sand you have a bank account, know that you can convert it to one with basic banking services and thus save on commissions to be paid to the bank. With a ‘low-cost’ account you pay a maximum of 5.09 euros.
“For minimum banking services, credit institutions cannot charge, per year, more than 1% of the social support index. This means that, in 2024, the annual cost of minimum banking services cannot exceed 5.09 euros (corresponding to 1% of IAS)”, explains Banco de Portugal (BdP).
According to the supervisor, “If you only have one current account, you can, at no cost, convert that account into a basic banking account” and “if you want to keep the account with the same credit institution, the conversion is direct“. To do this, all you need to do is “formalize your request with the institution”.
On the contrary, “if you do not want to keep the account with the same credit institution, you can close your account and open a basic banking account with another institution of your choice”.
“You Minimum banking services are obligatorily made available by all bankssavings banks, central banks and mutual agricultural credit banks that sell the services included therein”, notes the BdP.
After the request, the credit institution has 10 business days to open or convert the account, or to refuse the request.
A credit institution can only refuse the request if it has more than one current deposit account. With the following exceptions:
- A natural person who holds other current accounts may be the holder of a basic banking account with a person over 65 years of age or with a degree of permanent disability equal to or greater than 60% who does not have other accounts.
- A person who already holds a basic banking account with a person over 65 years of age or with a degree of permanent disability equal to or greater than 60% can individually access a basic banking account, if they do not have other accounts demand deposit.
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