{"id":145,"date":"2026-06-23T01:50:43","date_gmt":"2026-06-23T01:50:43","guid":{"rendered":"https:\/\/finency.com\/ro\/fidelis-vs-tezaur\/"},"modified":"2026-06-23T01:50:43","modified_gmt":"2026-06-23T01:50:43","slug":"fidelis-vs-tezaur","status":"publish","type":"post","link":"https:\/\/finency.com\/ro\/fidelis-vs-tezaur\/","title":{"rendered":"Fidelis vs. Tezaur: ce titluri de stat scutite de impozit \u021bi se potrivesc"},"content":{"rendered":"<p>C\u00e2nd vine vorba de \u00eemprumutat bani statului rom\u00e2n cu dob\u00e2nd\u0103 fix\u0103 \u0219i scutit\u0103 de impozit, ai dou\u0103 programe principale \u00eentre care alegi: Tezaur \u0219i Fidelis. Comparativul <strong>Fidelis vs. Tezaur<\/strong> este esen\u021bial pentru c\u0103, de\u0219i ambele sunt titluri de stat pentru popula\u021bie, func\u021bioneaz\u0103 foarte diferit \u00een privin\u021ba accesului, a lichidit\u0103\u021bii \u0219i a monedei. \u00cen acest ghid vezi clar care \u021bi se potrive\u0219te, \u00een func\u021bie de ce cau\u021bi: simplitate maxim\u0103 sau flexibilitate \u0219i expunere \u00een euro.<\/p>\n<p>Ambele au acela\u0219i mare avantaj: dob\u00e2nda este scutit\u0103 de impozitul pe venit. Diferen\u021ba o fac detaliile practice.<\/p>\n<h2>Ce este fiecare program<\/h2>\n<h3>Tezaur<\/h3>\n<p>Titlurile <strong>Tezaur<\/strong> se cump\u0103r\u0103 direct de la stat, prin <a href=\"\/ro\/titluri-stat-tezaur-ghiseul\/\">Ghi\u0219eul.ro<\/a>, Trezorerie sau Po\u0219ta Rom\u00e2n\u0103. Valoarea nominal\u0103 este de 1 leu, sunt emise doar \u00een lei \u0219i <strong>nu se tranzac\u021bioneaz\u0103<\/strong> la burs\u0103: le \u021bii p\u00e2n\u0103 la scaden\u021b\u0103.<\/p>\n<h3>Fidelis<\/h3>\n<p>Titlurile <strong>Fidelis<\/strong> se subscriu printr-un sindicat de intermediari (b\u0103nci \u0219i brokeri, precum BT Capital Partners, BRD sau Alpha Bank), \u00een ferestre periodice de ofert\u0103. Sunt <strong>listate la Bursa de Valori Bucure\u0219ti<\/strong>, deci le po\u021bi vinde \u00eenainte de scaden\u021b\u0103, \u0219i pot fi emise at\u00e2t \u00een lei, c\u00e2t \u0219i \u00een euro.<\/p>\n<h2>Fidelis vs. Tezaur: compara\u021bia direct\u0103<\/h2>\n<table class=\"fp-table\">\n<thead>\n<tr>\n<th>Criteriu<\/th>\n<th>Tezaur<\/th>\n<th>Fidelis<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Canal de cump\u0103rare<\/td>\n<td>Ghi\u0219eul.ro, Trezorerie, Po\u0219ta<\/td>\n<td>B\u0103nci \u0219i brokeri din sindicat<\/td>\n<\/tr>\n<tr>\n<td>Moned\u0103<\/td>\n<td>Doar lei<\/td>\n<td>Lei \u0219i euro<\/td>\n<\/tr>\n<tr>\n<td>Listare la burs\u0103<\/td>\n<td>Nu<\/td>\n<td>Da, la BVB<\/td>\n<\/tr>\n<tr>\n<td>Lichiditate<\/td>\n<td>Redus\u0103 (p\u00e2n\u0103 la scaden\u021b\u0103)<\/td>\n<td>Ridicat\u0103 (v\u00e2nzare pe BVB)<\/td>\n<\/tr>\n<tr>\n<td>Cont de investi\u021bii<\/td>\n<td>Nu e necesar<\/td>\n<td>Da, la un intermediar<\/td>\n<\/tr>\n<tr>\n<td>Impozit pe dob\u00e2nd\u0103<\/td>\n<td>Scutit<\/td>\n<td>Scutit<\/td>\n<\/tr>\n<tr>\n<td>Valoare nominal\u0103<\/td>\n<td>1 leu<\/td>\n<td>100 lei \/ 100 euro (uzual)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Lichiditate: diferen\u021ba cea mai important\u0103<\/h2>\n<p>La Tezaur, banii sunt \u00een