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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Spanish Treasury Bills in 2026: yields, maturities and how to invest

Spanish Treasury Bills (Letras del Tesoro) are short-term debt instruments issued directly by the Spanish Treasury. Backed by the full faith and credit of the Kingdom of Spain, they are among the safest assets available to European savers — with no bank counterparty risk and no deposit guarantee cap.

What are Letras del Tesoro?

They are short-term fixed-income securities with maturities of 3, 6, 9 and 12 months. Issued at a discount below the €1,000 face value, you receive the full nominal at maturity. The difference is your return, taxed as capital income under Spanish personal income tax (IRPF).

Current yields and maturity comparison

The marginal rate at each auction varies with market conditions and ECB policy. Longer maturities typically offer higher yields, though in inverted-curve environments short-term bills can outperform. Check the comparison table above for live rates on each maturity.

How to buy Spanish Treasury Bills

Direct account at the Treasury — zero fees via tesoro.es. Requires a digital certificate or Cl@ve ID system (Spanish residents).
Through your bank — more convenient but custody fees may apply (typically 0.10–0.20 %).
Online brokers — platforms like Freedom24 allow purchasing Spanish government bonds with low commissions from anywhere in Europe.

Advantages over a bank deposit

Unlike a bank deposit, Treasury Bills carry no bank counterparty risk. They are sovereign debt — not covered by the Deposit Guarantee Fund (€100,000 cap) because they don't need it. For amounts above €100,000, Treasury Bills are structurally safer than any bank deposit.

Tax treatment

Returns are taxed under the savings income base of IRPF (19–28 % depending on bracket). When purchased directly through the Treasury, no withholding tax is applied at payment — unlike bank interest — which improves cash flow management.

When do Treasury Bills make sense?

They are particularly attractive when ECB rates are high and banks are slow to pass rate increases to savers. Use them to park short-term liquidity at yields above current accounts, with zero bank risk.

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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.