Stock of savings in certificates has fallen for six consecutive months – Markets

Families have been taking savings from State products for six months. Data from the Bank of Portugal released this Friday show that, last month, the combined “stock” of savings certificates (CA) and Treasury certificates (CT) fell to 44,706.65 million euros, which represents a drop of 170 million compared to January.

Until August last year, the money that entered in savings certificates more than compensated for the outflow recorded in Treasury certificates, but this no longer happened, which led to a reduction in the total amount of these two products since September. The trend continued throughout the last four months of last year and also continued to the beginning of 2024.

With banks increasing the remuneration on deposits and after stopping the rise in interest rates on savings certificates (in the E series, currently on sale), these State savings products have become less attractive. These began to retreat in November, after having risen uninterruptedly since April 2020. The amount present in February decreased by 26.14 million euros, standing at 34,016.14 million.

In the case of the “stock” of Treasury certificates, there was a further reduction to 10,690.51 million euros, 143.87 million euros less than in the previous month. The downward trend has been observed since November 2021.