Is Novo Banco in trouble?

Hi Znasne,

This new bank was formed in 2014 as a result of the liquidation of another bank called BES which had problems due to a bad management. What you are seeing on television are enquiries/reports regarding the old bank BES and not the Novo Banco. Your deposits are protected.

In case of insolvency of a credit institution, sums invested in deposits are protected up to a maximum of EUR 100,000 per credit institution and per depositor, whether the depositors are resident or non-resident in Portugal.

https://clientebancario.bportugal.pt/pt … -depositos

KR

Thanks Johnny for your information, it's very reassuring.
Thanks again.

Novo Banco has been in trouble for a while.  I would stay away from them. We have Millenium bank, love it.

For deposits with credit institutions based in Portugal, deposits are guaranteed by the Deposits Guarantee Fund – regulated by the Legal Framework of Credit Institutions and Financial Companies (RGICSF).

Source: Banco de Portugal
https://clientebancario.bportugal.pt/en … -guarantee

Source: European Central Bank (ECB)
https://www.ecb.europa.eu/explainers/te … ee.en.html

@Guest8795

hello

I am interested to know if you are Portuguese citizen? because on Millennium bank's website to open a bank account one has to be a citizen not just a resident.

Thanks

helen

@peaceatwood

Dont have to be a citizen  to open in Milliemun.  Need  a NIF nbr  and a local address

We are with novo banco have been since before we moved here never had any trouble with them & that's  about 6 & a half years now do t intend changing banks any time soon

@aimof

oh good, will try.

@peaceatwood

Dear,

I have not decided to move to Portugal yet. Just trying to have some information.

I´m Danish but living in Bulgaria after living some years in Spain.

Best regards

Poul

We also have a second bank account just for back up & savings should the card from our main account get stolen or frozen makes it easier to still get money out.

...also to find out how this channel works

Poul

@peaceatwood
Dont have to be a citizen to open in Milliemun. Need a NIF nbr and a local address
-@aimof

Strange

I officially am not an resident nor an citizen of Portugal or the EU but have opened an account with Millenium BCP in Portugal  then later on other account in Portugal with their subsidiary Activo bank and neither one is using my Portuguese address.