Best high-yield savings accounts in Portugal in 2025 (for locals & expats)

With euro interest rates high in 2025, several fintechs and banks now offer attractive yields on idle Euro cash.

In Portugal, you can find both traditional savings accounts and broker/cash accounts paying around 2% or more.

Deposit accounts in Portuguese banks are protected under the Portuguese Deposit Guarantee Scheme, which covers up to €100,000 per depositor (in line with EU regulations).

Below we summarize the top options accessible to residents in Portugal (including expats), their rates, and key terms.

_{Note: I’m Portuguese, so I’m familiar with the local market and deposit insurance rules. For a broader Europe-wide overview see the related article comparing the best high-yield savings accounts in Europe.}

Quick comparison table

^{* Protection per depositor, per institution.
** Not covered by deposit guarantee scheme; backed by insurer (Fidelidade).}

Top picks for different needs

• Highest Promotional Rate: Bankinter - Mais Ordenado stands out with 5% TANB in the first year (up to €10k), followed by 2% in the second year. It does require salary domiciliation.
• Best Everyday Savings (no strings attached): Trade Republic offers 2.00% on balances up to €50k, with full German deposit guarantee coverage and no requirements. It’s app-only, interest is credited monthly, and it’s ideal for expats who want a simple, flexible Euro account without opening a traditional bank account.
• Highest Flexible Rate via Fintech: Trading 212 pays 2.20% on idle Euro balances, credited daily. While protection is limited (~€20k investor scheme), it offers one of the top flexible yields, especially for smaller balances. New users can earn a free share.
• Best for Small Balances: Banco CTT gives 3% TANB on up to €5k if you meet the salary/direct debit conditions. Perfect if you just want to park an emergency fund locally in Portugal with full €100k deposit protection.
• Best Welcome Offer: Openbank gives 2.50% TANB for the first 6 months (up to €500k) to new customers. After the promo, rates fall, but for a short-term boost, it’s one of the most generous offers.
• Best Digital Alternatives: Revolut, Klarna, and bunq all provide rates around 1.5–2.0%, with deposit guarantees in their home countries (Lithuania, Sweden, Netherlands). These are good options if you’re already using them for daily banking or travel and want your idle cash to earn something.
• Best for Long-Term Tax Efficiency: Fidelidade - My Savings (insurance product) pays ~1.7% TANB with favorable tax treatment after 5–8 years. Not covered by the deposit guarantee scheme, but capital and interest are guaranteed by Portugal’s largest insurer. Attractive if you plan to hold for the medium to long term.

Safety and Deposit Insurance

All EU-based bank accounts (including Portuguese banks, German broker accounts, etc.) participate in an EU harmonized deposit guarantee scheme.

By law each bank (and branch) insures deposits up to €100,000 per person. So any bank/savings account listed above (Bankinter, CTT, Trade Republic’s German deposits, Bunq, N26, Klarna, etc.) is covered up to that limit. Funds held with different banks/countries each get separate cover.

Brokerage “cash accounts” also use this protection when client money is placed in banks. For example, Trade Republic and bunq place idle cash into German/Dutch banks (guaranteed).

In contrast, some platforms use a lower investor scheme: Trading 212’s UK branch is covered by the UK’s scheme (≈€20k). Always check each provider’s disclosure on protection.

If you have more than €100k, you may consider splitting funds across multiple banks or countries. Also consider money market funds or EUR cash ETFs are not under a deposit guarantee scheme, but under an investment compensation scheme.

For most expats with moderate savings, staying within €100k per bank and using these savings accounts strikes a good balance of yield and safety.

Conclusion

Portugal offers high-yield Euro savings accounts today, both via domestic banks and EU fintechs. The best rates (~2%+) are found at digital platforms: for example, Trading 212 (≈2.20% p.a.) and Trade Republic (2.00% p.a. on €50k) are very competitive.

Traditional banks like Bankinter and Banco CTT also pay above-average rates (5% first-year on €10k, and 3% up to €5k).

All are covered by robust deposit or investment guarantees.

When choosing, consider ease (some accounts require salary transfer or fees), tax handling (some withhold automatically, others don’t), and how the guarantee applies.

We encourage readers to compare current rates (they can change) and ensure their money stays within insured limits. For more Europe-wide options and context, see our related European savings guide.

As a Portuguese, I’m happy to answer further questions about opening any of these accounts and ensuring full compliance with local rules. Feel free to reach out!

Happy saving!