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Do you have a bank account? You can convert it and save (a lot) on fees
The annual cost of basic banking services may not exceed 5.09 euros.
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Economia Banca
If you have a bank account, be aware that you can convert it into a basic bank account and, therefore, save on the fees payable to the bank. With a 'low-cost' account, you pay a maximum of 5.09 euros.
"For basic banking services, credit institutions cannot charge more than 1% of the social support index per year. This means that, in 2024, the annual cost of basic banking services cannot exceed 5.09 euros (corresponding to 1% of the IAS)", explains the Banco de Portugal (BdP).
According to the supervisor, "if you only have a demand deposit account, you can, free of charge, convert this account into a basic bank account" and "if you want to keep the account at the same credit institution, the conversion is direct". To do this, you simply need to "formally request this from the institution".
On the other hand, "if you do not want to keep the account at the same credit institution, you can close your account and open a basic bank account at another institution of your choice".
"Basic banking services are mandatory provided by all banks, savings banks, central banks and mutual agricultural credit banks that market the services included therein", notes the BdP.
After the request, the credit institution has 10 business days to open or convert the account, or to decline the request.
The credit institution can only decline the request if you have more than one demand deposit account. With the following exceptions:
- An individual who holds other demand deposit accounts may be a joint holder of a basic bank account with a person over 65 years of age or with a permanent disability rating of 60% or more who does not have other accounts.
- A person who is already a joint holder of a basic bank account with a person over 65 years of age or with a permanent disability rating of 60% or more may individually access a basic bank account, if they do not have other demand deposit accounts.
Also Read: IRS debts are a "special case" and this is what you really need to know (Portuguese version)
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