Compare Savings Accounts in Portugal

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What are savings accounts in Portugal?

A savings account (conta poupanca) holds money you want to keep accessible while earning some interest, sitting between a current account and a locked-in term deposit. Unlike a depósito a prazo, savings accounts usually allow flexible deposits and withdrawals, though the rate is typically variable and can be lower. Portuguese savers also have the state-backed Certificados de Aforro and Certificados do Tesouro — government savings products often paying attractive rates — as popular alternatives to bank savings accounts for parking cash safely.

How the Portuguese market works

Banks offer savings accounts with variable rates that track the ECB and Euribor, sometimes with promotional tiers for new money or higher balances. Alongside them, the Portuguese state issues Certificados de Aforro (Series E) and Certificados do Tesouro through the public debt agency (IGCP), which many households favour for their competitive, state-guaranteed returns. Bank savings rates rose as the ECB tightened policy. Interest is subject to the 28% withholding tax, and accounts differ in whether they cap the balance earning the top rate.

Benefits

Easy access — deposit and withdraw more freely than with a fixed-term deposit.

Capital safety — bank accounts are guaranteed to €100,000, and state certificates are backed by the Portuguese Republic.

Earns interest — put idle cash to work rather than leaving it in a current account.

State alternatives — Certificados de Aforro offer competitive, government-guaranteed returns.

How to choose

Compare the gross rate, but check whether it is promotional, variable, or capped above a certain balance. Weigh flexibility against yield — a term deposit usually pays more if you can lock money away. Consider state certificates for a portion of your savings, comparing their rate and the maximum subscription. Factor in the 28% tax when comparing net returns. Confirm any conditions such as minimum balances, tiered rates, or requirements to hold a current account with the same bank.

Leading providers in Portugal

ActivoBank and Banco BEST offer accessible online savings accounts, while Caixa Geral de Depositos and Banco BPI provide savings products across their large networks. Banco BiG and Banco CTT run competitive savings and deposit options, and BBVA Portugal brings its own savings propositions. The state-issued Certificados de Aforro remain a benchmark many of these banks are compared against. Rates and conditions vary, so it pays to check both bank accounts and government savings products before committing.

What it costs

Savings accounts in Portugal usually have no account fee, so the relevant figure is the interest rate, which currently spans roughly 1.9% up toward higher promotional or state-certificate levels depending on the product and balance. There is generally no charge to deposit or withdraw, though breaking a linked term product early may cost interest. The 28% withholding tax reduces net returns. Compare net rates and any balance caps, and consider state certificates for part of your cash.

Protections and regulation

Bank savings accounts are supervised by the Banco de Portugal and protected up to €100,000 per depositor per bank by the Fundo de Garantia de Depositos. State savings products (Certificados de Aforro and do Tesouro) are direct obligations of the Portuguese Republic, issued via the IGCP, and are not subject to the deposit-guarantee limit because they are sovereign debt. Banks must publish rates and standardised information, and interest is taxed at source at 28% for residents.

Common questions

Savings account or term deposit? — Savings accounts are more flexible; term deposits usually pay a higher fixed rate.

What are Certificados de Aforro? — State-guaranteed savings products often paying competitive rates, an alternative to bank savings.

Is interest taxed? — Yes, a 28% withholding tax applies for residents.

Is my money safe? — Bank balances are guaranteed to €100,000; state certificates are backed by the Republic.

Savings Accounts in Portugal — FAQ