Opening a checking account in Chile is no longer reserved for people with a good salary. According to the CMF's 2025 Annual Report on Regional Financial Sector Statistics, in March 2025 there were 13,816,196 checking accounts, four times the 3,373,652 of March 2014. The jump, visible in the figures since 2021, coincides with the spread of digital checking accounts, which are opened online and in several cases require no minimum income.
But traditional plans, the ones that come with a credit line and a credit card, still require a minimum income and charge a monthly maintenance fee in UF that can drop to zero if certain conditions are met. This guide compares the requirements and fees published by banks on their official websites (checked on November 5, 2026, with the UF at CLP 41,274.20) and explains what to look at before choosing.
View the data as a table
| Checking accounts | 13.8 million |
| Per 1,000 adults | 760 |
| One-year rise in coverage | 18.4% |
| Average balance per account | $3.58 million |
Requirements to open a checking account
The requirements to open a checking account depend on the type of plan. Entry-level digital accounts generally ask for a valid ID card, legal age and a phone with a camera to verify identity. Plans with a credit line and credit card add a minimum net income, a credit assessment and, at some banks, a higher minimum age. These are the requirements three banks publish on their websites:
- Scotiabank: the ScotiaZero plan has no minimum income; plans with credit products require a minimum age of 25, being Chilean or a foreigner with permanent residency, and a valid ID, according to Scotiabank.
- Banco Falabella: be over 18, hold a valid Chilean ID and have a device with a camera and internet; the process is 100% digital, according to Banco Falabella.
- Banco Ripley: online application with identity verification; the Banco Ripley website does not publish the minimum income or the maintenance fee amount.
Anyone who does not meet the income or age required for a plan with credit has two paths: a digital checking account without a credit line, or a demand account. The most widely used in the country is BancoEstado's, which we analyze in our guide to the CuentaRUT, its fees and limits.
Checking account fees by bank and plan
The table gathers the checking account plans whose requirements and fees are published on each bank's official website. Maintenance is expressed in UF; the conversion to pesos uses the UF of November 5, 2026 (CLP 41,274.20, Central Bank via mindicador.cl).
| Bank and plan | Minimum net income | Monthly maintenance | In pesos | How it drops to zero |
|---|---|---|---|---|
| Scotiabank ScotiaZero | No minimum income | $0 | $0 | Free; no credit line |
| Plan Scotiabank | $500.000 | 0,3 UF | $12.382 | CLP 400,000 monthly deposit, CLP 5 million in investments or 3 direct debits |
| Plan Scotiabank Plus | $1.200.000 | 0,25 UF | $10.319 | CLP 1.2 million deposit, CLP 10 million in investments or 3 direct debits |
| Singular by Scotiabank | $3.000.000 | Not stated | — | Not stated |
| Singular Ultimate | $7.000.000 | Not stated | — | Not stated |
| Banco Falabella Checking Account | Not stated | 0,32 UF | $13.208 | 8 debit purchases, salary deposit, CMR Elite, under 26 or a CLP 500,000 deposit |
| Banco Ripley Checking Account | Not stated | Not stated | — | Salary, 8 debit purchases, CLP 500,000 deposit, Silver or Gold customer, CLP 500,000 term deposit or an active loan |
Sources: official websites of Scotiabank, Banco Falabella and Banco Ripley, checked on November 5, 2026. Scotiabank notes that its costs exclude credit life insurance, the credit card's monthly fee and notary costs, and that Plan Scotiabank has its first month free and the Plus plan its first three. The other large banks publish their fees in their own fee schedules, which are worth reviewing with the same checklist before deciding.
| Scotiabank ScotiaZero | 0 | 0.00 | 0 |
| Plan Scotiabank | 500,000 | 0.30 | 148,587 |
| Plan Scotiabank Plus | 1,200,000 | 0.25 | 123,823 |
| Banco Falabella | 0 | 0.32 | 158,493 |
How to bring checking account maintenance to zero
Almost every plan offers an exemption if the customer uses the account as their main account. The most common conditions are three: depositing the salary or a minimum monthly amount (between CLP 400,000 and CLP 1.2 million at Scotiabank, or a CLP 500,000 deposit at Falabella and Ripley), making debit card purchases (8 a month at Falabella and Ripley) or holding investments at the bank, such as term deposits or mutual funds.
If none is met, the cost adds up. With the UF of November 5, 0.3 UF a month equals CLP 12,382, and CLP 148,587 over a year. Since the UF is indexed to inflation, the maintenance fee in pesos also rises every month; our article on the value of the UF explains how it is calculated.
What maintenance does not always include
- The credit card fee tied to the plan, usually charged separately.
- Interest and fees on the credit line if it is used.
