Did you know that you can convert your account to a basic bank account and pay a maximum of €5.09 in commissions per year?

A basic bank account allows customers to access basic banking services at a reduced cost, and almost all institutions that receive deposits from the public are required to make them available to their customers.

This account includes a wide range of services that you can use at no additional cost, as explained by the Bank of Portugal, including opening and maintaining a current account, a debit card, and the possibility of carrying out transactions at ATMs in Portugal and European countries. Union, via home banking or at bank branches.

In addition, you can also make deposits, withdrawals, payments for goods and services, direct debits and make transfers to accounts in the same bank. You can also make transfers to accounts in other banks through unlimited ATMs. In the case of transfers to other banks, through home banking, there is a limit of 48 transactions per year.

You can also make transfers via MB Way, up to a maximum of 5 transfers per month, and for an amount equal to or less than €30 per transaction.

A person can access a basic bank account, if they do not have another checking account. If you already have another account, you can convert it to a minimum services account for free.

Banks cannot charge minimum banking services, commission fees or other fees that exceed, annually and in aggregate, 1% of the value of the Index of Social Support (IAS), i.e. in 2024 it cannot exceed €5.09.