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Poupança Reforço

Poupança Reforço

Give your savings a workout every month.

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Advantages

Workout your savings to make them stronger.

Just like our body, our savings also need to be exercised on a regular basis. Otherwise, they do not evolve.

Thinking about that, Millennium bcp created the Poupança Reforço, a term deposit that will strengthen your savings every month according to what you define:

  • Term: 360 days, automatically renewable;
  • Minimum initial deposit and maintenance amount: 25 €;
  • Maximum initial deposit amount: 10,000 € and Maximum deposit amount: 120,000 €;
  • Interest paid monthly;
  • Possibility of making monthly additions, regular or extraordinary, between 25 € and 10,000 €;
  • Early withdrawal subject to interest penalty, if outside interest payment dates.

Don't let your savings standing by. Give them an active life with the Poupança Reforço and get positive results every month.

02.002.8060 2013/02/07

Remuneration

Interest rate (GNAR)

For the first month (30 days), the benchmark interest rate (TANB - gross nominal annual rate) is 0.05%, corresponding to a TANL - net nominal annual rate - of 0.036% (considering the income tax withholding of 28%), or of 0.0375% (considering the income tax withholding of 25%) according to the information defined under "Taxation".

From the 2nd to the 12th month (30-day periods) the benchmark interest rate is the one defined for that deposit on the date each interest bearing period (30 days) commences, published in the Bank's pricing as per the following criteria:

  • the maximum rate is always applied whenever during the previous interest bearing period (30 days) the savings balance increases, at least, 25 €, exception made to the effect of the compounded interests;
  • otherwise, the minimum rate will apply.

In the remaining months (30-day periods) and regardless of the criteria defined above, the interest rate in effect for standard term deposits shall apply, as published in our Price List, which may be consulted at any Millennium bcp Branch or at www.millenniumbcp.pt.

Term

360 days

When the term deposit is made, the value-date for the debit to the current account and for the credit to the term deposits account is that very same day (D). In case of early withdrawal (total or partial) of the term deposit, the value-date for the credit into the current account is that very same day (D).

Amounts

  • Minimum deposit and maintenance amount: 25 € 
  • Maximum initial deposit amount: 10,000 €
  • Maximum deposit amount: 120,000 €

Extension

On the maturity date, the investment will be automatically renewed for 30 days 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 (30-day period).

Interests

Interest will be paid at the end of each interest-bearing period (30 days), through incorporation in capital, or according to the information defined under "Compound Interest".

Compound interest

The interests are compounded. The Client may choose to credit the interests in the current deposit account. Any alteration depends on the express statement thereon, by means of an instruction sent to the Bank until the date the Term Deposit is made or afterwards, though in this case the credit in the current deposit account will only be made concerning interest-bearing periods subsequent to the one underway at the time of the instruction.

Consult the Pricing.

Features

Who may apply

Individuals, resident and non-resident, Emigrants, Self-Employed Individuals and Companies that hold current accounts with Banco Comercial Português S.A..

Term

360 days.
When the term deposit is made, the value-date for the debit to the current account and for the credit to the term deposits account is that very same day (D). In case of early withdrawal (total or partial) of the term deposit, the value-date for the credit into the current account is that very same day (D).

Amounts

  • Minimum deposit and maintenance amount: 25 €
  • Maximum initial deposit amount: 10,000 €
  • Maximum deposit amount: 120,000 €

Extension

On the maturity date, the investment will be automatically renewed for 30 days 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.

Additions

It enables the making of programmed or eventual additions - minimum 25 € up to 10,000 € per month (30-day period). The initial deposit plus the addition cannot exceed the total amount of the deposit: 120,000 €. The interest rate applicable to each addition will be the one in effect at the time of the addition and under the terms described under "Interest Rate".

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 of the Poupança Reforço.

How to apply

To make this deposit just go to apply and:

  • Choose the current account;
  • Read and accept the Standardised Information Form and the General terms and Conditions of the Poupança Reforço;
  • Define the initial amount;
  • Choose if you wish to have the interest credited into your current account or into the savings account;
  • Confirm the opening of the Term Deposit;
  • Print the deposit slip.

Note: Please note that if you open an account, or make an additional deposit or withdrawal outside business days or later than 20:30 GMT on business days, the operation, by rule, shall only be processed on the following business day.

Legal information

Taxation

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 Portuguese or 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 Bank of 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 working days, as of the date the deposits were unavailable. The Fund may, under extremely exceptional circumstances and regarding individual cases, request the Bank of Portugal to extend the term, for a maximum period of 10 working days.

For further information, please go to www.clientebancario.bportugal.pt/ and to www.fgd.pt.

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