Savings accounts are Chile's most widespread financial product after demand accounts. According to the CMF's 2025 Annual Report on Regional Financial Sector Statistics, in March 2025 banks held 15,354,018 term savings accounts and 6,964,038 housing savings accounts. There are 926 term savings accounts per 1,000 adults, compared with only 138 term deposits per 1,000.
Their appeal is that many are indexed to the UF, which in 2026 has risen 3.88% between January 1 (CLP 39,731.79) and November 5 (CLP 41,274.20), according to Central Bank data published by mindicador.cl. The fine print is that this indexation is lost if you withdraw too often. This guide explains the types of savings accounts, the Central Bank rules that govern them and which goal each one serves.
View the data as a table
| Term savings accounts | 15.35 million |
| Housing savings accounts | 6.96 million |
| Term savings accounts per 1,000 adults | 926 |
| UF increase in 2026 | 3.88% |
Types of savings accounts in Chile
Banks offer three families of savings accounts, with different rules on withdrawals and indexation. The key difference is how freely you can take the money out and whether the balance is protected from inflation:
| Type | How withdrawals work | Indexation | What it is for |
|---|---|---|---|
| Term savings with unconditional withdrawal | At any time | May or may not be indexed, depending on the contract | Emergency fund |
| Term savings with deferred withdrawal | With 30 days' prior notice; on-demand withdrawals of up to 30 UF if the bank allows | In UF, with up to 6 withdrawals every 12 months | Medium-term savings |
| Housing savings | Restricted; tied to applying for housing subsidies | In UF | Applying for a home |
Source: Central Bank of Chile, Compendium of Financial Regulations, chapter III.E.4, for deferred-withdrawal accounts; CMF for the classification by type. Products with brand names (passbooks, "premium" accounts, children's accounts) are variants of these families.
Term savings account rules: withdrawals, indexation and interest
Chapter III.E.4 of the Central Bank's Compendium of Financial Regulations sets the rules for deferred-withdrawal term savings accounts, the ones indexed to the UF. These are the rules that most affect returns:
- Six withdrawals a year: with an indexation clause, up to 6 withdrawals per 12-month period are allowed without losing indexation. Anyone who exceeds that loses the period's indexation and only receives interest.
- Ninety-day minimum: only deposits that remain in the account for 90 days or more are indexed.
- Yearly crediting: indexation and interest are applied and paid every 12 months.
- 30-day notice: withdrawals require 30 calendar days' notice, although the bank may accept immediate withdrawals of up to 30 UF (about CLP 1,238,226 with the UF of November 5, 2026).
- Free rate: each bank sets the annual interest rate and may change it within the first ten days of each month, with five days' notice if it lowers it.
- Simple interest: it is calculated by dividing the annual rate by 360 and multiplying by the number of days the money stayed on deposit.
An example with CLP 1 million
With a deposit of CLP 1,000,000 kept for twelve months in an indexed account, the indexation equals the UF's change over the period. If the UF rises as much as it has so far in 2026 (3.88%), the indexed balance would be CLP 1,038,800, plus whatever interest the bank pays. As an illustrative example, a rate of 0.5% a year on the indexed balance would add about CLP 5,194. If a seventh withdrawal is made before the year is up, the indexation is lost and only the interest remains. Actual rates vary by bank and product and must be checked in each institution's fee schedule.
The comparison with a term deposit is straightforward: the deposit usually pays a higher rate, but locks the money up until maturity. Our guide on how much a term deposit earns has the rates by bank, and the one on compound interest shows how savings grow when interest is reinvested year after year.
Does your institution offer savings products? Reach Pauta Financiera readers looking for where to keep their money.
See advertising optionsThe housing savings account
The housing savings account is the gateway to state housing subsidies, which require proof of a minimum savings amount in UF. It is the one that grew most over the last decade: from 3.77 million accounts in 2014 to 6.96 million in 2025, and its total balance rose from CLP 590 billion to CLP 2.07 trillion, according to the CMF. The amount jumped in 2021, the year of pension fund withdrawals.
