What Are the Best Commercial Banks in Portugal? (2026)
Updated August 2026. Portugal's largest banks are Millennium bcp, Caixa Geral de Depósitos, Novobanco, BPI, and Santander. Digital and low-cost options include ActivoBank and Moey. Choose based on fees, branch access, app quality, and whether you need credit or mortgage products.
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What Are the Best Commercial Banks?
Top commercial banks from the August 2026 catalogue, ranked by account value, branch network, and digital experience.
Caixa Geral de Depósitos
Conta Caixa M
The largest branch and ATM network in Portugal
- Maintenance fee waived up to age 30 under the campaign
- The Caixa IU card with Shell, Repsol and cinema discounts
- EUR 6.30 a month plus 4% stamp duty outside the waivers, about EUR 79 a year
- Monthly fee
- EUR 6,30
- IBAN
IBAN
A Portuguese IBAN starts PT50. Some Portuguese employers and utilities still refuse foreign IBANs, which is unlawful under EU rules and reportable to Banco de Portugal.
- Portuguese (PT50)
- Card included
- n/a
- English support
- App and support
- Opening time
- Same day
More details
- Fee waiver
- Free maintenance up to age 30 inclusive for university students under the current campaign (2025 baseline: free to 28; 28-30 conditional or EUR 2/mo + IS)
- Free ATM network
- Multibanco nationwide; free debit withdrawals
- How to open
- Online with Chave Móvel Digital or branch; proof of enrolment (Cartão Caixa IU doubles as student ID)
- Branches
- ~500+
- Deposit protection
- EUR 100 000 guarantee
- Contracts
- Portuguese only
Prices as of August 2026, verify on the provider site.
Best for Anyone who wants a Portuguese IBAN with English app support
Caixa Geral de Depósitos
Conta CaixaJovem
No maintenance fee up to age 25
- No minimum balance required
- A Multibanco card included from age 12
- An initial deposit of 100€ to open
- Monthly fee
- Free
- IBAN
IBAN
A Portuguese IBAN starts PT50. Some Portuguese employers and utilities still refuse foreign IBANs, which is unlawful under EU rules and reportable to Banco de Portugal.
- Portuguese (PT50)
- Card included
- Debit card included
- English support
- Portuguese only
- Opening time
- 1 to 3 working days
More details
- Fee waiver
- Free from age 0 to 25
- Free ATM network
- The Multibanco network
- How to open
- Chave Móvel Digital, video call, or a branch
- Branches
- n/a
- Deposit protection
- EUR 100 000 guarantee
- Contracts
- Portuguese only
Prices as of August 2026, verify on the provider site.
Best for Residents who want a full Portuguese account and are fine in Portuguese
Santander Totta
Conta Santander com Serviço Mais
6 months fee-free when opened online
- A bonus of up to EUR 500 for depositing your salary, while the campaign runs
- Santander's international network helps Spanish and Latin American customers
- After the waiver ends: EUR 94.80 to EUR 107.28 a year
- Monthly fee
- EUR 8,94
- IBAN
IBAN
A Portuguese IBAN starts PT50. Some Portuguese employers and utilities still refuse foreign IBANs, which is unlawful under EU rules and reportable to Banco de Portugal.
- Portuguese (PT50)
- Card included
- n/a
- English support
- App and support
- Opening time
- Same day online with CMD
More details
- Fee waiver
- EUR 0 for first 6 months when opened online; then EUR 7.90/mo with salary or pension >= EUR 300 domiciled; EUR 8.94/mo without domiciliation (incl. IS)
- Free ATM network
- Multibanco nationwide; free debit withdrawals
- How to open
- Chave Móvel Digital (no minimum deposit), video call (EUR 50) or branch (EUR 150 minimum)
- Branches
- ~400
- Deposit protection
- EUR 100 000 guarantee
- Contracts
- Portuguese only
Prices as of August 2026, verify on the provider site.
Best for Anyone who wants a Portuguese IBAN with English app support
Santander Totta
Conta Jovem Santander
No maintenance fee up to age 26
- A free debit card up to age 26
- No fees on purchases and withdrawals abroad
- From age 27 it starts costing EUR 2.08 a month
- Monthly fee
- Free
- IBAN
IBAN
A Portuguese IBAN starts PT50. Some Portuguese employers and utilities still refuse foreign IBANs, which is unlawful under EU rules and reportable to Banco de Portugal.
