The right question is not whether Fidelis government bonds are “better” than a bank deposit, but when you need the money and how much predictability matters to you. A deposit is generally simpler and easier to understand. Fidelis bonds can offer attractive interest rates and tax-exempt income for individuals, but if you sell before maturity, the price obtained on the stock exchange may be lower or higher than the amount originally invested.
On 20 August 2026, the seven Fidelis issues from the offer held between 7 and 14 August began trading on the Bucharest Stock Exchange. The primary subscription period has therefore ended, but the securities can subsequently be bought or sold through an authorised intermediary. For anyone now comparing Fidelis with a deposit, this is the decisive practical difference: you no longer buy at the nominal value guaranteed in the offer, but at the price available on the market on the day you place the order.
Short answer: what to choose based on your goal
- Choose a bank deposit if you may need the money on an uncertain date, want a simple process and prefer to know from the outset how early withdrawal works.
- Choose Fidelis and hold to maturity if you can lock up the money for the term of the issue, want fixed interest and are seeking tax efficiency.
- Do not buy Fidelis solely for the coupon if you are likely to sell soon. On the stock exchange, the final return also depends on the purchase price, sale price and the intermediary’s fees.
- Do not lock up your emergency fund in either long-maturity securities or a deposit that heavily penalises early withdrawal.
What interest rates did the August 2026 Fidelis bonds offer?
The Ministry of Finance offer of 7–14 August 2026 included four issues in lei and three in euro. For the standard lei issues, the annual interest rates were 6.30% for two years, 6.90% for four years and 7.50% for 10 years. The tranches dedicated to blood donors carried 7.30% interest in lei and matured in August 2028. In euro, the interest rates were 4.00% and 6.30% for maturities of three and 10 years, respectively, while the donors’ tranche paid 5.00% for three years.
The nominal value of one security was 100 lei or EUR 100. The minimum subscription threshold was 5,000 lei for the standard lei issues, 500 lei for the donors’ lei tranche, EUR 1,000 for the standard euro issues and EUR 100 for the donors’ euro tranche. Details of the issues, including their trading symbols, can be checked on the Bucharest Stock Exchange’s August 2026 Fidelis offer page.
The interest rate shown in the offer is the annual coupon, calculated on the nominal value. If an investor later buys on the stock exchange at a price other than 100, their effective return to maturity will not automatically match the percentage stated on the security.
The tax advantage: why the comparison is not based solely on the stated interest rate
Income earned by resident individuals from holding and trading government securities is tax-exempt, according to the prospectus for the Fidelis programme and the tax rules indicated by the Ministry of Finance. By contrast, interest on fixed-term deposits is normally subject to a final 10% tax, withheld by the bank when it is paid.
This means that 6.30% interest on Fidelis should not be mechanically compared with 6.30% gross interest at a bank. In a simplified comparison, without taking account of fees or other individual tax circumstances:
| Product | Gross annual interest rate | Tax on interest | Estimated annual income on 10,000 lei |
|---|---|---|---|
| Fidelis in lei, 6.30% coupon | 6.30% | 0% | 630 lei |
| Bank deposit with 6.30% gross interest | 6.30% | 10% | 567 lei |
| Bank deposit with 7.00% gross interest | 7.00% | 10% | 630 lei |
In other words, before fees, a security with a 6.30% coupon is equivalent to a deposit paying approximately 7.00% gross. This calculation is indicative and assumes the security is held to maturity and that deposit interest is received under the same conditions. Interest on a deposit may be capitalised, paid periodically or paid at maturity, and these details matter.
For small savings and reserve money, the net return is not the only criterion. A sound financial plan starts with avoiding financial mistakes that can drain money month after month, including using expensive credit while savings are locked up in products that are difficult to access.
The key difference: a deposit has early withdrawal; Fidelis has a market price
With a bank deposit, the contract normally states what happens if you withdraw the money before maturity. Often, the bank reduces the interest rate to a very low level or no longer pays the promotional rate. The principal does not depend on daily market quotations, although the product terms should be read carefully.
With Fidelis, listed securities can be sold before maturity through the stock exchange, with the help of a bank or broker. However, there is no promise that you will sell them at exactly 100 lei per security. The price is determined by supply and demand. If market interest rates rise after you bought a fixed-rate security, the older security may become less attractive and may trade below its nominal value. If interest rates fall, the opposite may happen.
Simplified example: you bought a security with a nominal value of 100 lei but need the money after a few months. If buyers are available only at 98 lei, selling before maturity means a loss of 2 lei per security against the nominal value, to which fees may be added. The accrued coupon and the trading price must be considered together, not separately.
