Microfinance

Currently , it is almost impossible to imagine a life without a bank. In reality, there are few people who do not have a bank account, that’s why the adaptation of products to the clients needs also involves the progressive integration of social concerns. NOVO BANCO intends to increasingly adapt its products to the new realities of its clients. Accordingly, its saving products permit to build up a nest according to each family's budget.

In line with this positioning, the Bank has designed a package of Micro Savings solutions comprising three products, namely Planned Savings, Micro Savings and the Targeted Savings Smart app, under which accumulated €1 101 million were saved in 2019.

This encouraged clients to adopt saving behaviours, through the regular deposit of small amounts, the rounding up of bills, among others.

Planned Saving The Planned Saving permits to build up savings from as low as 10 euros per month through the subscription of a monthly plan in which the client sets the amount and the time of month of deposits, thus adjusting the savings to the family budget.

277 thousand clients using the service

€1 090 million in savings

Micro Saving solution The Micro Saving solution allows any client to start saving money by small amounts through the rounding up of debits of day-to-day expenses (such as residential mortgage loan instalments or personal loan repayments, insurance premiums, or direct debits), which are transferred to a savings account.

Used by 42 thousand clients

€8.5 million in savings

Smart app
(Saving for goals)
The 'Saving for Goals' product launched in September 2017 is exclusive for Clients who have installed the NB smart app: once the Client has defined his/her saving objectives (how much and for how long he/she wants to save) the smart app traces the path to reach this objective.

6.4 thousand contracts

€6.2 million in savings

See more about Saving Products.

Financial Inclusion

To expand the reach of financial services and consequently achieve wider social inclusion, NOVO BANK offers the Minimum Banking Services Account, a current account providing a debit and a credit card, with an annual maintenance fee of €4.12.

This account is intended for:
- individuals who hold no other current account in any other institution, or who hold only one current account which is converted into a Minimum Banking Services Account.
- persons who hold other current accounts, but wish to open a minimum banking services account in which one of the holders is over 65 years old or is dependent on others.

In 2019 the Bank had 8 491 Minimum Banking Services accounts.