- Portuguese (PT50)
- Card included
- n/a
- English support
- Portuguese only
- Opening time
- Same day online with CMD
More details
- Fee waiver
- Free up to age 26 inclusive; EUR 2.08/mo incl. IS from 27 to 30
- Free ATM network
- Multibanco nationwide; free debit withdrawals
- How to open
- CMD online, video call or branch
- Branches
- n/a
- Deposit protection
- EUR 100 000 guarantee
- Contracts
- Portuguese only
Prices as of August 2026, verify on the provider site.
Best for Residents who want a full Portuguese account and are fine in Portuguese
Novo Banco
Conta 100% Novo Banco
No maintenance fee
- The NB Verde card's annual fee is waived
- Opening and management are 100% digital
- Branch transactions can carry fees
- Monthly fee
- EUR 6,90
- IBAN
IBAN
A Portuguese IBAN starts PT50. Some Portuguese employers and utilities still refuse foreign IBANs, which is unlawful under EU rules and reportable to Banco de Portugal.
- Portuguese (PT50)
- Card included
- n/a
- English support
- Portuguese only
- Opening time
- Same day online
More details
- Fee waiver
- Bonified tiers in preçário with digital statement and income domiciliation (values mid-tier ambiguous in PDF; verify at build)
- Free ATM network
- Multibanco nationwide; free debit withdrawals
- How to open
- Online with CMD
- Branches
- n/a
- Deposit protection
- EUR 100 000 guarantee
- Contracts
- Portuguese only
Prices as of August 2026, verify on the provider site.
Best for Residents who want a full Portuguese account and are fine in Portuguese
Banco BPI
Conta AGE BPI
No maintenance fee up to age 30
- Debit and credit cards with no annual fees
- Cashback at more than 120 partner brands
- An initial deposit of 25€ to open
- Monthly fee
- Free
- IBAN
IBAN
A Portuguese IBAN starts PT50. Some Portuguese employers and utilities still refuse foreign IBANs, which is unlawful under EU rules and reportable to Banco de Portugal.
- Portuguese (PT50)
- Card included
- Debit card included
- English support
- Portuguese only
- Opening time
- 1 to 3 working days
More details
- Fee waiver
- No fees up to age 30
- Free ATM network
- The Multibanco network
- How to open
- Chave Móvel Digital, video call, or a branch
- Branches
- n/a
- Deposit protection
- EUR 100 000 guarantee
- Contracts
- Portuguese only
Prices as of August 2026, verify on the provider site.
Best for Residents who want a full Portuguese account and are fine in Portuguese
Banco BPI
Conta Valor BPI
The BPI Classic card's fee waiver is included
- A benefits programme with cashback
- A CaixaBank group bank with an Iberian network
- A monthly bundle fee with no waiver conditions
- Monthly fee
- EUR 4,99
- IBAN
IBAN
A Portuguese IBAN starts PT50. Some Portuguese employers and utilities still refuse foreign IBANs, which is unlawful under EU rules and reportable to Banco de Portugal.
- Portuguese (PT50)
- Card included
- n/a
- English support
- Portuguese only
- Opening time
- Same day online
More details
- Fee waiver
- EUR 4.99/mo + IS with salary domiciliation; EUR 12.99/mo + IS without; under-26 first holders exempt on Ordenado variants
- Free ATM network
- Multibanco nationwide; free debit withdrawals
- How to open
- Online with CMD, video call or branch
- Branches
- n/a
- Deposit protection
- EUR 100 000 guarantee
- Contracts
- Portuguese only
Prices as of August 2026, verify on the provider site.
Best for Residents who want a full Portuguese account and are fine in Portuguese
Which Banks Operate in Portugal?
The market is dominated by a handful of large banking groups with nationwide branch networks. Digital banks offer lower fees and app-first service but fewer branches. Foreign-owned banks such as Santander and BPI are fully integrated into the Portuguese market.
How to Choose a Bank
If you prefer face-to-face service or need a mortgage, a traditional bank is usually better. If you want low fees and a strong mobile app, ActivoBank or Moey are popular. Check whether the account includes a debit card, SEPA transfers, and MB WAY.
Frequently Asked Questions
Which bank is best for expats?
ActivoBank, Millennium bcp, and Novobanco are commonly recommended for English-language service and digital onboarding.
Do all banks charge monthly fees?
No. Many banks offer free accounts if you meet conditions such as salary deposit or minimum activity.
Can I open an account online?
Yes, most banks now allow online account opening for residents with a NIF and valid ID.
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