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>Net Millennium Flexível

Net Millennium Flexível


For greater flexibility in your savings.


Advantages

This deposit helps you get permanent liquidity and use your money as you wish.

  • You may select the term that you deem more appropriate in view of the amount you have available. This term may vary between 15 and 360 days;
  • You can choose the amount that suits you best, from € 250 to € 200,000;
  • Early withdrawals are allowed, with 100% penalty of accrued unpaid interest on the amount withdrawn in the period underway.

This deposit is an online exclusive and only for customers registered in www.millenniumbcp.pt.

Use your money wisely and start saving now!

Remuneration

Remuneration

Interest rates will be stepped in the following manner:

Stepped rates 15 to 183 days 184 to 360 days
GNAR NNAR (1) GNAR NNAR (1)
from 250 € to 200.000 € 0.01% 0.0072% 0.025% 0.018%

(1) With a tax withholding rate of 28% in accordance with the "Tax Regime".

Term

15 to 360 Days

Balance

Minimum Balance: € 250.
Maximum deposit amount: € 200.000

Extension

In the absence of instructions stating otherwise. the investment will be automatically renewed for the same term at the interest rate in effect at the renewal date for standard term deposits. published in our Price List. which may be consulted at any Millennium bcp Branch or at www.millenniumbcp.pt.

Early withdrawal

Early withdrawals. full or partial. are allowed at any time during the contracted term. with 100% penalty of interest for the amount withdrawn in the period underway and not yet paid.

Settlements

Settlements can only be made by using the website millenniumbcp.pt.

Interest

Interest will be paid into the associated current account at the end of each interest bearing period.

Compound interest

Interest will be paid into the current account. You may choose to add the interest to the capital. by means of an instruction sent to the Bank until the date the Term Deposit is made or afterwards. though in this case interest will only be compounded in interest-bearing periods subsequent to the one underway at the time of the instruction.

Main features

Who may apply

Individuals, resident or not, Emigrants and Self-Employed Individuals that hold current accounts with Banco Comercial Português S.A.

This deposit is an online exclusive and only for customers registered in www.millenniumbcp.pt.

Term

15 to 360 Days.

Extension

In the absence of instructions stating otherwise, the investment will be automatically renewed for the same term at the interest rate in effect at the renewal date for standard term deposits, published in our Price List, which may be consulted at any Millennium bcp Branch or at www.millenniumbcp.pt.

Amount

Minimum Balance: € 250
Maximum deposit amount: € 200,000

Additions

Not applicable.

Capital guarantee

We guarantee the total amount deposited at maturity and in case of early withdrawal.


Please read the Standardised Information Form and the General Terms and Conditions or the Depósito Net Millennium Flexível.

How to apply

Simply select apply and:

  • Select the Current Account;
  • Read and accept the Standardised Information Form and the  General Terms and Conditions for the Depósito Net Millennium Flexível;
  • Set the opening balance;
  • Choose where you want your interest paid into your current or your savings account;
  • Confirm that you wish to join;
  • Print the proof.

Note:  Please note that if you open an account, or make an additional deposit or withdrawal on non-working days or later than 8.30 pm on working days, the operation shall only be processed on the following working day.

Legal Information

Taxation:

Residents and non-residents without a permanent establishment in Portugal to which returns from deposits are attributable

Individuals residing in Portugal are subject to 28% withholding income tax on savings returns (22.4% for the Autonomous Region of the Azores), and may opt for aggregation. Tax aggregation is mandatory for business and professional investment returns.

Legal persons subject to corporate income tax residing or incorporated in Portugal are subject to 25% corporate income tax withheld at source on savings returns (20% for the Autonomous Region of the Azores). Tax is withheld at source as an advance payment on the final taxes due.

A 35% withholding tax shall apply when returns are paid into or made available in accounts opened under the name of one or more holders but on behalf of unidentified third-parties, unless the actual beneficiary is identified, in which case the general rules above shall apply.

Non-residents without a permanent establishment in Portugal to which returns from deposits are attributable

Returns on deposits earned by non-residents without a permanent establishment in Portugal to which these returns are attributable are subject to income tax withheld at source, 28% for individuals or 25% for legal persons.

A 35% withholding tax shall apply definitively when said returns are paid into or made available in accounts opened under the name of one or more holders but on behalf of unidentified third-parties, unless the actual beneficiary is identified, in which case the general rules above shall apply.

The same 35% withholding tax applies when these returns are paid or made available to individuals or companies without residence or with no permanent establishment in Portugal to which these returns are attributable and that are domiciled in a country, territory or region clearly subject to a more favourable taxation scheme, as per Ordinance 150/2004, of 13 February.

In compliance with the double taxation conventions adopted by Portugal, withholding tax may be limited to 15, 12 or 10%, depending on which convention applies and provided all legal procedures are observed. Withheld tax may be limited by a partial withholding tax exemption or by refund of the excess amount collected.

Deposit Guarantee Fund:

Deposits opened at Banco Comercial Português, SA are covered by a refund guarantee from the Deposit Guarantee Fund, which is activated whenever funds are unavailable strictly due to financial reasons. 

The Deposit Guarantee Fund ensures the refund of up to 100,000.00 Euros per depositor, regardless of whether the depositor resides in Portugal or abroad or whether the deposits are in Euros or in a foreign currency. 

The value owed to each depositor is calculated by considering the total value of his/her deposit accounts, including interest, at the date the bank was unable to make the payment. Balances in foreign currency shall be converted into Euros, at the exchange rate in effect at that date (reference exchange rates published by the Portuguese central bank Banco de Portugal). 

The depositor shall be refunded within a maximum of 7 days for a 10,000 Euros tranche; the remaining amount (up to 100,000 Euros) shall be paid out within a maximum of 20 business days, as of the date the deposits were unavailable. The Fund may, under extremely exceptional circumstances and regarding individual cases, request Banco de Portugal to extend the term, for a maximum period of 10 business days.

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Standardised Information Form

General Terms and Conditions

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