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Millennium BCP review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Millennium BCP is a Portuguese bank that suits customers already holding its current account who want a fixed rate on app managed savings. Deposits sit under the EU scheme at EU DGS up to EUR 100,000, and the app term deposit pays a fixed 1.5% to 2.5% over a term of 3 to 12.

Key facts

Best for
Existing Millennium BCP current account holders parking money in a fixed app deposit.
Currency conversion fee
3.85%↗
Card type
Debit↗
Legal entity
Banco Comercial Portugues, S.A.↗
Headquarters
Portugal↗
Founded
1985↗
Support channels
Phone, Help-centre↗
Features
Travel
Audience
Business, Kids
Official website
millenniumbcp.pt

Loans

APR
15.4%↗
Loan amount
€1,000 to €75,000↗
Term
3 to 12 months↗
Arrangement fee
0 EUR (no formalization fee)↗
Credit check
Hard↗
Funding time
Same day, credited to the account within the hour, with an instant online answer↗
Rate type
Fixed↗
Lender type
Direct lender↗
Loan types
Personal↗
Pricing model
Fixed rate

Credit cards

Annual fee
€10.40↗
Rewards type
None↗
Perks
0 EUR annual fee when bundled with a Cliente Frequente or Mais Portugal account, M Travel subscription removes the international service fee on purchases abroad, Up to 25% discount on Avis car rental (code W601014), Split a purchase into 3, 6 or 9 instalments (TAN up to 11.000%), Instant digital card in the App Millennium, usable in MB WAY, Apple Pay, Google Pay and Samsung Wallet, Payment date selectable between the 11th and the 20th, 30-day billing cycle, Card body made with 100% recycled plastic↗
Card kind
Credit↗

Savings

Headline rate
1.5% to 2.5%↗
Minimum deposit
€500↗
Deposit protection
EU DGS up to EUR 100,000↗
Access terms
App Millennium exclusive; requires an existing Millennium current account and app registration; interest credited to the current account at maturity; early withdrawal possible but interest is lost; no top-ups until maturity; auto-renewed for the same period at the standard term-deposit rate↗
Account kind
Fixed↗

Mortgages

Initial rate
3.45%↗
APRC
4.3%↗
Fixed period
2 years↗
Maximum loan to value
90%↗
Product fee
€0 to €748.80↗
Purpose
Purchase, Remortgage, First-time-buyer, Home-equity↗

Facts checked September 26, 2026, 14 sources

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
Wikidataappgallery.huawei.com

Pros and cons

Pros

  • App term deposit pays a fixed 1.5% to 2.5% for a 3 to 12 term from a €500 minimum
  • Credit card annual fee drops to €10.40 when bundled with a Cliente Frequente or Mais Portugal account
  • Licensed in Portugal by Banco de Portugal, with deposits under the EU protection scheme at EU DGS up to EUR 100,000

Cons

  • Early withdrawal is possible but the interest is lost, and the deposit then auto renews for the same period at the standard term deposit rate
  • Support runs on phone and help centre, and email and live chat are not among those channels
  • The credit card pairs 15.4% with none rewards, so the interest is not offset by points
Millennium BCP

Ready to try Millennium BCP?

Scored 8.8 / 10 by SumCue.

See alternatives

Who it suits

  • Current account customers who can open and manage the app deposit
  • Portuguese savers who want a fixed rate for a short term
  • Borrowers who need a personal loan with an arrangement fee of 0 EUR (no formalization fee)

Who should look elsewhere

  • Savers wanting easy access, as the fixed deposit holds money for the term
  • Anyone without an existing Millennium BCP current account, which the app deposit requires
  • Card shoppers prioritising rewards, since the credit card pays none rewards

How Millennium BCP compares

Where Millennium BCP is available

Available
Portugal
Licence in Portugal
Banco de Portugal (33), checked September 26, 2026
Licence in Portugal
European Central Bank, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What rate does the app term deposit pay?+

The app term deposit pays a fixed 1.5% to 2.5% over a term of 3 to 12. The rate type is fixed rather than variable, so the return is set when the deposit opens. Interest is credited to your current account at maturity.

How much can I deposit?+

The minimum deposit is €500, and personal lending runs on loan amounts of €1,000 to €75,000. The deposit is a fixed account, so money stays in place for the term you choose rather than earning a variable rate.

What happens if I withdraw early?+

Early withdrawal is possible, but the interest is lost. Top ups are not possible until maturity, and the deposit is then auto renewed for the same period at the standard term deposit rate, so access is limited without losing the return.

Is my money protected and who regulates the bank?+

Deposits are covered by the EU deposit guarantee scheme at EU DGS up to EUR 100,000. The bank trades as Banco Comercial Portugues, S.A. in Portugal and appears under the Banco de Portugal and the European Central Bank. It is a direct lender rather than a broker.

How much does the credit card cost to hold?+

The annual fee is €10.40, and it drops to free when bundled with a Cliente Frequente or Mais Portugal account. The card also carries a currency conversion fee of 3.85%, and the rewards type is none, so there is no points scheme to offset it.

What support can I reach?+

Support runs through phone and help centre: phone and a help centre. Email and live chat are not among those channels, so a call is the direct route for anything the help centre does not cover.

What is the card and who is it aimed at?+

The card type is debit, so spending draws directly on the balance, and the card is a credit card with 15.4%. Perks include an instant digital card in the app, usable in MB WAY, Apple Pay, Google Pay and Samsung Wallet. Audience segments include business and kids.

Sources

Compiled from 14 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Monthly fee, Free ATM withdrawals, Protection.

Millennium BCP

Millennium BCP

Existing Millennium BCP current account holders parking money in a fixed app deposit.

8.8/10See alternatives