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Interest accrues daily, but if your net interest is less than 0.01 EUR, it won't be paid until the cumulative interest exceeds this amount. As required by Portuguese law, we'll deduct withholding tax from any interest before it's credited to your Instant Access Savings.

The applicable withholding tax rate depends on your fiscal address: 28% for users in Mainland Portugal and 19.6% for users in the Autonomous Regions of Madeira and the Azores. For more details about the tax on your Instant Access Savings, read this FAQ.

Consider a balance of €1,000 with a 2.5% (TANB), compounded daily, and subject to 28% tax withholding:

• Interest accrued: €1,000 * 2.50%/365 = €0.0684932
• Payable interest: €0.06 (remaining keeps accruing until it becomes €0.01)
• Tax accrued: €0.0168
• Tax withheld: €0.01 (remaining keeps accruing until it becomes €0.01)
• Interest paid after tax: €0.06 - €0.01 = €0.05
• New balance: €1,000 + €0.05 = €1,000.05

• Interest accrued: €1,000.05 * 2.50%/365 = €0.0684966
• Payable interest: €0.06 + €0.01 = €0.07 (considering interests accrued on days 1 and 2)
• Tax accrued: €0.0196
• Tax withheld: €0.01 + €0.01 = €0.02 (considering tax accrued on days 1 and 2)
• Net Interest paid: €0.07 - €0.02 = €0.05
• New balance: €1,000.10

For users with a fiscal address in Madeira or the Azores, the same calculation applies, but the withholding tax applicable is 19.6%.

The variable interest rate (TANB) on your Instant Access Savings will depend on your membership. To see all applicable rates, visit our Instant Access Savings page on our website.