principiu bloca\u021bi p\u00e2n\u0103 la scaden\u021b\u0103; r\u0103scump\u0103rarea anticipat\u0103 e limitat\u0103 \u0219i de multe ori \u00ee\u021bi pierzi dob\u00e2nda. La Fidelis, fiind listate pe <a href=\"\/ro\/cum-investesti-bvb-incepatori\/\">Bursa de Valori Bucure\u0219ti<\/a>, po\u021bi vinde titlurile oric\u00e2nd \u00een pia\u021b\u0103 printr-un broker. Aten\u021bie \u00eens\u0103: pre\u021bul de v\u00e2nzare depinde de pia\u021b\u0103, deci ai putea \u00eencasa mai mult sau mai pu\u021bin dec\u00e2t valoarea nominal\u0103, \u00een func\u021bie de evolu\u021bia dob\u00e2nzilor.<\/p>\n<div class=\"fp-callout fp-callout--info\">\n<div>Regula practic\u0103: dac\u0103 po\u021bi l\u0103sa banii bloca\u021bi \u0219i vrei zero b\u0103t\u0103i de cap, mergi pe Tezaur. Dac\u0103 vrei posibilitatea de a ie\u0219i mai devreme sau expunere \u00een euro, Fidelis este varianta potrivit\u0103.<\/div>\n<\/div>\n<h2>Expunerea \u00een euro, doar la Fidelis<\/h2>\n<p>Un avantaj notabil al programului Fidelis este c\u0103 emite tran\u0219e \u0219i \u00een euro. Pentru cine vrea s\u0103-\u0219i diversifice economiile valutar \u0219i s\u0103 reduc\u0103 <a href=\"\/ro\/risc-valutar-ron-eur-usd\/\">riscul valutar RON<\/a>, aceasta e o cale simpl\u0103 de a ob\u021bine o dob\u00e2nd\u0103 fix\u0103, scutit\u0103 de impozit, direct \u00een euro, f\u0103r\u0103 s\u0103 treac\u0103 prin instrumente externe complicate.<\/p>\n<div class=\"fp-procons\">\n<div class=\"fp-pros\">\n<div class=\"fp-pros-title\">Alege Tezaur dac\u0103&#8230;<\/div>\n<ul>\n<li>Vrei procesul cel mai simplu, 100% online, f\u0103r\u0103 broker<\/li>\n<li>Investe\u0219ti sume mici (de la 1 leu)<\/li>\n<li>Po\u021bi \u021bine banii p\u00e2n\u0103 la scaden\u021b\u0103<\/li>\n<\/ul>\n<\/div>\n<div class=\"fp-cons\">\n<div class=\"fp-cons-title\">Alege Fidelis dac\u0103&#8230;<\/div>\n<ul>\n<li>Vrei s\u0103 po\u021bi vinde \u00eenainte de scaden\u021b\u0103 pe BVB<\/li>\n<li>Cau\u021bi expunere \u00een euro<\/li>\n<li>Ai deja un cont la un broker sau o banc\u0103 din sindicat<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Cum alegi \u00een func\u021bie de obiectiv<\/h2>\n<p>Nu trebuie neap\u0103rat s\u0103 alegi doar unul. Multe familii combin\u0103 cele dou\u0103: Tezaur pentru sumele mici, recurente, economisite lunar, \u0219i Fidelis pentru o parte \u00een euro sau pentru banii pe care ar putea avea nevoie s\u0103-i acceseze mai repede. Ambele se \u00eencadreaz\u0103 perfect \u00een partea conservatoare a unei strategii de <a href=\"\/ro\/diversificare-portofoliu-romania\/\">diversificare a portofoliului<\/a>, al\u0103turi de ac\u021biuni \u0219i fonduri pentru randamentul pe termen lung.<\/p>\n<p>Indiferent de variant\u0103, verific\u0103 mereu dob\u00e2nzile emisiunii curente \u0219i maturit\u0103\u021bile disponibile \u00eenainte de a subscrie, pentru c\u0103 se schimb\u0103 de la o ofert\u0103 la alta.<\/p>\n<div class=\"fp-faq\">\n<details class=\"fp-faq-item\">\n<summary>Care are dob\u00e2nd\u0103 mai mare, Fidelis sau Tezaur?<\/summary>\n<div class=\"fp-faq-a\">Depinde de emisiune. Dob\u00e2nzile se stabilesc separat pentru fiecare ofert\u0103 \u0219i maturitate, a\u0219a c\u0103 trebuie comparate emisiunile active la momentul respectiv. Pe termene similare, sunt de regul\u0103 apropiate.