Millennium Bank New Charges

Banks confuse people! Never.

I went to the bank and they explained that there had to be €5,000 in savings or a regular incoming payment eg pension every month. I was able to juggle some money around as I get my private 'pension' payment as a lump sum, so it was just a matter of moving it from current to savings. Plus waving my residencia to prove I lived here and not in the UK.

Now I have to hope I don't run out of money in the current account before next July.

It might be worth pursuing next time you are in town but my understanding is that non  residents will pay the charge. Some UK banks do the same, so its not particular to Portugal but how its justified, if indeed it is justified anywhere, I do not know.

Jayjan wrote: Another question Tom. If your balance on your current account falls below a certain figure, will you be liable for bank charges on that, if so its a no win situation.

I am not 100% sure of that of the equation but my understanding is that providing the savings balance remains at that number I will still be exempt on that score. If I recall correctly it was an average balance of €2,000 across a year to be free of charges, but things have changed.

Something I shall keep an eye on.

Once I start getting my UK state pension paid in regularly, as a resident I become exempt from most charges.