The number of minimum service accounts increased by 25% Portugal’s bank in 2020

At the end of 2020, there were 129,586 minimum banking services accounts, up 25% from the end of 2019 and 10.3% from the first half of 2020. The data was released this Friday by the Banco de Portugal during the launch ceremony of a campaign to promote minimum banking services among citizens in collaboration with the Ministry of Labor, Solidarity and Social Security.

The campaign foresees that the posts of the Institute of Social Security, the Institute of Financial Management of Social Security, the Institute of Employment and Vocational Training and the National Institute of Rehabilitation promote the minimum banking account for its users.

The minimum account for banking services guarantees a range of banking products and services at costs that may not exceed EUR 4.38 (corresponding to 1% of the IAS) in 2021. This is much lower than the cost of running a checking account at most banks, which is added to the cost of other products such as bank cards. B. charging with a debit card.

The campaign will include videos, posters and brochures explaining the main features of the minimum account for banking services on the digital channels of Banco de Portugal and the Ministry of Labor, Solidarity and Social Security. It also provides training to better qualify for providing clarifications on minimum banking services.

According to the published data, at least 30,073 banking service accounts were opened in the last year, of which 74.7% resulted from the conversion of an existing sight deposit account with the institution (80.4% in 2019). In addition, at least 4,115 bank service accounts were closed, of which 79.3% were initiated by the customer.

At the end of the year, there were 5,714 minimum banking service accounts held by holders of other sight deposit accounts held by holders of other sight deposit accounts for holders over the age of 65 or with a disability level of 60% or more. There were also 1,524 banking minimum accounts that were held by co-owners of other banking minimum accounts (held by people over 65 years of age or with a disability level of 60% or more).