# Portuguese Savings Account



## escapos (Sep 18, 2011)

Hello, hope you are well,

Does anybody have a savings account in Portugal and what kind of deal did you get.

Looking for, high interest, obviously,
Instant access,
Interest paid monthly,
No tie in (instant access I guess)

Thank you


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## izzywizzy (Apr 22, 2012)

escapos said:


> Hello, hope you are well,
> 
> Does anybody have a savings account in Portugal and what kind of deal did you get.
> 
> ...


In a rush and hence without enough research I took the first option my bank offered simply to move money from non-interest current account when it arrived the other day...

So for what it is worth: 

They offered three possible options -- the one closest to your outline -- i.e. interest paid monthly, immediate access etc... -- pays 3% in the first month with small increments through the year to 4% in the 12th month.

Money can be withdrawn anytime with the proviso of a minimum allowed withdrawl of 500 euros at each withdrawl request.

It all seemed straightforward, took 5 minutes to arrange, and was better than I'd have gotten with my UK bank if I was still there.

They also offered similar accounts with marginally better interest across the year arranged on quarterly and annual basis for payment of interest -- but the increments were not substantial and the monthly interest seemed ok for what I expect will be a short-term arrangement anyway, pending purchase of property.

I bank with Monte Pio -- I don't know if this is any help -- and you may well wrangle better deals elsewhere, but I didn't have time (or much inclination) to hunt around and I can move money at any time (so it is better than 0% in a current account I guess! -- but I'll be watching for other responses in case I'm missing an obvious and easy better deal ;D)

N.B. There is a tax liability that reduces the real value of the 3% - 4% interest -- just as per UK... so in reality the amount recieived is slightly less... hey ho! Such is the way of the banking sector these days I guess


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