The national financial system had 246,000 basic banking service (SMB) accounts at the end of last year, which represents an increase of 11% compared to the previous year, according to data from the Bank of Portugal.

In 2024, more than 30 thousand ‘low cost’ accounts were created, with the majority (64%) resulting from the conversion of an existing current account with the institution, while the rest resulted from the opening of new accounts, according to ECO.

The Bank of Portugal details that the percentage of SMB accounts held by people over 65 years old has increased: it went from 37% in 2023 to 38% in 2024. Almost four in ten ‘low cost’ accounts were held by older customers, the figures reveal.

The vast majority (58%) were customers aged between 25 and 65, but the percentage decreased compared to 2023 (59.1%).

Regarding the domiciliation of SMB accounts by institution, two banks accounted for 55% of these accounts – the Bank of Portugal does not identify which banks. On the other hand, more than 80% of SMB accounts were domiciled in just five institutions.

The SMB account is a current account that allows customers to access a set of banking services considered essential at a reduced cost, including deposits, withdrawals, payments for goods and services, direct debits and transfers via MBWay.

In 2025, the annual cost of minimum banking services cannot exceed 5.22 euros (corresponding to 1% of the IAS).