Bank accounts for basic banking services witnessed a 9.8% increase in the first half of this year compared to the same period in 2024, with 258,029 accounts under these conditions at the end of June, the Bank of Portugal (BdP) announced today.
From January to June this year, 16,121 basic banking service accounts were established, marking an increase of 428 compared to the first six months of the previous year. Of these, 70.1% resulted from converting an existing checking account at the bank, and 29.9% from opening new accounts.
Simultaneously, 4,139 basic banking service accounts were closed, 72.4% at the client’s request. Banks also terminated 1,144 accounts on their initiative, primarily (63.9%) due to inactivity in the previous 24 months.
The percentage of accounts held by individuals over 65 years increased from 38% in the first half of 2024 to 42.8% by the end of June this year.
At the end of June, 75.4% of basic banking service accounts had only one account holder, an increase of 0.2 percentage points compared to the end of 2024.
Basic banking service accounts may have more than one holder if both hold only this account, or if one of the holders is covered by exceptions provided by law.
The Bank of Portugal also noted that, out of the total basic banking service accounts, only 5.1% were held by individuals with other checking accounts, due to being co-holders with individuals over 65 years old or with a degree of disability equal to or greater than 60%.
Holders of basic banking service accounts can contract banking products or services not included in this package. Nevertheless, by the end of the first half, 75.7% of these account holders did not have term deposits with the institution, and 84.5% did not have credits.
Basic banking service accounts offer essential banking services to clients for a reduced annual fee, capped at about five euros (1% of the Social Support Index).
The services provided include opening and maintaining a checking account, a debit card, in-branch deposits and withdrawals, direct debits, national intrabank transfers, and 24 transfers to other banks through ‘home banking’.
The account also includes making five transfers each month, with a 30-euro limit per transaction, via payment applications operated by third parties.
