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Recommend me a Portuguese bank

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Posts: 7
Community Member
Topic starter
(@shortiao)
Active Member
Joined: 4 weeks ago

So, I've been here a week, applied for my NIF and now looking to open a bank account.

 

Any members have any recommendations or any banks I should totally avoid?

 

Iain

13 Replies




Posts: 5
Premium Member
(@kellyd)
Active Member
Joined: 6 months ago

We got a Millennium Bank account with the help of EI! before we came. But now that we are here, the lady we rent from said she would never use Millennium Bank because they make it too difficult to open an account or get anything done. She likes Caixa Agricola. We have no complaints with Millennium. Our limited experience with them has been positive.

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Posts: 49
 ACK
Community Member
(@ack)
Eminent Member
Joined: 3 months ago

Activobank if you just want a simple account and are fine with using an APP.  They do not charge any account maintenance fees and you can still get away with using many Millennium services as Activo is part of their group of companies. They do not have many branches and don't deal in cash though.

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Posts: 254
Community Member
(@antonio_f)
Reputable Member
Joined: 8 months ago

A survey made 1 year ago by DECO Proteste (portuguese consummers' magazine) among their associates showed the banks with the best ratings in terms of costumers' satisfaction: 

1 - Activo Bank

2 - Banco Finantia

3 - Banco Invest

4 - Best Bank

5 - Banco BIG

These are all small or more specific banks, with a limited (or even none) number of branches.

The "regular" banks only showed up in position 8 (Banco CTT [The Post office bank]) and 9 (Caixa de Crédito Agrícola).

 

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3 Replies
Premium Member
(@alleycat)
Joined: 9 months ago

Trusted Member
Posts: 92

@antonio_f and is there data in your magazine articles about various banks' financial strength and solvency risk, in the case of global recession...so our accounts remain fairly secure?  Thanks 😉

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Premium Member
(@sunil)
Joined: 7 months ago

Trusted Member
Posts: 57

@alleycat I had a look at the DECO Proteste site and this seems to be the relevant article, if you'd like to check it out yourself for various insights and details: https://www.deco.proteste.pt/dinheiro/contas-ordem/noticias/maiores-bancos-desagradam-clientes

@Antonio_F Thank you for mentioning DECO Proteste, it looks like a helpful resource!

-Thea

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Community Member
(@antonio_f)
Joined: 8 months ago

Reputable Member
Posts: 254

@alleycat All bank accounts up to €100 000 are covered by a fund.

Banks are regularly (don't know the frequency) tested/checked (stress test): https://www.bportugal.pt/en/page/exercicio-europeu-de-stress-test

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Posts: 7
Community Member
Topic starter
(@shortiao)
Active Member
Joined: 4 weeks ago

thanks guys

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