuguese Treasury Certificates?
A savings product of the Portuguese State, issued by the IGCP, with guaranteed capital and a 10-year term. The series on sale since 6 July 2026 is Série 5, created by RCM n.º 141-A/2026: a fixed, rising rate from 2.35% to 3.35%, interest paid annually, minimum subscription €1,000.
What is the interest rate on Treasury Certificates Série 5?
The gross rate is fixed and rises over time: 2.35% in year 1, 2.45% in years 2 and 3, 2.65% in years 4 and 5, 2.75% in years 6 and 7, 2.85% in years 8 and 9, and 3.35% in year 10. Held to maturity, the average is 2.71% gross per year. There is no extra premium: unlike the old Poupança Valor, Série 5 has no GDP-linked component.
Can I redeem Treasury Certificates before the 10 years are up?
Yes, but only from 1 year after the subscription value date. The capital is repaid in full; the penalty is losing the interest accrued since the last annual payment. Redeeming exactly on an anniversary date avoids that loss.
How is Treasury Certificate interest taxed?
Interest is capital income (category E) and pays IRS withheld at source at the flat 28% rate on each payment date (article 71.º of the CIRS). The calculator shows each year’s gross and net interest. The capital repaid is not taxed.
What happened to the Poupança Valor certificates (CTPV)?
They closed to new subscriptions on 6 July 2026, when Série 5 went on sale. Existing CTPV holders keep the conditions of their subscription to maturity, including the GDP-growth premium, which the IGCP keeps setting quarterly for outstanding subscriptions.
Treasury Certificates or Certificados de Aforro: which should I pick?
Both are State debt with guaranteed capital, but they work differently. Treasury Certificates Série 5 have a fixed rate known upfront, a 10-year term, annual interest with no compounding and a €1,000 minimum. Certificados de Aforro Série F have a variable monthly rate (3-month Euribor, capped at 2.5%) plus loyalty premiums, compound quarterly, and run up to 15 years. The choice comes down to rate certainty versus Euribor exposure; you can compare with our savings-certificates calculator.
Are the figures exact?
The rates are the official ones from the Série 5 technical sheet and the 28% IRS is the current flat withholding rate; the math assumes whole years held. A redemption between anniversaries receives less (the interest accrued since the last payment is lost). This is an educational estimate and does not replace the IGCP’s official conditions or financial advice.

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Author: Thorben Rasmus Idel · Reviewed by: Nahar Geva · Last reviewed: 2026-08-03