A time deposit is the simplest investment a Chilean bank offers: you hand over an amount for a fixed number of days and, at maturity, get back the principal plus interest known from day one. There are no entry or exit fees, but the money is locked up until maturity. Almost everyone who opens one asks the same question: how much does it pay, and which bank pays more?
The official benchmark is the deposit rate series published by the Central Bank. In September 2026, peso deposits of 30 to 89 days paid an average of 4.12% a year, those of 90 days to one year paid 4.53%, and those of one to three years paid 5.26% (Central Bank of Chile, Statistical Database). At those rates, a CLP 1,000,000 deposit for 30 days earns about CLP 3,433.
View the data as a table
| 30 to 89 days | 4.12% |
| 90 days to 1 year | 4.53% |
| 1 to 3 years | 5.26% |
| 12-month CPI, Sep 2026 | 4.1% |
How much a CLP 1,000,000 time deposit earns
In Chile, banks quote peso deposit rates as a percentage for 30 days and calculate simple interest in proportion to the number of days. To convert the Central Bank's annual rate into the rate for a given period, divide by 360 and multiply by the days. The result is a good approximation of what the system average pays; each bank publishes its own rate, which may be above or below.
| Term | Annual rate used | Interest on CLP 1,000,000 | Amount at maturity |
|---|---|---|---|
| 30 days | 4.12% | CLP 3,433 | CLP 1,003,433 |
| 90 days | 4.53% | CLP 11,325 | CLP 1,011,325 |
| 180 days | 4.53% | CLP 22,650 | CLP 1,022,650 |
| 360 days | 4.53% | CLP 45,300 | CLP 1,045,300 |
Source: Pauta Financiera calculation using the September 2026 average peso deposit rates from the Central Bank of Chile, Statistical Database (30-89 days for the 30-day term; 90 days to one year for the others). Simple interest, 360-day basis, before tax.
If instead of a 360-day deposit you roll over a 30-day deposit twelve times in a row, reinvesting the interest and assuming the rate does not change, you end up with about CLP 41,987, slightly less than the CLP 45,300 from the long term. In exchange, the money becomes available every month. The table below repeats the calculation for other amounts; use the search box to find yours.
| $1,000,000 | 30 | 4.12% | $3,433 | $1,003,433 |
| $1,000,000 | 60 | 4.12% | $6,867 | $1,006,867 |
| $1,000,000 | 90 | 4.53% | $11,325 | $1,011,325 |
| $1,000,000 | 180 | 4.53% | $22,650 | $1,022,650 |
| $1,000,000 | 360 | 4.53% | $45,300 | $1,045,300 |
| $5,000,000 | 30 | 4.12% | $17,167 | $5,017,167 |
| $5,000,000 | 60 | 4.12% | $34,333 | $5,034,333 |
| $5,000,000 | 90 | 4.53% | $56,625 | $5,056,625 |
| $5,000,000 | 180 | 4.53% | $113,250 | $5,113,250 |
| $5,000,000 | 360 | 4.53% | $226,500 | $5,226,500 |
| $10,000,000 | 30 | 4.12% | $34,333 | $10,034,333 |
| $10,000,000 | 60 | 4.12% | $68,667 | $10,068,667 |
| $10,000,000 | 90 | 4.53% | $113,250 | $10,113,250 |
| $10,000,000 | 180 | 4.53% | $226,500 | $10,226,500 |
| $10,000,000 | 360 | 4.53% | $453,000 | $10,453,000 |
How time deposit rates have changed
Deposit rates closely track the Central Bank's monetary policy rate, which has been at 4.50% since early 2026. That is why they have moved so much in recent years: in December 2020, with the policy rate at its low, a 30-89 day deposit paid 0.43% a year and CLP 1,000,000 for 30 days earned about CLP 358; in December 2022, at the height of the hiking cycle, the rate reached 11.10% and the same deposit earned about CLP 9,250.