- Associated insurance, such as credit life insurance.
- Withdrawals at other banks' ATMs: Banco Falabella, for example, gives 3 free withdrawals a month at third-party ATMs.
Has your bank launched a new checking account plan? Show it to Pauta Financiera readers who compare before opening an account.
See advertising optionsHow many checking accounts there are in Chile and where
The number of checking accounts grew slowly until 2020 and then took off: it went from 5.2 million in March 2020 to 13.8 million in March 2025, according to the CMF. According to Diario Financiero, using CMF data, as of November 2024 Banco Falabella was the bank with the most checking accounts, with 2,712,448, followed by Santander and Bci.
View the data as a table
| Whole country | Country excluding Santiago Metropolitan region | |
|---|---|---|
| 2014 | 3.4 M | 1.3 M |
| 2015 | 3.6 M | 1.4 M |
| 2016 | 3.9 M | 1.5 M |
| 2017 | 4.2 M | 1.6 M |
| 2018 | 4.5 M | 1.7 M |
| 2019 | 4.9 M | 1.9 M |
| 2020 | 5.2 M | 2.0 M |
| 2021 | 5.8 M | 2.1 M |
| 2022 | 7.3 M | 2.2 M |
| 2023 | 9.1 M | 2.4 M |
| 2024 | 11.6 M | 2.7 M |
| 2025 | 13.8 M | 2.9 M |
The chart shows an important detail: almost all of the increase was recorded in the Metropolitan region, which went from 2.07 million accounts in 2014 to 10.94 million in 2025, while the rest of the country rose from 1.30 million to 2.88 million. The likely reason is accounting: accounts opened through digital channels tend to be booked at the bank's headquarters in Santiago. That is why coverage in the Metropolitan region reaches 1,456 accounts per 1,000 adults, compared with 160 in Ñuble.
View the data as a table
| Accounts per 1,000 | |
|---|---|
| Metropolitana | 1,456 |
| Magallanes | 452 |
| Antofagasta | 349 |
| Los Lagos | 339 |
| Aysén | 325 |
| Arica y Parinacota | 277 |
| Tarapacá | 273 |
| Valparaíso | 272 |
| Biobío | 263 |
| Atacama | 255 |
| Los Ríos | 242 |
| Coquimbo | 230 |
| Maule | 213 |
| La Araucanía | 212 |
| O'Higgins | 194 |
| Ñuble | 160 |
Another consequence of mass adoption is that the average balance fell. Dividing the total checking account balance by the number of accounts, the average went from CLP 8.09 million in March 2022 to CLP 3.58 million in March 2025, in nominal pesos: there are many more accounts, but with less money in each.
View the data as a table
| Average balance | |
|---|---|
| 2014 | $5.81 |
| 2015 | $6.25 |
| 2016 | $6.39 |
| 2017 | $6.48 |
| 2018 | $6.38 |
| 2019 | $6.35 |
| 2020 | $7.35 |
| 2021 | $9.09 |
| 2022 | $8.09 |
| 2023 | $5.15 |
| 2024 | $4.16 |
| 2025 | $3.58 |
Which checking account suits each profile
- No income or variable income: a plan with no minimum income or maintenance fee, such as ScotiaZero, or a demand account. They do not come with a credit line.
- Stable salary deposited into the account: plans exempt for deposits or salary usually end up at zero; the point is to check the cost of the card and the credit line.
- Under 26: Banco Falabella waives maintenance based on age.
- High incomes: premium plans require from CLP 3 million (Scotiabank Singular); it is worth asking for the total cost including cards and insurance.
Checking account balances have, according to the CMF, 100% coverage in the event of a bank's forced liquidation, unlike the UF 200 per institution state guarantee that covers term deposits and savings accounts. If the goal is a return on money that is not being used, the checking account is not the product: our guide to term deposits compares what each bank pays.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
Frequently asked questions about checking accounts
What do you need to open a checking account?
A valid ID and legal age for digital accounts; plans with a credit line and card add a minimum income, a credit check and, at Scotiabank, a minimum age of 25.
Are there checking accounts with no maintenance fee?
Yes. ScotiaZero has no fee and no minimum income, and other plans drop to zero if a condition is met, such as depositing the salary or making 8 debit purchases a month.
How much does a checking account cost per month?
In the plans reviewed, between 0.25 UF and 0.32 UF a month if the conditions are not met: between CLP 10,319 and CLP 13,208 with the UF of November 5, 2026.
How many checking accounts are there in Chile?
13,816,196 as of March 2025, according to the CMF: 760 per 1,000 adults.
Is a checking account the same as a demand account?
No. A checking account can come with a chequebook and a credit line; a demand account, like the CuentaRUT, only lets you use the available balance.
