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Did you know you can save with your bank account?

According to the Bank of Portugal, it is possible to convert your bank account and save (a lot) on banking fees.

20 May 20243 min

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"If you only have one checking account, you can convert it."

If you have a bank account, know that you can save on fees by converting it to a basic banking service account.  

This is because the annual cost of minimum banking services has a limit of 5.09 euros.

What this means is that by converting your account to a "low cost", you will pay a maximum of 5.09 euros in fees.

"For basic banking services, credit institutions cannot charge more than 1% of the social support index annually. This means that, in 2024, the annual cost of basic banking services cannot exceed 5.09 euros (equivalent to 1% of the IAS)," explains the Bank of Portugal (BdP) cited by Notícias ao Minuto. Source.

The BdP also clarifies that "if you only have a current account, you can, at no cost, convert that account into a basic banking services account", and "if you want to keep the account in the same credit institution, the conversion is direct". To do so, you must "formalize your request with the institution".

However, "if you do not want to keep the account at the same credit institution", you can also "close your account and open an account for basic banking services at another institution of your choice". 

"The minimum banking services are mandatory provided by all banks, savings banks, central bank and mutual agricultural credit boxes that sell the services included in them," the supervisor said in the news.

After placing the order, the bank has 10 business days to open or convert your account, as well as to reject the request. However, the institution can only reject it if it already has a current account, or in the following exceptions, described in the news:  

  • A single person who holds other current accounts can be a co-holder of a basic banking service account with a person over 65 or with a permanent disability of 60% or more who does not have other accounts.
  • "The person who is already a co-holder of a basic banking services account with a person over 65 years old or with a permanent disability degree equal to or greater than 60% can individually access a basic banking services account if they do not have other current deposit accounts."

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