Spanish Treasury Bills (Letras del Tesoro) are, along with Government Bonds, the safest savings instruments available in Spain. Issued by the Spanish Treasury, they carry an unlimited Spanish Government guarantee — unlike bank deposits, which are only DGS-protected up to €100,000 per depositor per institution.
In 2026, with the ECB continuing its rate-cutting cycle, Treasury Bills offer yields ranging from 2.08% to 2.18% APY depending on the term — above most traditional Spanish bank savings accounts.
Current Spanish Treasury Bill yields (March 2026)
| Term | APY | Return per period |
|---|---|---|
| 3-month bills | 2.18% | ~0.54% every 3 months |
| 6-month bills | 2.08% | ~1.04% every 6 months |
| 9-month bills | 2.18% | ~1.62% every 9 months |
| 12-month bills | 2.14% | ~2.14% annually |
Source: Tesoro Público. Recent auction yields (March 2026). Future auction yields may vary.
Government bonds at longer terms
- 2-year bonds: 2.63% APY
- 5-year bonds: 2.54% APY
- 10-year obligations: 3.22% APY
- 30-year obligations: 3.97% APY
How to buy Spanish Treasury Bills
Option 1: Tesoro Directo (no commissions)
- Go to tesoro.es and open a Cuenta en el Banco de España
- Authenticate with a Spanish digital certificate, e-DNI or Cl@ve PIN
- Open a free securities account (requires Spanish NIE/DNI)
- Select the term and amount (minimum 1,000€, in multiples of 1,000€)
- Submit your subscription order before the monthly auction
- At maturity, capital and interest are credited directly to your bank account
Option 2: Through your bank or broker
More convenient, but banks typically charge custody fees (0.1–0.5% annually) that reduce effective yield. For large amounts, fees can exceed the interest earned.
Treasury Bills vs. savings alternatives (March 2026)
| Product | APY | Liquidity | Guarantee | Cap |
|---|---|---|---|---|
| 12-month Treasury Bills | 2.14% | Secondary market | Spanish Government | No limit |
| EVO Banco 12m deposit | 2.85% | No early access | EU DGS | €100,000 |
| N26 Instant Savings Metal | 2.76% | Instant | EU DGS | €100,000 |
| MyInvestor Naranja Money Market | 2.75% | Instant | CNMV/manager | No limit |
When do Treasury Bills make sense?
- Amounts over €100,000: deposits are only guaranteed up to that amount. Treasury Bills have no cap.
- Maximum safety priority: Spanish government default risk is virtually zero.
- No withholding preference: buying directly on tesoro.es, there is no tax withholding at source.
Compare Spain Treasury Bills vs. deposits and savings accounts in real time on APYData.