Basic bank accounts grew by 9.1% in the first half of 2021

On 30 June 2021, there were 141,421 basic bank accounts, an increase of 9.1% from the end of 2021 and 20.4% from the end of the first half of 2021.

In the first half of 2021, 14,249 basic bank accounts were opened, 76.3% of which by converting an existing current account with the same credit institution (74.7% in 2020).

Institutions reported the closing of 2,414 basic bank accounts in that half-year, 78% of which on the customer’s initiative.

At the end of the half-year, 6,554 basic bank accounts were held by persons over the age of 65 or with a degree of disability of 60% or more, co-held by individuals who owned other current accounts. There were also 1,836 basic bank accounts held by individuals who co-held other basic bank accounts (held by persons over the age of 65 or with a degree of disability of 60% or more).

Click here for full data on developments in basic bank accounts.

Developments in the number of basic bank accounts | 2016 – 1^st half of 2021 (end-of-period figures)

Source: Banco de Portugal.

Number of basic bank accounts opened and closed | 1^st half of 2021

Source: Banco de Portugal.

What are basic bank accounts?

Basic bank accounts provide low-cost essential banking services to citizens.

These include opening and maintaining a current account – the basic bank account –, the respective debit card and access to home banking, as well as the possibility of over-the-counter withdrawals, direct debits, intrabank transfers, transfers to other banks through ATMs and 24 transfers per calendar year to other banks via homebanking. As of 1 January, basic bank accounts also allow five transfers each month, with a limit of €30 per transaction, via payment applications operated by third parties (e.g. MBWay).

The maximum amount charged per year for a basic bank account is 1% of the social support index (IAS), i.e. €4.38 in 2021.

Any individual can have access to a basic bank account if they do not have a current account or if they have a single current account, which they may convert into a basic bank account.

A person over the age of 65 or with a permanent degree of disability of 60% or more may be a co-holder of a basic bank account with an individual who has other current accounts. The current account of these co-holders may also be a basic bank account.

The provision of basic bank accounts is compulsory for all credit institutions that provide the public with the services included in the basic bank account, i.e. banks, savings banks, the central mutual agricultural credit bank and mutual agricultural credit banks.