Euribor rates rise, pushing savings certificates to maximum return

Euribor rates have shown mixed movement, with the three-month and six-month rates rising while the twelve-month rate declined. The three-month Euribor has reached its highest level since March 2025, and the six-month rate, which is widely used for variable-rate mortgages in Portugal, rose to 2.772%.

This upward trend in the three-month Euribor is expected to push the remuneration of 'Certificados de Aforro' to their legal maximum of 2.5% for September. This occurs as the rate has consistently remained above 2.5% since mid-August. However, this also signals the end of the current rising cycle for these certificates.

The fluctuations follow broader economic pressures, including inflation risks linked to oil prices. The European Central Bank (ECB) previously raised key interest rates in June and is anticipated by markets to consider further increases in September.