Banco de Portugal released new data on the evolution of Bank Minimum Services Accounts (SMB) in 2024, confirming that this modality continues to grow as a more accessible option for consumers. It is an order deposit account that allows you to access essential banking services at a small cost, being an advantageous alternative for those who want to reduce bank commission charges.
More than 30 thousand accounts SMB created in 2024
According to the data presented, last year 30 140 accounts SMB were constituted, of which 64% resulted from the conversion of deposit accounts to the existing order.
The number of closures was set in 6 493 accounts, and in 87% of cases the request came from the client himself. In total there were 246 047 SMB accounts at the end of 2024.
Adherence to this type of account has been increasing, especially the population over 65, which represents 38% of the account holders SMB, a growth compared to the 37% recorded in 2023.
Another relevant data is that most SMB holders do not hire additional bank products: 76% do not have time deposits and 85% do not have any associated credit product.
What can you do with a minimum bank service account?
SMB account holders benefit from a set of bank operations at no additional costs, ensuring basic functionality for day -to -day financial management.
According to Banco de Portugal, these accounts include the following services:
- Debit card associated with SMB account.
- Free movement Account through Automatic Boxes (ATMS) in Portugal and the European Union.
- Access to HomeBanking For online management of the account account account and use of the credit institution.
- Deposits, surveys and payments of goods and services.
- Direct debts For payment of regular services such as electricity or telecommunications.
- Intrabante transfers (between accounts of the same bank).
- Interbank transfers for other banks, unlimited in the ATMs and even 24 operations per year through homebanking.
- Payments via apps like MB Way, with a limit of five monthly transfers of up to 30 euros each.
Who can join the SMB accounts?
To open a minimum bank service account, the consumer must have no further deposit account in Portugal.
If you already have an account, you can request the conversion to an SMB with your bank.
Adherence to these accounts is regulated by Banco de Portugal and all banks are required to make this option available.
However, customers may choose to hire additional services, which will be subject to charges according to the credit institution.
Advantages of SMB accounts
- Cost reduction with bank committees.
- GUARANTEED ACCESS to essential banking services.
- Available in all banks.
- Alternative for Reformed and Pensioners looking for a simple account for the management of their income.
Conclusion
Minimum bank service accounts are a practical and accessible solution for those who want banking service at no high cost.
With a set of essential operations included, this option has been gaining popularity, especially among the elderly customers.
For those who want to simplify their relationship with the bank and reduce charges, SMB can be a huge choice.
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