19.4.2024
April 2024 Overview: Deposit Market in Portugal
5 min read
As April progresses, depositors in Portugal are encouraged to leverage the resource PickTheBank to seize the best opportunities and secure their financial futures.
As April unfolds, the deposit market in Portugal reflects a landscape of evolving interest rates amidst broader economic shifts. Against the backdrop of interventions by the European Central Bank (ECB), the financial sector in Portugal has witnessed notable adjustments in deposit rates, offering both challenges and opportunities for consumers.
Comparing the recent developments with the previous period, the ECB has implemented changes in interest rates to address inflationary pressures: the previous ECB interest rate was 2,92%, current ECB interest rate - 2,82%.
In our assessment of the deposit market, one of the standout offers in Portugal emerges from Banco Comercial Português, where customers can avail themselves of the interest rate of 2.75%. This rate reflects the competitive positioning of the largest bank in Portugal, offering an attractive option for depositors seeking optimal returns on their savings.
The analysis of euro-denominated time deposits in Portugal has revealed a decline in interest rates. To produce this thorough review, we meticulously reviewed the online platforms of 27 Portuguese banks, each providing a diverse selection of interest rates for fixed deposits. As a result, our database of deposit products in Portugal has expanded significantly, encompassing a wide array of 432 distinct financial offerings. The highest available interest rate currently stands at 4.00%, marking a decrease from the previous rate of 4.20%.
🔥Top-4 12-month EUR deposit rates:
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 4.00% | Banco BAI Europa, SA | EUR | 12 mths | More -> |
| 4.00% | BANCO ATLÂNTICO EUROPA, SA | EUR | 12 mths | More -> |
| 3.75% | Banco ActivoBank, SA | EUR | 12 mths | More -> |
| 3.70% | BNI - BANCO DE NEGÓCIOS INTERNACIONAL (EUROPA), SA | EUR | 12 mths | More -> |
🔥Top-5 24-month ordinary EUR deposit rates:
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 3.80% | Banco BAI Europa, SA | EUR | 24 mths | More -> |
| 3.25% | BNI - BANCO DE NEGÓCIOS INTERNACIONAL (EUROPA), SA | EUR | 24 mths | More -> |
| 3.25% | Banco BAI Europa, SA | EUR | 24 mths | More -> |
| 3.25% | BNI - BANCO DE NEGÓCIOS INTERNACIONAL (EUROPA), SA | EUR | 24 mths | More -> |
| 3.00% | BANCO ATLÂNTICO EUROPA, SA | EUR | 24 mths | More -> |
🔥Top-5 36-month ordinary EUR deposit rates:
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 3.10% | Banco BAI Europa, SA | EUR | 36 mths | More -> |
| 3.00% | BNI - BANCO DE NEGÓCIOS INTERNACIONAL (EUROPA), SA | EUR | 36 mths | More -> |
| 2.95% | BNI - BANCO DE NEGÓCIOS INTERNACIONAL (EUROPA), SA | EUR | 36 mths | More -> |
| 2.75% | Banco Montepio Investimento, SA | EUR | 36 mths | More -> |
| 2.50% | Banco Invest, SA | EUR | 36 mths | More -> |
🔥Top EUR deposit rates – any term:
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 4.00% | BEST - Banco Electrónico de Serviço Total, SA | EUR | 3 mths | More -> |
| 4.00% | Banco de Investimento Global, SA | EUR | 3 mths | More -> |
| 4.00% | Banco BIC Português, SA | EUR | 6 mths | More -> |
| 4.00% | Banco BAI Europa, SA | EUR | 6 mths | More -> |
| 4.00% | BANCO ATLÂNTICO EUROPA, SA | EUR | 12 mths | More -> |
🔥Top USD deposit rates – any term:
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 5.00% | Banco de Investimento Global, SA | USD | 3 mths | More -> |
| 5.00% | Banco Finantia, SA | USD | 12 mths | More -> |
| 4.85% | Banco Finantia, SA | USD | 6 mths | More -> |
| 4.50% | Banco de Investimento Global, SA | USD | 3 mths | More -> |
| 4.85% | Banco BAI Europa, SA | USD | 12 mths | More -> |
The fluctuating interest rate environment in Portugal underscores the importance of vigilance and informed decision-making for depositors. As economic conditions continue to evolve, it becomes imperative for individuals to stay abreast of the latest developments and explore opportunities for maximizing their savings.
In this dynamic environment, the PickTheBank platform offers consumers comprehensive information and facilitates informed decision-making. By providing access to up-to-date information on rates for over 25,000 deposits and offerings from various banks across 25 European countries, PickTheBank enables individuals to navigate the deposit market confidently and clearly.
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