How to invest in treasury bonds in Poland — 2026 guide

What are treasury bonds?

Treasury bonds are securities issued by the State Treasury. By buying a bond, you lend money to the Polish state, and in return receive interest. It's one of the safest forms of investing — the state budget is the guarantor.

In Poland, treasury bonds enjoy enormous popularity, especially since high inflation, which directed Poles' attention to inflation-indexed bonds.

Types of treasury bonds

Short-term bonds

• ROR (3-month) — variable interest rate, based on NBP reference rate. Ideal for short-term cash parking.
• DOR (2-year) — also based on reference rate, but with longer horizon.

Medium-term bonds

• TOS (3-year) — fixed interest rate throughout the period. Good choice when we expect falling interest rates.

Long-term bonds (anti-inflation)

• COI (4-year) — inflation-indexed. In first year fixed interest rate, then margin + CPI inflation.
• EDO (10-year) — longest and most often recommended. Margin over inflation gives real gains even in difficult times.

Family bonds

• ROS (6-year) and ROD (12-year) — available for beneficiaries of 800+ program, with higher margin than COI and EDO.

How to buy treasury bonds?

Step 1: Create account on obligacjeskarbowe.pl

Go to obligacjeskarbowe.pl and register. You need ID document and PESEL number. Process takes few minutes.

Step 2: Transfer funds

Transfer money to your registry account. Minimum investment amount is 100 PLN (one bond).

Step 3: Submit purchase order

Choose bond type and number of units. Purchase takes place within monthly emissions — new emission starts on first day of each month.

Step 4: Wait for interest

Depending on bond type, interest is capitalized (EDO, COI) or paid monthly/quarterly (ROR, DOR).

How much can you earn on bonds?

Profit depends on bond type and market conditions. For example:

• EDO at 4% inflation and 1.25% margin gives real profit above inflation — about 5.25% gross annually.
• TOS at fixed 5% interest rate gives certain, predictable profit.
• ROR at NBP reference rate of 5.75% gives interest at similar level.

Remember about Belka tax (19% on capital gains), which will reduce your net profit.

Early redemption — what to remember

Bonds can be redeemed before maturity, but this involves a fee. For EDO it's usually 2 PLN per unit (nominal value 100 PLN), for COI — 0.70 PLN. It's a small cost, but worth keeping in mind.

Bonds and inflation

This is the main reason for anti-inflation bonds' popularity. When inflation rises, COI and EDO interest rates rise with it. In practice, this means your savings don't lose value — and thanks to margin even gain in real terms.

For comparison — bank deposits often offer interest rates below inflation, meaning real loss.

Bonds in investment portfolio

Treasury bonds serve as portfolio stabilizer. Typical allocation for moderate investor is:

• 60-70% stocks (ETFs on global market)
• 30-40% bonds (EDO, COI or TOS)

As you approach your financial goal, it's worth increasing bond share, reducing portfolio risk.

Who are treasury bonds for?

Bonds are a good choice if you:

• Seek safe investment with state guarantee
• Want to protect savings from inflation
• Don't want to actively manage investments
• Are building stable part of portfolio alongside ETFs or stocks
• Are saving for specific goal in 3-10 years

Most common mistakes

1. Buying only ROR/DOR — short bonds are convenient, but anti-inflation ones (COI, EDO) provide better protection long-term.
2. Ignoring Belka tax — plan net profits, not gross.
3. Lack of diversification — bonds aren't entire portfolio. Worth combining with ETFs and other assets.
4. Redemption before maturity without need — you lose part of interest.

How Freenance can help

Freenance automatically tracks value of your treasury bonds in one place — together with bank accounts, ETFs and other assets. You see how bonds affect your net worth and portfolio allocation.

You can also import transactions from bank, track financial runway and check if your investment strategy brings you closer to financial independence.

👉 Start tracking your bonds in Freenance — freenance.io