Banco de Portugal reports on deposit comparator, sector debt and branch closures

The Bank of Portugal said it is developing an online comparator for savings products after a recommendation from the Competition Authority to include deposit rates, aiming to improve transparency and competition. Current deposit rates have risen to 1.48% in May, still below the euro‑area average.

In May, total debt of the non‑financial sector reached €883.2 billion, with €497 billion belonging to the private sector and €386.3 billion to the public sector. The increase of €6.4 billion was driven by higher public borrowing, rising household mortgage debt and increased external financing for companies.

A separate Bank of Portugal report highlighted a continued contraction of the branch network: over the past four years, 477 branches have closed and about 17% of cash counters no longer offer cash services, representing a 15% reduction in cash‑point coverage across most districts. The loss of physical outlets raises concerns about access for vulnerable communities and the social role of banks in low‑density areas.