The regime of minimum banking services has more than 18,500 adherents: 34% above the figure recorded at the end of 2014.

The number of Portuguese with bank accounts ‘low cost’ is constantly increasing. The latest data from the Bank of Portugal indicate that only in the first half of this year 5,140 Portuguese joined the Minimum Banking Services (SMB), which has extended to 18 586 the total number of accounts under this scheme. In the past six months, the number of such accounts grew 34%.

According to the data available on the Portal of the Banking Customer entity led by Carlos Costa, in the first six months of the year were recorded 3,548 SMB accounts and converted to this system a total of 1,592 demand deposit accounts. On the other hand were closed a total of 284 SMB accounts at the request of customers and 154 on the initiative of the credit institution, informed the bank supervisor. These figures result in a growing balance of 4,702 in the number of accounts under this scheme in the first six months of this year.

SMB were created in 2000 with the aim of promoting the inclusion in the banking system of consumers in more fragile financial situation, to facilitate access to a range of banking services considered essential. Under this scheme anyone, and at a reduced cost, the construction and maintenance of a deposit current account, as well as access to a debit card and operate the account through ATMs of ‘home banking’ service and the bank’s counter. To this end, the adherent banks can not, according to the law, charge a SMB account maintenance fee (which includes all charges associated) that annually exceed 1% of the national minimum wage (currently 5.05 euros ). To access the SMB is necessary, however, that the customer has not received another account deposits. Or if they do this needs to request their conversion to a SMB account. At present, eight banks offer this service. Namely, BIC, BPI, BCP, Santander Totta, Montepio Geral, Caixa Geral de Depósitos (CGD), Agricultural Credit Bank and New Bank. This set two do not charge any commission: BPI and CGD. (Read more)

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