Best savings accounts in Portugal

Interest is taxed at a flat 28%, withheld by a Portuguese bank. A bank in another country withholds nothing, so the interest goes in quadro 8 of anexo J and the account itself has to be identified in quadro 11, even in a year it paid nothing.

Best rates available in Portugal

Checked on 28 September 2026. 12 savings accounts, term deposits and money market funds from 11 providers accept someone resident in Portugal. The three highest rates:

Trading 212, Interest on cash (Trading 212 EU GmbH) at 4.20%, instant access, no minimum, deposit guarantee: Germany, up to €100,000.
Klarna, Fixed-term savings account at 3.24%, fixed term, up to 4 years, no minimum, deposit guarantee: Sweden, up to €100,000.
bunq, Easy Savings at 3.01%, instant access, no minimum, deposit guarantee: Netherlands, up to €100,000.

9 of the 12 are covered by a national deposit guarantee scheme. The best rate you can withdraw at any time is 4.20% at Trading 212, and the best fixed term is 3.24% at Klarna. Rates are variable unless the entry says the term is fixed.

What to know if you live in Portugal

Deposits are covered up to €100,000 per depositor per credit institution by the Fundo de Garantia de Depósitos, with the first €10,000 paid within seven working days and the rest within fifteen (Banco de Portugal).

Interest is taxed at a flat 28%, withheld by the Portuguese bank, and that settles it unless you choose englobamento and have it taxed with the rest of your income (art. 71.º CIRS). A bank in another country withholds nothing for Portugal, so the interest goes in quadro 8 of anexo J at the same 28%, or 35% if the payer sits in a listed tax haven (art. 72.º CIRS). You also have to identify the account itself, with IBAN and BIC, in quadro 11 of anexo J, even in a year it paid you nothing.