On Monday 26 October, Poland's Ministry of Finance published its offer of retail savings bonds for November. The shortest summary is in the announcement itself: interest rates and margins "remain unchanged". Rates have not moved since April, when the ministry cut them after the Monetary Policy Council (RPP – the body at the National Bank of Poland, NBP, that sets interest rates) lowered rates in March.

Since then, however, the picture has changed. According to final data from Statistics Poland (GUS), inflation in September was 4.1% year on year (3.4% in August), driven mainly by more expensive fuel. That means several popular ways of saving no longer protect money from losing value.

What the bonds pay in November

The new issues are on sale from 1 to 30 November 2026. Rates for the first interest period are:

• 3-month OTS: 2.00% (fixed),
• 1-year ROR: 4.00% in the first month, then the NBP reference rate (currently 3.75%),
• 2-year DOR: 4.15% in the first month, then the NBP reference rate + 0.15%,
• 3-year TOS: 4.40% (fixed for the whole term),
• 4-year COI: 4.75% in the first year, then inflation + 1.50%,
• 10-year EDO: 5.35% in the first year, then inflation + 2.00%,
• 6-year family ROS: 5.00%, then inflation + 2.00%,
• 12-year family ROD: 5.60%, then inflation + 2.50%.

The family bonds can only be bought by people eligible for Poland's Rodzina 800+ child benefit, at PKO BP branches. If you hold bonds that mature in November, since 27 October you can roll them over into new ones at PLN 99.90 instead of PLN 100 per bond (this does not apply to the 3-month OTS).

We explain the differences between the bond types in more detail in our guide to Polish Treasury savings bonds.

Why "unchanged" is, in practice, a worse deal

The headline rate is one thing; what matters more is what you keep after tax and inflation. Interest on bonds and deposits in Poland is subject to a 19% capital gains tax (known as the "Belka tax"), which the bank or broker deducts automatically.

With inflation at 4.1%, a deposit or bond needs to pay roughly 5.06% gross just to keep pace with prices after tax (4.1% ÷ 0.81). Anything below that means that a year from now your savings will buy slightly less than today.

For comparison: according to NBP data, the average rate on new household deposits in August was 2.94%. The best promotional deposits reach about 6%, but they are usually short, capped and reserved for new customers or "new money".

Let's do the maths: PLN 10,000 for a year

Say you put aside PLN 10,000 and inflation stays at about 4.1% over the next year. The purchasing power of that sum then falls by about PLN 410. That is how much you need to earn, after tax, just to break even.

1. Average deposit (2.94%): about PLN 294 interest before tax, about PLN 238 after tax – a real loss of about PLN 170.
2. 1-year ROR bonds: according to calculations by Rankia, about PLN 305 net (assuming the NBP rate stays the same) – a real loss of about PLN 105.
3. 3-year TOS bonds (4.40%): about PLN 440 gross, about PLN 356 net in the first year – a real loss of about PLN 55, but the fixed rate gives certainty for three years.
4. 4-year COI bonds (4.75%): about PLN 475 gross, about PLN 385 net – only about PLN 25 below inflation.
5. 10-year EDO bonds (5.35%): about PLN 535 gross, about PLN 433 net – slightly above inflation.
6. Best promotional deposit (6.10% for 6 months, up to PLN 25,000): about PLN 305 gross and about PLN 247 net for half a year. On an annual basis that is about 4.94% after tax – but only if you find an equally good offer after six months.

For COI and EDO bonds, from the second year the rate depends on the inflation figure published by GUS. If it were 4.1% at that point, COI would pay about 5.6% and EDO about 6.1% gross. Nobody knows what inflation will be in a year, though – it could be lower or higher.

What about the RPP decision on 4 November

The Monetary Policy Council meets on 3–4 November and will announce its rate decision on Wednesday 4 November. At this meeting it will receive a new NBP inflation projection. In October the RPP kept the reference rate at 3.75%. Some economists (including ING and Credit Agricole, as quoted by Finwire) expect a hike to 4% in early 2027 – but these are forecasts, not decisions.

For savers this matters in practice. From the second month, ROR and DOR bond rates follow the NBP reference rate, so a possible hike would raise their interest. The fixed TOS rate, on the other hand, will not change – in either direction. For people with a variable-rate loan, a hike would mean a higher monthly instalment.

What to watch out for

• Early redemption fee. If you need the money before maturity, you pay per bond (PLN 100): ROR – PLN 0.50, DOR – PLN 0.70, TOS – PLN 1.00, COI – PLN 2.00, EDO – PLN 3.00. OTS has no fee, but you receive no interest.
• Promotional deposits come with strings attached. High rates usually require opening an account, regular incoming payments, or apply only to money that was not already at the bank.
• A long term means less flexibility. Money for unexpected expenses is best kept where you can withdraw it quickly without losing out.

What you can do

• Check what your savings really earn. Compare the rate on your savings account or deposit with the threshold of about 5% gross. If it is far below that, your money is losing value.
• Split your savings by goal. Emergency fund – in an account or short-term deposit. Money for a goal 2–3 years away – where you know the rate up front. Long-term saving – where the rate keeps up with inflation.
• Don't miss the rollover. If your bonds mature in November, rolling over at PLN 99.90 gives a small extra gain and costs nothing.
• See how much you can put aside each month. First you need to know how much is left of your salary. If you track your spending, for example in Money Trackrr, it is easier to set a realistic amount for saving and for the goal you are working towards.
• For larger sums, consider talking to an adviser. The right choice depends on your situation, your time horizon and how likely you are to need the money early.

In short

• Poland's Ministry of Finance has kept November rates on retail savings bonds unchanged: from 2.00% (OTS) to 5.35% (EDO) in the first period; sales run from 1 to 30 November.
• Inflation in September was 4.1%, so after the 19% Belka tax only some bonds and the best promotional deposits preserve the value of money.
• The average new deposit paid 2.94% in August – on PLN 10,000 that is a real loss of about PLN 170 over a year.
• The RPP will announce its rate decision on 4 November; a possible hike would raise the rate on ROR and DOR bonds from the second month.

This article is for information only and is not investment or tax advice. The calculations are simplified (without compounding and assuming constant inflation of 4.1%); the actual result depends on the term, future inflation and RPP decisions. As of 28 October 2026.

Sources: Ministry of Finance – Retail savings bond offer, November 2026, Strefa Inwestorów – Treasury bonds in November, SII – Treasury bonds continue their run, Infor.pl – Treasury bonds in November 2026, Rankia – Treasury bonds November 2026: how much will you earn at 4.1% inflation?, Finwire – Inflation September 2026: 4.1%, Finwire – Bank deposits October 2026, Analizy.pl – Deposit ranking (October 2026), Kreddo – RPP meeting schedule 2026. Photo: Towfiqu barbhuiya / Unsplash.