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What is a basic account?

A basic account is a bank account with basic features. In accordance with Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features, and the Law on Payment Services and Electronic Money of the Republic of Latvia, any European Union resident-consumer has the right to this kind of account, as long as they do not have any other account open with a bank in Latvia. The basic account is not intended for economic or professional activities. At Citadele, basic consumer payment accounts are opened with a Mastercard Debit card.

Basic Account services may be refused and terminated in cases provided in the Law on Payment Services and Electronic Money.

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