View the data as a table
| Term savings | Housing savings | |
|---|---|---|
| 2014 | 10.81 M | 3.77 M |
| 2015 | 10.53 M | 3.94 M |
| 2016 | 10.75 M | 4.10 M |
| 2017 | 10.78 M | 4.45 M |
| 2018 | 10.87 M | 4.72 M |
| 2019 | 11.44 M | 5.13 M |
| 2020 | 11.90 M | 5.33 M |
| 2021 | 12.32 M | 5.63 M |
| 2022 | 13.21 M | 6.14 M |
| 2023 | 13.82 M | 6.40 M |
| 2024 | 14.67 M | 6.67 M |
| 2025 | 15.35 M | 6.96 M |
By region, coverage of housing accounts ranges from 359 per 1,000 adults in the Metropolitan region to 670 in Magallanes. The south has more home savings per inhabitant: Aysén (630), La Araucanía (565) and Maule (528) also comfortably exceed the national average of 421.
View the data as a table
| Accounts per 1,000 | |
|---|---|
| Magallanes | 670 |
| Aysén | 630 |
| La Araucanía | 565 |
| Maule | 528 |
| Ñuble | 512 |
| Atacama | 494 |
| Los Lagos | 493 |
| Los Ríos | 474 |
| Arica y Parinacota | 467 |
| Biobío | 466 |
| Tarapacá | 425 |
| O'Higgins | 423 |
| Coquimbo | 418 |
| Antofagasta | 399 |
| Valparaíso | 396 |
| Metropolitana | 359 |
Where people save most: term savings accounts by region
Term savings accounts have more even coverage than checking accounts. Magallanes leads with 1,611 accounts per 1,000 adults, followed by Aysén (1,184) and Atacama (1,091); the lowest is Tarapacá, with 722. The Metropolitan region, at 978, sits just above the national average.
View the data as a table
| Accounts per 1,000 | |
|---|---|
| Magallanes | 1,611 |
| Aysén | 1,184 |
| Atacama | 1,091 |
| Arica y Parinacota | 991 |
| Metropolitana | 978 |
| Los Ríos | 945 |
| Los Lagos | 927 |
| La Araucanía | 926 |
| Valparaíso | 905 |
| O'Higgins | 879 |
| Antofagasta | 850 |
| Biobío | 850 |
| Ñuble | 807 |
| Maule | 799 |
| Coquimbo | 795 |
| Tarapacá | 722 |
State guarantee: how much is protected
Term savings account balances and term deposits held by individuals carry a state guarantee: the State covers 100% of what a bank owes a person, capped at UF 200 per institution and UF 400 across the system per calendar year, according to the CMF. With the UF of November 5, 2026, that equals CLP 8,254,840 per bank and CLP 16,509,680 in total. The guarantee does not cover companies' term deposits or savings accounts.
Demand and checking accounts have a different protection, of 100% in the event of a bank's forced liquidation. That is why many people use a demand account such as the CuentaRUT for day-to-day money and leave in the savings account only what they will not touch for months.
Which savings account fits each goal
- Emergency fund: an account with unconditional withdrawal, to take money out without notice. It earns less, but it is available.
- One- or two-year goal (a trip, a car, a down payment): an indexed deferred-withdrawal account, taking care not to exceed 6 withdrawals a year.
- Home purchase with a subsidy: the housing savings account, which is required to apply.
- Money that will not be used for months: a term deposit usually pays more, in exchange for not being able to withdraw before maturity.
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 savings accounts
How many withdrawals can you make from a savings account without losing indexation?
In indexed deferred-withdrawal term accounts, up to 6 withdrawals per 12-month period, according to Central Bank chapter III.E.4.
When is interest on a savings account paid?
Every 12 months, together with indexation, on the anniversary date or the last day of the month in which the period ends.
How many savings accounts are there in Chile?
As of March 2025, 15,354,018 term savings accounts and 6,964,038 housing savings accounts at banks, according to the CMF.
Is a savings account guaranteed by the State?
Yes, for individuals: up to UF 200 per bank and UF 400 across the system per calendar year.
Which is better, a savings account or a term deposit?
It depends on the goal: a savings account gives more flexibility to deposit and withdraw; a term deposit usually pays more but locks the money up until maturity.
