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Poupança Ordenado

Poupança Ordenado


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Advantages

From now on, you will be able to make your term deposit using only € 25, make additions as often as you wish and receive interests on a monthly basis.

  • Term: 30 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 a maximum of € 10.000 per month;
  • Early withdrawal subject to interest penalty, if outside interest payment dates.

Good work and save wisely!

Remuneration

Interest rate (GNAR)

Whenever the Client, in the previous interest calculation period (30 days), receives the salary or the retirement pension/pension in the current deposit account associated with this deposit by means of a banking transfer with code SALA or PENS, respectively, the benchmark interest rate is 0.05% (GNAR), corresponding to a Net Nominal Annual Rate of 0.036%, considering the Income Tax Withholding of 28%, according to the information defined under "Taxation".

In the months (30-day periods) in which the Customer does not receive in the interest counting period (30 days) prior to the due date or retirement/pension by bank transfer coded with SALA code or PENS code respectively, the TANB of 0% applies.

From de 12th renewal onwards 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

30 days

When the term deposit is made, the value-date for the debit to the current account and for the credit to the term deposit 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 initial deposit/maintenance amount: 25 €
  • Maximum initial deposit amount: 10,000 €
  • Maximum deposit amount: 120,000 €

Extension

On the due date, the savings will be automatically renewed for the same period considering the remuneration described in the field called "Interest Rate".

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.

Features

Who may apply

Individuals, resident or not and Emigrants that hold a current account with Banco Comercial Português S.A..

Term

  • 30 days
    When the deposit is made, the value-date for the debit to the current account and for the credit in the savings 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).

Extension

On the due date, the savings will be automatically renewed for the same period considering the remuneration described in the field called "Interest Rate".

Amounts

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

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".

Guarantee of Capital Invested

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

Please read the Standardized Information Form and the General Conditions of the Salary Savings.

How to subscribe

To set up a Salary Savings, just:

  • Choose the current account;
  • Read and accept the Standardised Information Form and the General Conditions of the Salary Savings;
  • Define the initial amount;
  • Choose if you wish to have the interest credited into your current account or into the savings account;
  • 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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