In the UK the banks will guarantee up the first 50,000 pounds.

Does anybody know what the level of guarantee is for PT banks?

Thanks

Detailed information on the Portugal guarantee
scheme and texts of the applicable laws are available on:

http://www.min-financas.pt/info_econ..._23Oct2008.pdf

The government increased its guarantee of bank
deposits from EUR 25,000 to EUR 100,000 per
depositor and institution, in a declaration made by the
Minister of Finance on 6 October 2008.

Or simply ask the Banks themselves.

Thank you.

As far as im aware the goverment has proposed this and said it would be done(till 100k) but I was told by a friend in a bank not so long ago that this still had not been made law/accepted.

If you can I'd keep the money in the UK for as long as you can, interest rates here are appalling!

G

Don't know what the rates are in PT, but they are also grim in the UK, unless you tie your money to a fixed period and even then it's pretty poor. So called competitive cash ISAs are typically 3% to 4%.

I'm getting at least 2.5% AER in Abbey plus a 2% end of year bonus for a standard savings account...here it's Euribor rate +.25% with BES for a 6 month fixed saver and 1.25% with Millenium for the same.

Money is much better in the UK or if not somewhere offshore I'd expect.

G

It's not for the want of investing in a bank in PT, it's because we need to download money from the UK to pay our builder and we were going to take advantage (sic) of the exchange rate.

Thanks for the replies

Hello rates in Portugal are quite low at the moment I have a Deposito a Prazo with my Portuguese bank for 2% :-( And this rate is because the savings is done via their off shore branch.

With Barclays they have a new "Monthly Savings Account" with a rate of 4% and a bit which considering what is going on around is pretty good!!!

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Cant see this info on this web site. Kindly clarify.

Do all Pt banks have a different rate of depositor guarantee??

I can say for sure that Barclays Pt has cover from the UK FSA which is GBP
50000 per depositor.

Tombo+

Banco Espirito Santo are offering 4% - 3.2% after tax, however, there is a one-off 1.5% commission payable, so short term it's not such a good deal.

Yes, but that is because it is a unit of a UK banking system. Portuguese banks, underwritten by the central bank of Portugal, at present, guarantee deposits up to €100,000 by each account in each different bank.

If thats the case..... why is there huge protests about clients of BPP losing their cash....unless there is a hell of a lot of people with over 100k in that bank?!

Pinch of salt

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In the event that Portuguese banks start collapsing where would the
Banco Central Portugal find all the money to recompense their depositors?

Would they just print money like the B o Eng. has been doing.?

Tombo+

I don't know "how safe" this bank is but it sure looks like fun....

http://www.yourfunnystuff.com/2009/0...erm-bank-nsfw/