<\/div>\n<\/details>\n<details class=\"fp-faq-item\">\n<summary>Am nevoie de cont de broker pentru Fidelis?<\/summary>\n<div class=\"fp-faq-a\">Da. Fidelis se subscrie prin intermediarii din sindicatul de distribu\u021bie \u0219i, fiind listat la BVB, ai nevoie de un cont de investi\u021bii pentru a-l de\u021bine \u0219i eventual a-l vinde. Tezaur nu necesit\u0103 cont de broker.<\/div>\n<\/details>\n<details class=\"fp-faq-item\">\n<summary>Se impoziteaz\u0103 dob\u00e2nda la ambele?<\/summary>\n<div class=\"fp-faq-a\">Nu, dob\u00e2nda este scutit\u0103 de impozitul pe venit la ambele programe. Diferen\u021bele apar doar dac\u0103 vinzi Fidelis pe burs\u0103 cu un pre\u021b diferit de cel de cump\u0103rare, unde pot ap\u0103rea alte reguli fiscale.<\/div>\n<\/details>\n<details class=\"fp-faq-item\">\n<summary>Pot cump\u0103ra Fidelis \u00een euro?<\/summary>\n<div class=\"fp-faq-a\">Da, programul Fidelis emite frecvent tran\u0219e \u0219i \u00een euro, spre deosebire de Tezaur, care este disponibil doar \u00een lei.<\/div>\n<\/details>\n<\/div>\n<h2>Concluzie<\/h2>\n<p>\u00cen disputa Fidelis vs. Tezaur nu exist\u0103 un c\u00e2\u0219tig\u0103tor absolut, ci alegerea potrivit\u0103 pentru situa\u021bia ta. Tezaur str\u0103luce\u0219te prin simplitate \u0219i prag de intrare minim, ideal pentru economisire recurent\u0103 \u00een lei. Fidelis adaug\u0103 lichiditate prin listarea la burs\u0103 \u0219i op\u021biunea \u00een euro, potrivit pentru cine vrea flexibilitate. Ambele r\u0103m\u00e2n instrumente cu risc sc\u0103zut \u0219i avantaj fiscal, iar cel mai adesea combinarea lor \u00ee\u021bi ofer\u0103 ce e mai bun din ambele lumi.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fidelis vs Tezaur: compar\u0103 accesul, lichiditatea, moneda (lei sau euro) \u0219i randamentul celor dou\u0103 programe de titluri de stat scutite de impozit.<\/p>\n","protected":false},"author":1,"featured_media":146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[139,168,169,164,163],"class_list":["post-145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","tag-bvb","tag-fidelis","tag-investitii-euro","tag-tezaur","tag-titluri-de-stat"],"_links":{"self":[{"href":"https:\/\/finency.com\/ro\/wp-json\/wp\/v2\/posts\/145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finency.com\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finency.com\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finency.com\/ro\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finency.com\/ro\/wp-json\/wp\/v2\/comments?post=145"}],"version-history":[{"count":0,"href":"https:\/\/finency.com\/ro\/wp-json\/wp\/v2\/posts\/145\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finency.com\/ro\/wp-json\/wp\/v2\/media\/146"}],"wp:attachment":[{"href":"https:\/\/finency.com\/ro\/wp-json\/wp\/v2\/media?parent=145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finency.com\/ro\/wp-json\/wp\/v2\/categories?post=145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finency.com\/ro\/wp-json\/wp\/v2\/tags?post=145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}