What Are the Best Savings Accounts & Deposits in Portugal? (2026)
Updated August 2026. Savings accounts and term deposits in Portugal quote TANB or TAEG interest. Top rates come from Trade Republic, Banco CTT, and RaboDirect, but rates change frequently. Deposits are protected up to EUR 100,000 per person per bank under the FGD.
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Best Savings Accounts & Deposits
Top savings and deposit products from the August 2026 catalogue, ranked by interest rate and FGD coverage.
Bankinter
Conta Bankinter Online (remunerada)
2,5% gross on daily balances, paid monthly
- No minimum amount and no salary deposit required
- Full liquidity: an interest-bearing current account
- After the campaign the rate falls to 1% gross
- Interest rate
- 2,5% gross
- Minimum deposit
- None
- Deposit protection
- EUR 100 000 guarantee
- Payout
- No vencimento / mensal
- IRS withholding
- Withheld automatically
More details
- Notice period
- 0 days
Prices as of August 2026, verify on the provider site.
Best for Savers who want a rate without switching their main bank
Bankinter
Depósito Net Boas Vindas Bankinter
3% gross at 6 months for new customers
- 2,5% gross on the 12-month option
- Tax withheld automatically at 28%
- New customers only (90 days from opening)
- Interest rate
- 3% gross, first 6 months
- Minimum deposit
- EUR 5000
- Deposit protection
- EUR 100 000 guarantee
- Payout
- No vencimento / mensal
- IRS withholding
- Withheld automatically
More details
- Notice period
- 0 days
Prices as of August 2026, verify on the provider site.
Best for Rate-first savers happy to meet the conditions
Banco CTT
Conta Poupança Livre Banco CTT
3% gross up to 5.000 EUR with simple conditions
- No term: withdraw freely
- IRS retido automaticamente
- Requires a salary of 800 EUR or more, or 3 active direct debits
- Interest rate
- 3% gross
- Minimum deposit
- None
- Deposit protection
- EUR 100 000 guarantee
- Payout
- monthly
- IRS withholding
- Withheld automatically
More details
- Notice period
- 0 days
Prices as of August 2026, verify on the provider site.
Best for Savers who want a rate without switching their main bank
Trade Republic
Conta Remunerada Trade Republic
3% gross for new customers up to 50.000 EUR
- A Portuguese PT50 IBAN since July 2026
- Tax withheld automatically at source (28%)
- Clientes existentes ficam a 2,25% TANB
- Interest rate
- 3% gross, first 12 months
- Minimum deposit
- None
- Deposit protection
- EUR 100 000 guarantee
- Payout
- monthly (daily accrual)
- IRS withholding
- Withheld automatically
More details
- Notice period
- 0 days
Prices as of August 2026, verify on the provider site.
Best for Savers who want a rate without switching their main bank
Revolut
Cofres Poupança Revolut (conta PT)
Interest paid daily, no term
- A Portuguese IBAN with the PT account
- No minimum amount
- The Standard plan yields only 1,50%
- Interest rate
- 1,5% gross
- Minimum deposit
- EUR 0,01
- Deposit protection
- EUR 100 000 guarantee
- Payout
- daily
- IRS withholding
- Withheld automatically
More details
- Notice period
- 0 days
Prices as of August 2026, verify on the provider site.
Best for Savers who want a rate without switching their main bank
Banco ActivoBank
Depósito a Prazo Novos Clientes ActivoBank
Only for accounts opened within the last 90 days
- Full or partial early withdrawal
- A free current account attached
- Early withdrawal loses 100% of the interest
- Interest rate
- n/a
- Minimum deposit
- EUR 500
- Deposit protection
- EUR 100 000 guarantee
- Payout
- No vencimento / mensal
- IRS withholding
- Withheld automatically
More details
- Notice period
- 0 days
Prices as of August 2026, verify on the provider site.
Best for Existing customers parking cash they may need back
Open Bank
Poupança Boas-vindas Openbank
2,50% for the first 6 months up to 500.000 EUR
- Withdraw freely at any time
- No minimum amount
- NO withholding at source: you must declare it on Anexo J of your tax return
- Interest rate
- 2,5% gross, first 6 months
- Minimum deposit
- EUR 1
- Deposit protection
- EUR 100 000 guarantee
- Payout
- monthly
- IRS withholding
- Self-declared (Anexo J)
More details
- Notice period
- 0 days
Prices as of August 2026, verify on the provider site.
Best for Savers who want a rate without switching their main bank
How Do Savings Accounts Work?
Savings accounts offer instant access with variable rates. Term deposits lock your money for a fixed period in exchange for a higher rate. Interest may be subject to withholding tax.
What Is FGD Protection?
FGD is the Portuguese deposit guarantee fund. It protects deposits up to EUR 100,000 per depositor per institution, including principal and accrued interest.
Frequently Asked Questions
Which bank has the best savings rate?
Rates change often. In August 2026, Trade Republic, Banco CTT, and RaboDirect were among the highest-yielding options.
Are savings accounts taxable?
Interest is generally subject to withholding tax in Portugal. Consult a tax adviser for your personal situation.
Is my money safe in a Portuguese savings account?
Yes, up to EUR 100,000 per person per bank under FGD protection.
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