Minimum banking service accounts (Serviços Mínimos Bancários or SMB) reached a record 265,627 at the end of 2025, according to the Bank of Portugal (Banco de Portugal). These accounts cost approximately €5.37 per year and provide essential services like a debit card, home banking, and MB Way. Residents looking to reduce banking fees should note that existing current accounts (contas de depósito à ordem) can often be converted to this lower-cost format.
Low-cost bank accounts grow 8% to record high
Monday, 23 March 2026AI summary
Context & Explainers
Mário Centeno is a Portuguese economist and politician who served as Finance Minister from 2015 to 2020 and as President of the Eurogroup from 2018 to 2020, and later became Governor of the Bank of Portugal (Banco de Portugal). His nomination for vice‑president of the European Central Bank matters because a senior Portuguese official at the ECB could influence euro‑area monetary policy decisions that affect interest rates and the economy in Portugal.
MB Way is included in the minimum banking services (serviços mínimos bancários) account, which provides basic financial tools for just over €5 per year. This mobile payment system allows users to send money instantly, pay in stores, and withdraw cash using only a smartphone. There are currently over 265,000 of these low-cost accounts in use across Portugal, making digital payments accessible to more residents.
Sources (4)
- Low-cost bank accounts grow by 8% to a new recordECO · 2:33pm, 23 Mar 2026
- Minimum service bank accounts (and reduced cost) rose by 8% in 2025Público · 2:10pm, 23 Mar 2026
- Minimum banking service accounts grow to 265,600Expresso · 2:58pm, 23 Mar 2026
- Minimum banking service accounts grow by 8% in 2025 to 265,600Dinheiro Vivo · 3:17pm, 23 Mar 2026
