Best Savings Accounts for International Students in Portugal

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The best savings accounts for international students in Portugal should accept small deposits, allow easy digital management, charge no unnecessary maintenance fees, and provide clear rules for withdrawing money early.

Portugal does not have many savings accounts created exclusively for international students. In most cases, a student first opens a current account and then subscribes to a savings account or term deposit through the bank’s application or website.

For newcomers, ActivoBank currently offers one of the strongest promotional deposits. Millennium bcp provides practical options for regular monthly saving, while Santander and novobanco offer goal-based accounts that can be started with very small amounts.

Interest rates and promotional conditions can change, so check the official product sheet before depositing money.

Savings Account vs Term Deposit in Portugal

Portuguese banks generally offer two main ways to save.

Flexible savings account

A flexible savings account may allow:

Regular monthly contributions
Additional deposits
Partial withdrawals
Automatic transfers from a current account
Interest payments every month or six months

The interest rate may be relatively modest, but the money is generally easier to access.

Term deposit

A term deposit holds money for a specified period, such as:

30 days
90 days
Six months
Twelve months

It may offer a higher interest rate, but withdrawing money early can result in losing some or all accrued interest. Banco de Portugal explains that early withdrawal from a term deposit commonly involves an interest penalty, while some products do not permit early withdrawal at all.

Best Savings Accounts for International Students in Portugal

1. ActivoBank New AB Clients Deposit — Best Promotional Rate for Newcomers

The New AB Clients Deposit is one of the most attractive short-term options for international students who have recently opened an ActivoBank account.

Its current published conditions include:

Gross annual nominal rate: 3.00%
Term: 90 days
Minimum deposit: €500
Maximum deposit: €10,000
Available to customers whose account was opened during the previous 90 days

Early partial or total withdrawal is permitted, but the customer loses all interest associated with the amount withdrawn. The deposit automatically renews under the conditions of ActivoBank’s standard deposit rather than the original promotional rate.

Why it may suit international students

Competitive promotional rate
Relatively short commitment
Clear minimum and maximum deposit
Available after opening a standard ActivoBank account
Managed through ActivoBank’s digital channels

Main limitations

Requires at least €500
Available only during the first 90 days after opening the account
Additional contributions are not allowed
The 3.00% rate is annualised, so the actual return over 90 days is proportionally smaller
Early withdrawal removes the related interest

Best for: New ActivoBank customers who already have at least €500 they will not need for three months.

2. ActivoBank Choose Your Term Savings — Best for Flexible Deposit Periods

Students with smaller balances may prefer ActivoBank’s Choose Your Term Savings.

The bank currently lists:

Minimum deposit: €1
Terms from 15 to 365 days
Published gross annual rates from 1.15% to 1.20%
Several term choices depending on how long the money can remain deposited

This option has a much lower entry requirement than many promotional deposits.

Why it may suit students

Can be opened with only €1
Several deposit periods
Suitable for short-term goals
Useful for tuition, travel, or emergency-fund planning
Managed digitally after becoming an ActivoBank customer

Students should confirm whether early withdrawal is allowed for the selected period and what interest penalty applies.

Best for: Students who want to separate money for a specific date without depositing hundreds or thousands of euros.

3. Millennium Poupança Reforço Frequente — Best for Monthly Saving

Millennium bcp’s Poupança Reforço Frequente is designed for customers who want to contribute regularly rather than make one large deposit.

Its current features include:

Initial savings amount from €100
Additional monthly deposits between €100 and €5,000
Interest credited every 30 days
Published gross annual rate currently up to 1.25%, depending on the customer’s linked Millennium solution and applicable conditions

Students with a Millennium GO! or university banking solution may qualify for the relevant linked-account rate when the product conditions are met.

Why it may suit international students

Encourages consistent monthly saving
Interest paid monthly
Available through Millennium’s app or website
Convenient for students already using Millennium GO! Universitário
Contributions can be aligned with scholarship or salary payments

Main limitations

The €100 contribution level may be high for students with limited income.
The best rate may depend on holding another qualifying Millennium package.
Early withdrawal is possible for most Millennium savings products, but an interest penalty can apply.

Best for: Students who receive regular income and can save at least €100 each month.

4. Santander Conta Poupança Objetivo — Best for Small Savings Goals

Santander’s Conta Poupança Objetivo allows customers to name a savings goal, choose a target date, and make additional contributions.

Its current published terms include:

Gross annual rate: 0.15%
Renewable six-month term
Interest credited every six months
Contributions permitted
Digital subscription available to eligible Santander customers

The return is modest, but the account is designed more for organising savings than maximising interest.

Why it may suit students

Can be used for a specific goal
Supports additional contributions
Interest is added to the savings balance
Helpful for visa fees, flights, rental deposits, or tuition
Accessible through Santander’s digital banking channels

Main limitation

The current interest rate is lower than several short-term deposits. Students should prioritise this account for convenience and budgeting rather than high returns.

Best for: Santander customers who want a simple place to separate small amounts from daily spending.

5. novobanco Conta Poupança Programada — Best for Automatic Saving

The novobanco Conta Poupança Programada is a recurring savings account that allows customers to change or cancel their scheduled contributions.

Current published conditions include:

Gross annual rate: 0.50%
Three-year term
Contributions from €10
Maximum regular and occasional contributions of €24,000 per year
No account commission
Interest paid every six months
Contributions can be adjusted or cancelled through online banking, the application, a branch, or telephone support

Why it may suit international students

Low €10 starting contribution
No commission
Flexible recurring deposits
Useful for building an emergency fund
Contributions can be paused when the student budget becomes tight

Although the account has a three-year term, students should examine the early-withdrawal conditions before depositing money needed during the academic year.

Best for: Students who want to automate small monthly savings without committing to a large deposit.

How Savings Interest Is Taxed in Portugal

Published rates are normally shown as TANB, or the gross annual nominal rate.

For individuals with tax residence in mainland Portugal, deposit interest is generally subject to a 28% withholding tax. The rate is generally 19.6% for tax residents of Madeira or the Azores.

For example, a 3.00% gross annual rate does not mean the customer receives 3.00% net interest. The amount also needs to be adjusted for:

The deposit period
Applicable withholding tax
Early-withdrawal penalties
Whether the deposit renews at a lower rate

International students with tax residence outside Portugal may be subject to different rules and should provide accurate tax-residency information to the bank.

Are Savings Deposits Protected?

Eligible current accounts, savings accounts, and term deposits are generally protected up to €100,000 per depositor, per institution.

Deposits with institutions headquartered in Portugal are normally protected by Portugal’s Deposit Guarantee Fund. A Portuguese branch of a bank headquartered in another EU country is usually covered by the guarantee scheme of that bank’s home country, with the same standard €100,000 limit.

Which Savings Account Is Best?

Choose ActivoBank New AB Clients Deposit when you are a new customer and can leave at least €500 untouched for 90 days.

Choose ActivoBank Choose Your Term Savings when you need a low minimum deposit and several maturity choices.

Choose Millennium Reforço Frequente when you can save at least €100 regularly.

Choose Santander Poupança Objetivo when separating money into specific goals is more important than earning the highest rate.

Choose novobanco Poupança Programada when you want to start with €10 and automate monthly saving.

Final Takeaway

ActivoBank currently offers the most competitive short-term promotional deposit for eligible new customers, while Millennium bcp is stronger for regular monthly saving.

Santander and novobanco provide accessible goal-based accounts for students starting with smaller amounts. Before choosing, compare the gross and net interest rates, minimum deposit, early-withdrawal penalty, renewal rate, and deposit-protection scheme.

Best Savings Accounts for International Students in Portugal