Your cookie choices

We use necessary cookies to make this site work. With your permission, analytics cookies help us understand usage and marketing cookies support advertising.

You can reject non-essential cookies and still use the site. Change your choices anytime in Cookie settings.

Cookie settingsCookie policy

Novo Banco review

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

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

Novo Banco suits Portuguese households that want a known borrowing cost: personal loans priced at 11.8% on a fixed rate across €2,000 to €25,000 and 6 to 84. A mortgage campaign runs at 3.764% for 2, covering purchase, remortgage and buy to let business from the bank itself rather than a broker.

Key facts

Best for
Fixed personal loans in Portugal at 11.8%, and a mortgage campaign opening at 3.764% for a fixed period.
Monthly fee
€4.06↗
Card type
Debit↗
Legal entity
NOVO BANCO, S.A.↗
Headquarters
Portugal↗
Founded
2014↗
Support channels
Phone, Help-centre↗
Features
Same-day funding
Official website
novobanco.pt

Loans

APR
11.8%↗
Loan amount
€2,000 to €25,000↗
Term
6 to 84 months↗
Arrangement fee
EUR 262.50 credit documentation charge plus stamp duty, on a EUR 7,000 personal loan↗
Credit check
Hard↗
Funding time
Credited to the account shortly after approval; analysis and approval may take up to 24 business hours↗
Representative example
Personal loan: EUR 7,000 over 72 months at TAEG 11.8% with salary direct debit, TAN fixed 8.700%, monthly instalment EUR 126.35, total amount imputed to the consumer EUR 9,492.97 (standard rate example: TAEG 13.0%, TAN fixed 9.700%, instalment EUR 129.99)↗
Rate type
Fixed↗
Lender type
Direct lender↗
Loan types
Personal↗
Use cases
Home-improvement↗
Pricing model
Fixed rate

Mortgages

Initial rate
3.764%↗
APRC
4.2%↗
Fixed period
2 years↗
Maximum loan to value
90%↗
Product fee
€2,233.20↗
Purpose
Purchase, Remortgage, Buy-to-let↗

Credit cards

Card kind
Credit↗

Facts checked September 26, 2026, 8 sources

Apps and profiles

Get the app
App Store
Elsewhere
WikidataWikipediaLinkedIn

Pros and cons

Pros

  • The rate is fixed at 11.8%, so the instalment does not move with the market and the cost is known at the start.
  • Amounts of €2,000 to €25,000 across terms of 6 to 84 cover a small repair or a full renovation without a long wait.
  • Approved money reaches the account, and same-day funding is listed among the features under same day funding for quicker decisions.
  • Support is offered on phone and help centre for both the personal loan and the mortgage campaign, with a phone line at hand.

Cons

  • The €4.06 monthly account fee on the debit card account sits well above €0 at bunq and £0 at Wise.
  • A credit documentation charge plus stamp duty is added to a personal loan, on top of the interest and the instalment.
  • Help runs on phone and help centre, so email and live chat sit outside that range and questions go by phone or the help centre.
Novo Banco

Ready to try Novo Banco?

Scored 8.5 / 10 by SumCue.

See alternatives

Who it suits

  • Portuguese households taking personal borrowing for home improvement, which is the use the bank lists for the loan.
  • Borrowers who want the rate locked, at 11.8% on the personal loan and 3.764% for 2 on the mortgage campaign.
  • Applicants ready for a hard credit check and a direct relationship with the bank rather than a broker.

Who should look elsewhere

  • Readers who want a free monthly account: bunq charges €0 and Wise £0, both under the €4.06 charged here.
  • Anyone after a card rather than a bank loan: Varo Believe Secured Credit Card sits on the card side, while Novo Banco lends over 6 to 84 terms.

Rates and card terms

Personal borrowing is priced at 11.8% on a fixed rate, so the instalment holds for the whole term instead of resetting. Loans run over 6 to 84, which gives room to match the repayment to the work being paid for. Because the rate is fixed, the full cost is known before the first payment and does not move with the market.

The company behind it

Credit comes from NOVO BANCO, S.A., headquartered in Portugal and trading since 2014. The range runs from a personal loan to a mortgage campaign, and both are handled through phone and help centre, a phone line and a help centre. Queries about an existing deal and queries about a new application go to the same places.

How Novo Banco compares

Where Novo Banco is available

Available
Portugal

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

Frequently asked questions

What does the account cost each month?+

The debit card account carries a monthly fee of €4.06, which is the main ongoing cost. bunq's account fee is €0 and Wise's is £0, so a fee-free everyday account is worth weighing up. The card is debit, so spending draws on the balance you hold.

What rate do I pay on a personal loan?+

The headline rate is 11.8% and it is fixed, so the instalment does not move. Amounts run €2,000 to €25,000 across terms of 6 to 84. The published example pairs the loan with the salary paid in by direct debit, and a second example at a higher rate covers applicants without that arrangement.

Will applying leave a mark on my credit file?+

Novo Banco runs a hard credit check, listed as hard, so an application is recorded on your file rather than treated as a light check. Across the lending products compared, the median retail loss rate is 70.15%, which is part of why lenders price the way they do.

What extra charges come with the loan?+

A credit documentation charge plus stamp duty is added on top of the interest, and the published figure is quoted against a mid-sized loan. The rate above those costs is 11.8%, fixed, so the total is set once and does not drift.

What does the mortgage campaign offer?+

The campaign carries an initial rate of 3.764% fixed for 2, with an APRC of 4.2% and lending up to 90% loan to value. It covers purchase, remortgage and buy to let, and a product fee of €2,233.20 applies on top.

Do I deal with the bank or a broker?+

With Novo Banco you deal with the lender itself, listed as direct lender, so terms come from NOVO BANCO, S.A. rather than a comparison site. Questions go through phone and help centre, a phone line and a help centre.

Sources

Compiled from 8 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Currency conversion fee, Free ATM withdrawals, Protection.

Novo Banco

Novo Banco

Fixed personal loans in Portugal at 11.8%, and a mortgage campaign opening at 3.764% for a fixed period.

8.5/10See alternatives