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Poupança Aforro

Poupança Aforro


Save when you want, as much as you want.

Advantages

With Poupança Aforro you are completely free to handle your savings - no mandatory pay-ins or fixed amounts. The choice is yours:

  • You may pay-in money every month or just on those months when your budget isn't as tight;
  • Starting from a minimum of € 25 you may open, maintain or bolster your savings account;
  • With a 180-day term (renewable for equal periods up to a maximum of 29 semesters), interest will be paid twice a year.
 

Return

Interest Rates

1st Semester 0.01% (nominal annual interest rate) - 0.0072% Net Nominal Annual Rate (with a 28% withholding tax) or 0.0075% Net Nominal Annual Rate (with a 25% withholding tax), under the terms described under "Tax Framework".
2nd Semester 0.02% (nominal annual interest rate) - 0,0144% Net Nominal Annual Rate (with a 28% withholding tax) or 0,0150% Net Nominal Annual Rate (with a 25% withholding tax), under the terms described under "Tax Framework".
To the 3rd and remaining six-month periods, the rate in force for Standard Term Deposits applies. This rate is published in the Bank's price list which may be consulted at any Millennium bcp Branch and at www.millenniumbcp.pt.

Term

180 days.

Balance

Minimum Balance: € 25
Maximum deposit: € 100,000

Extension

Automatic renewals (max. 29 semesters) for same period, returns as established under 'Interest Rates'.
Maximum term of savings account: 30 semesters.

Early withdrawal penalties

Early withdrawals (full or partial) are allowed at any time during the contracted term, with 100% penalty on interest not yet paid out, calculated on the amount withdrawn in that period.

Payment of Interest

Interest will be paid, at the end of each 180-day interest period, into the linked current account or, upon the account holder's express request, incorporated into the capital under the terms stated in the Capitalization Scheme.

Capitalization Scheme

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.

View our Price List.

Main features

Who may apply

Individuals, Emigrants, Sole traders and Companies that hold current accounts with Banco Comercial Português S.A.

Term

180 days.

Extension

Automatic renewals (max. 29 semesters) for same period, returns as established under "Interest Rates".
Maximum term of savings account: 30 semesters.

Balance

Minimum Balance: € 25
Maximum deposit: € 100,000

Additional pay-ins

You may make additional pay-ins provided they are regular payments and/or one-off payments (min. € 25). The interest rate applicable to each pay-in will be that in effect at the pay-in date and under the terms set under 'Returns'.

Capitalization Scheme

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

Read the Standardised Information Form and the General Terms and Conditions of Poupança Aforro.

How to apply

To subscribe, just go to apply and:

  • Choose the current account;
  • Read and accept the Standardised Information Form and the General Terms and Conditions of Poupança Aforro;
  • Define the initial amount;
  • Choose if you wish to have the interest credited into your current account or compounded into the term deposit;
  • Confirm the savings 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 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 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.

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

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