Treasury Bills are the safest investment available in Spain: they are directly backed by the Spanish government. In 2026, the 12-month Treasury Bill offers an APR of approximately 2.46%—slightly higher than the best savings accounts, with the added benefit of tax deferral.
What are Treasury Bills?
Treasury Bills are short-term government debt issued by the Spanish Treasury. They are issued at a discount: you buy them at a price below face value (€1,000), and at maturity, you receive €1,000. The difference is your return.
Terms available in 2026:
- 3 months: ~1.90% APR
- 6 months: ~2.28% APR
- 9 months: ~2.39% APR
- 12 months: ~2.46% APR
Three ways to buy Treasury Bills
1. Direct account with the Treasury (Cuentateso)
The most direct method, with no intermediaries. Advantages: no fees of any kind. Disadvantage: somewhat bureaucratic process the first time.
Steps to open a direct account:
- Go to tesoro.gob.es → "Treasury Accounts and Securities" → "Open an Account"
- You’ll need: ID/NIE, a Spanish bank account (IBAN ES), a digital certificate, or a Cl@ve PIN
- The account is linked to your bank IBAN—money flows in and out of your checking account
- Once opened, you can buy in any online auction in 5 minutes
Bidding in an auction: Auctions are held every 2 weeks (see calendar at tesoro.gob.es). Enter the amount (minimum €1,000, in multiples of €1,000). The rate is determined at the auction — you will receive the winning rate.
2. Through a broker or investment platform
More convenient if you already have a brokerage account. You can buy Treasury bills on the secondary market without waiting for the auction:
- Trade Republic: access to European government bonds, €1 commission per trade
- DEGIRO: reduced commission on fixed income
- Interactive Brokers: very competitive for large volumes
- XTB: also offers access to Treasury bills
Disadvantage: you pay a commission. Advantage: you can sell before maturity if you need liquidity.
3. Through your bank
All Spanish banks accept buy orders for Treasury auctions. They usually charge a commission (~0.15–0.30% of the face value) and may require a visit to the branch. The least recommended option due to the cost.
Taxation of Treasury Bills
Treasury bills have a particularly favorable tax treatment:
- The gain (difference between purchase price and face value) is taxed as capital gains: 19% up to €6,000, 21% between €6,000 and €50,000, 23% between €50,000 and €200,000, 27% above that
- NO withholding tax is applied at the time of redemption (unlike bank deposits)
- You report and pay taxes in the year of maturity (not the year of purchase)
This means that if you purchase a Treasury Bill in December 2025 that matures in December 2026, you do not pay taxes until the 2026 income tax return (filed in 2027). Tax timing management.
Treasury Bills vs. Bank Deposits vs. Interest-Bearing Accounts
| Product | APR | Guarantee | Taxation | Liquidity |
|---|---|---|---|---|
| 12-Month Treasury Bill | ~2.46% | Spanish government | No withholding tax, in the following year | Secondary market |
| EVO Bank 12-month deposit | 2.85% | FGD €100,000 | Automatic 19% withholding | No penalty |
| Openbank savings account | 2.02% | FGD €100,000 | Automatic 19% withholding | Immediate |
| Revolut account | 2.27% | Lithuanian Deposit Guarantee Fund (FGD) €100,000 | Automatic 19% withholding | Immediate |
Who are Treasury Bills for?
- Investors who prefer sovereign risk over bank risk: Treasury Bills are debt issued by the Spanish government, not by a bank. The risk is practically zero.
- Savers looking to optimize their tax situation: The absence of withholding tax allows you to control when your gains are taxed.
- Amounts over €100,000: Above the Deposit Guarantee Fund (FGD) limit, Treasury Bills are the only safe option with no amount limit.
- Not recommended if you need immediate liquidity: A secondary market exists, but there is a risk of selling at a loss if rates have risen.
2026 Auction Schedule
Treasury Bills are auctioned every other Tuesday (6- and 12-month bills) and the following Tuesday (3- and 9-month bills). The exact schedule is available at tesoro.gob.es in the "Auction Schedule" section.