Spain Treasury Bills & Government Bonds — Current Yields 2026 2026

Spanish Treasury Bills and Government Bonds are the safest investment available in Spain, directly backed by the Government. In 2026, with the ECB gradually cutting rates, 12-month bills offer around 2.14% — above many traditional bank savings accounts. You can buy them directly on <a href="https://www.tesoro.es" rel="noopener">tesoro.es</a> without commission, or through your bank or broker.

Products compared

3.97%

Best APY available

2.62%

Average APY

#	Entity	Product	APY	Score	Risk	Liquidity	View
1	Tesoro Público (España)	Obligaciones del Estado 30 años	3.97%	7.3	Low	Market hours	View →
2	Tesoro Público (España)	Obligaciones del Estado 10 años	3.22%	7.1	Low	Market hours	View →
3	Tesoro Público (España)	Bonos del Estado 2 años	2.63%	6.9	Low	Market hours	View →
4	Tesoro Público (España)	Bonos del Estado 5 años	2.54%	6.9	Low	Market hours	View →
5	Tesoro Público (España)	Letras del Tesoro 3 meses	2.18%	6.8	Low	Market hours	View →
6	Tesoro Público (España)	Letras del Tesoro 9 meses	2.18%	6.8	Low	Market hours	View →
7	Tesoro Público (España)	Letras del Tesoro 12 meses	2.14%	6.8	Low	Market hours	View →
8	Tesoro Público (España)	Letras del Tesoro 6 meses	2.08%	6.7	Low	Market hours	View →

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Frequently asked questions

What are Spanish Treasury Bills?

Spanish Treasury Bills (Letras del Tesoro) are short-term government debt instruments (3, 6, 9 and 12 months) issued by the Spanish Treasury. They are purchased at a discount — you pay less than face value and receive 100% at maturity. They are the safest investment in Spain, guaranteed by the State.

How to buy Spanish Treasury Bills without commissions?

The cheapest way is directly through tesoro.es (Tesoro Directo), where you open a free securities account. You can also buy through your bank or broker, though they typically charge custody or subscription fees. Monthly auctions are held for new issuances; a secondary market also exists for buying/selling before maturity.

What is the difference between Bills, Bonds and Obligaciones?

They differ by maturity: Letras (3–12 months), Bonos (2–5 years) and Obligaciones (more than 5 years). Bills are the safest in terms of interest rate risk due to their shorter maturity. Longer-term bonds and obligations offer higher yields but are more sensitive to rate changes.

Are Spanish Treasury Bills taxed?

Yes. Returns are included in the savings tax base in Spanish income tax (IRPF) and taxed at 19% (up to €6,000), 21% (€6,000–€50,000) or 23–28% depending on your bracket. There is no withholding at source when buying directly through the Tesoro, but banks and brokers do apply withholding.

Are Treasury Bills better than a bank deposit?

It depends on the term and conditions. Treasury Bills are safer (state guarantee with no cap vs. DGS up to €100,000) and have no guaranteed amount limit. Bank deposits, especially via Raisin, may offer higher yields. For amounts above €100,000, Treasury Bills are clearly superior as the full amount is government-backed.