How to Invest in Treasury Bonds in Poland — Guide 2026

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 huge popularity, especially since the period of high inflation, which directed Polish attention to inflation-indexed bonds.

Types of Treasury Bonds

Short-term bonds

• ROR (3-month) — variable interest rate, based on NBP reference rate. Perfect 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 for entire period. Good choice when expecting interest rate declines.

Long-term bonds (anti-inflation)

• COI (4-year) — inflation-indexed. Fixed rate in first year, then margin + CPI inflation.
• EDO (10-year) — longest and most commonly recommended. Margin above inflation provides real profits even in difficult times.

Family bonds

• ROS (6-year) and ROD (12-year) — available for 800+ program beneficiaries, 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 and PESEL number. Process takes a few minutes.

Step 2: Transfer funds

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

Step 3: Place purchase order

Choose bond type and number of units. Purchase happens within monthly emissions — new emission starts 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% rate gives certain, predictable profit.
• ROR at NBP reference rate 5.75% gives interest at similar level.

Remember about capital gains tax (19% on investment profits), 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 the margin, they even gain real value.

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

Bonds in Investment Portfolio

Treasury bonds serve as portfolio stabilizers. 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 allocation, reducing portfolio risk.

Who Are Treasury Bonds For?

Bonds are good choice if you:

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

Common Mistakes

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

How Freenance Can Help

Freenance automatically tracks your treasury bonds' value 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 bank transactions, track financial runway and check if your investment strategy brings you closer to financial independence.

👉 Start tracking your bonds in Freenance — freenance.io