Compare Bank Accounts in Portugal

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What are bank accounts in Portugal?

A current account (conta a ordem) is the everyday hub of personal finance in Portugal — it receives your salary, pays bills by direct debit, and links to a debit card, MB WAY instant payments and online banking. Portuguese banks offer accounts ranging from free digital accounts to packaged accounts bundling cards, insurance and overdrafts for a monthly fee. There is also a regulated basic bank account (conta de servicos minimos bancarios) with capped fees, designed to guarantee everyone access to essential banking services.

How the Portuguese market works

Portugal combines large universal banks with digital-first challengers and postal-network banking. Almost everyone uses MB WAY for peer-to-peer transfers and the Multibanco (MB) network for ATMs and services, which is deeply embedded in daily life. Banks compete on account maintenance fees (comissao de manutencao), which can be significant, and increasingly on fee-free digital accounts. Salary-domiciliation and product-holding conditions often unlock lower fees. Switching is supported by account-mobility rules that help move direct debits between banks.

Benefits

Everyday payments — salary, direct debits, MB WAY and debit card spending all run through one account.

Fee-free options — digital accounts and the basic services account keep maintenance costs low or zero.

Instant transfers — MB WAY moves money between people and pays merchants instantly.

Deposit protection — balances are guaranteed up to €100,000 per bank.

How to choose

The maintenance fee is the biggest differentiator — compare it, and check what conditions (salary deposit, card spend, product holdings) reduce or waive it. Look at debit card costs, ATM and transfer charges, and the quality of the mobile app and MB WAY integration. If you qualify, the conta de servicos minimos bancarios caps annual fees. For low-balance users a free digital account may be best; for bundled needs, a packaged account might justify its fee.

Leading providers in Portugal

Caixa Geral de Depositos (CGD), the state-owned bank, and Banco BPI offer full-service accounts with the largest branch networks. ActivoBank, part of Millennium BCP, is a leading digital bank with fee-light accounts, while Banco CTT — built on the postal network — provides accessible, low-cost accounts nationwide. Bankinter Portugal, Banco Invest, Banco BIC (EuroBic) and Haitong Bank serve customers ranging from everyday banking to affluent and investment-oriented clients, giving a broad choice across price and service levels.

What it costs

Current-account costs in Portugal centre on the monthly maintenance fee, which ranges from €0 on digital and basic accounts to roughly €5 or more per month on packaged accounts — plus quarterly stamp duty (imposto do selo) on account fees. Additional charges can apply for debit cards, non-SEPA transfers, and ATM withdrawals outside certain networks. The conta de servicos minimos bancarios caps total annual fees at a low regulated level. Always review the bank preçario for the full fee schedule.

Protections and regulation

Banks are supervised by the Banco de Portugal, which enforces transparency on fees and the availability of the basic services account. Deposits are protected up to €100,000 per depositor per bank by the Fundo de Garantia de Depositos. Banks must publish their preçario, provide standardised fee information, and follow strong-authentication rules under PSD2. Account-switching and mobility rules help customers move direct debits, and complaints can be escalated to the Banco de Portugal.

Common questions

Can I avoid maintenance fees? — Yes, via fee-free digital accounts or by meeting salary and product conditions, and the basic account caps fees.

What is MB WAY? — Portugal ubiquitous instant-payment app for transfers between people and to merchants.

Is my money protected? — Yes, up to €100,000 per bank through the Fundo de Garantia de Depositos.

Can I switch banks easily? — Account-mobility rules help transfer direct debits and standing orders between banks.

Bank Accounts in Portugal — FAQ