This is why the 10-year maturity, even with a 7.50% coupon, is not automatically the right choice. A longer maturity generally means greater price sensitivity to changes in interest rates. For a cautious investor, the term should be selected based on when the money will be needed, not simply on the highest percentage displayed.
How safe are the two options?
An eligible deposit at a bank participating in the Bank Deposit Guarantee Fund (FGDB) is covered up to the lei equivalent of EUR 100,000 per depositor, per bank. The cap applies on an aggregated basis: the current account, savings account and deposits held at the same bank are added together when calculating protection. Some local branches of banks from other European Union member states are covered by their home-country scheme rather than the FGDB, so this is worth checking before opening a deposit.
Fidelis securities are obligations of the Romanian state. They do not fall under the FGDB scheme because they are not bank deposits. The main risk is the state’s ability to meet its payment obligations, and a person selling early also faces market-price risk. It is not correct to present them as legally equivalent to a guaranteed deposit, even though many investors regard both as defensive instruments.
If your savings exceed the equivalent of EUR 100,000 and you want to remain in deposits, splitting the money between banks may change the level of protection. The FGDB page on the guarantee cap explains the general limit and cases in which additional temporary protection may be available.
Lei or euro: do not choose the currency based only on interest
The August 2026 Fidelis issue included securities in both lei and euro. The decision should not be based solely on the coupon. If the future expense is in lei — for example, a home down payment, renovation or a family financial reserve — an instrument in lei reduces the risk that exchange-rate movements will alter your outcome.
If you have a definite expense in euro, such as an instalment payment, education or a planned purchase in that currency, a euro investment may make more sense even if the interest rate is lower. Before making a decision, it is also worth understanding how a higher euro exchange rate can affect a personal budget.
Checklist before buying Fidelis on the stock exchange
- Set the date when you need the money. If you cannot hold the investment to maturity, accept from the outset the risk of an unfavourable sale price.
- Check the symbol and maturity. In August 2026, for example, R2808A is the standard lei issue maturing in 2028, while R3608A matures in 2036.
- Look at the price, not only the coupon. A security bought above 100 lei may have a return to maturity lower than its nominal interest rate.
- Ask about fees. Trading commissions, administration costs and investment-account terms vary from one intermediary to another.
- Do not confuse government securities with a savings account. Keep a separate liquid reserve for unexpected expenses.
- Compare net return and flexibility. For some people, an easy-to-manage deposit is more valuable than a few extra tenths of a percentage point.
Conclusion: Fidelis suits money with a clear time horizon, not all savings
Fidelis can be a sound option for the conservative portion of a portfolio if the investor is willing to hold the securities to maturity, understands the difference between the coupon and return, and benefits from the tax-exempt treatment. A bank deposit remains a highly useful choice for money that needs to be readily and predictably available.
In practice, the two products are not mutually exclusive. An emergency fund can be held in an account or short-term deposits, while money for a goal with a clear date can be invested in government securities maturing close to that date. The same rule of prudence matters when assessing the cost of a mortgage compared with rent: there is no universally advantageous product, only a good choice in relation to each household’s income, time horizon and risk.
For more information on saving, you can also consult 10 mistakes that keep you poor without you realising it – a complete guide to changing your financial life in 2026, which offers complementary details on this subject.
Frequently asked questions
Can I still buy Fidelis securities after the August 2026 offer ended?
Yes. The primary offer ran from 7 to 14 August 2026, and the issues were admitted to trading on the Bucharest Stock Exchange on 20 August 2026. After listing, the securities can be bought through a broker or bank that provides stock-exchange access, at the price available on the market.
Is Fidelis interest guaranteed if I sell the securities before maturity?
The coupon is set under the terms of the issue, but the total amount obtained on an early exit depends on the security’s market price. You may sell below or above nominal value, and the final return may differ from the nominal interest rate.
Is interest on Fidelis securities taxed?
For resident individuals, income from holding and trading government securities is tax-exempt. Interest on fixed-term bank deposits is normally taxed at 10%, with the tax withheld by the bank.
Are bank deposits guaranteed in full?
Not necessarily. For banks participating in the FGDB, the general cap is the lei equivalent of EUR 100,000 per depositor, per bank. Balances in all of the same person’s eligible accounts at the same bank are aggregated.
Is it better to choose Fidelis in lei or euro?
The currency should be chosen according to the currency in which you will incur the future expense. For a goal in lei, lei-denominated securities reduce currency risk. For a definite expense in euro, a euro-denominated instrument may be more suitable, even if it has a different nominal interest rate.
