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.
Frequently Asked Questions
How much do Spanish Treasury Bills yield in 2026?
In 2026, 12-month Spanish Treasury Bills (Letras del Tesoro) yield approximately 2.30%–2.50% per year depending on each monthly auction. The exact rate varies with ECB rate expectations.
How can I buy Spanish Treasury Bills?
You can buy them directly through the Spanish Treasury website (tesoro.es) with no fees, or through your bank or broker (which may charge commissions). Direct purchase is the most cost-effective option.
Are Treasury Bills safe?
Yes. Treasury Bills are backed directly by the Spanish State with no guarantee limit. They are among the lowest-risk assets available, though they are not covered by the Deposit Guarantee Fund (FGD).
When do I receive the interest on Treasury Bills?
Interest is paid at maturity. You purchase at a discount and receive the full nominal value (e.g. €1,000) at the end of the term — the difference is your return.