What is a basic bank account?
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The standard account (‘conta base’) is a standardised current account. Regardless of the institution that markets it, the standard account always includes the same set of services and it is easier for the bank customer to compare the fees charged by the different credit institutions that make this type of account available.
The standard account may have multiple holders and the bank customer may hold multiple current accounts (including standard accounts). The maintenance fee for the standard account and the minimum opening amount are freely set by the credit institution.
The marketing of the standard account by credit institutions follows a recommendation from Banco de Portugal (Circular Letter No. 24/DSC/2014 – only in Portuguese).
The standard account can have more than one holder, who can have multiple basic accounts. Individuals, adults, residents and non-residents who use the account for non-professional purposes may be holders of the basic account.
Before opening the basic account, credit institutions should provide bank customers with a standardised information sheet (SIS) with the characteristics of this account.
The basic account has the following set of services associated:
Opening and maintenance of a current account;
Provision of a debit card to operate the account;
Access to the movements of the account through ATMs, homebanking service and credit institution´s branches (institutions may limit the number of withdrawals made at branches to three in the same month);
Execution of deposits, withdrawals, payments of goods and services, direct debits and domestic intra-bank transfers.
The maintenance fee for the standard account is freely set by credit institutions and cannot depend on the average balance of the current account.
The maintenance fees charged by the credit institutions that provide the standard account are disclosed on this website, in the fees comparator (only in Portuguese).
Customers can also consult the information on the fees associated with the standard account in the leaflet of fee and expenses of the credit institutions’ price list, available at their respective branches, on the websites of the credit institutions and on this website.
Customers who hold a standard account may contract other banking products or services not included in the standard set of services.
Products or services contracted in addition to the standardised set of services may be subject to fees and expenses, in accordance with the pricing in force in the respective credit institution.
Services – Fees comparator (only in Portuguese)
Circular Letter No. 24/2014/DSC (only in Portuguese)
Current account – Opening
Basic bank account – What it is
Services – Price lists