View the data as a table
| 30 to 89 days | 90 days to 1 year | 1 to 3 years | |
|---|---|---|---|
| 2013 | 4.56% | 4.80% | 5.16% |
| 2014 | 3.48% | 3.60% | 3.84% |
| 2015 | 3.96% | 4.44% | 5.04% |
| 2016 | 3.72% | 3.96% | 4.20% |
| 2017 | 2.76% | 3.12% | 3.36% |
| 2018 | 2.88% | 3.48% | 3.96% |
| 2019 | 1.97% | 2.21% | 2.55% |
| 2020 | 0.43% | 0.40% | 0.63% |
| 2021 | 3.87% | 5.06% | 6.39% |
| 2022 | 11.10% | 11.12% | 8.86% |
| 2023 | 7.89% | 7.90% | 7.40% |
| 2024 | 4.68% | 5.00% | 5.24% |
| 2025 | 4.21% | 4.38% | 4.82% |
| Sep 26 | 4.12% | 4.53% | 5.26% |
Real return: subtracting inflation
What ultimately matters is how much purchasing power you gain. In September 2026 the CPI rose 4.1% over twelve months, according to the INE (National Statistics Institute). A one-year peso deposit at 4.53% therefore leaves a real gain of only about 0.4%, and one rolled over every 30 days roughly breaks even with inflation. Those who want protection against higher inflation can choose a UF-indexed deposit, which pays the change in the UF plus a rate: in September 2026, 90-day-to-one-year indexed deposits paid 0.34% on top of the UF, according to the Central Bank.
Pesos or UF? A worked example
In the Central Bank's table, UF-indexed deposits start at 90 days. At September 2026 rates, a one-year peso deposit pays 4.53% and a 90-day-to-one-year UF deposit pays the change in the UF plus 0.34%. By our own calculation, both earn the same if inflation over the next twelve months is about 4.2%: with higher inflation the UF deposit wins; with lower inflation, the peso deposit does. It is a bet on future inflation, not a guaranteed gain.
Another decision is what happens at maturity. A fixed deposit is paid out on the agreed date and the money becomes available; a renewable one is automatically reinvested for the same term if not withdrawn that day, at the rate then in force. In both cases the money is committed until maturity, so it is best not to put into a time deposit any funds you might need at short notice.
Does your bank, credit union or fintech take time deposits? Show your rates to Pauta Financiera readers deciding where to save.
See advertising optionsWhich bank pays the most on a time deposit
There is no fixed answer: each bank changes its rate several times a month depending on its funding needs, the amount and the channel (online or at a branch). That is why Pauta Financiera does not publish a ranking with rates that could be out of date the next day. What you can do is compare in a few minutes, with a method:
- Run the same amount and term through each bank's online simulator, and write down the period rate, interest in pesos and the date you checked.
- Compare against the system average. If a bank offers less than the 4.12% a year (about CLP 3,433 per million over 30 days) the system paid on average in September 2026, there is probably a better option.
- Check whether the rate is promotional, only for new customers, online only or subject to a minimum amount.
- Choose between renewable and fixed. A renewable deposit is automatically reinvested at maturity at that day's rate, which may be lower.
- Make sure the institution is supervised by the CMF, which publishes the list of authorised banks and credit unions on its website.
Volumes show that most depositors prefer short terms. In September 2026 alone, peso deposits worth CLP 18.3 trillion were opened at 30-89 days, compared with CLP 4.3 trillion at 90 days to one year and CLP 1.5 trillion at one to three years (Central Bank of Chile, Statistical Database, flows in billions of pesos that include individuals and companies).
Who a time deposit is for
It is useful for money with a known date of use: a home down payment, an annual car registration fee or a staggered emergency fund. Anyone saving to buy can check what the monthly payment would be at today's mortgage rates and work out how much down payment to put aside.
A deposit does not make sense, however, while carrying expensive debt: no deposit offsets the cost of a consumer loan, which averaged 14.53% a year in September 2026, as we explain in how to compare rates and CAE across banks.
And if there are overdue instalments, catching up comes before saving: in this article we explain how to get out of Dicom and how much Chileans owe by region.
Frequently asked questions
How much does a CLP 1,000,000 deposit earn over 30 days?
At the September 2026 average rate of 4.12% a year, about CLP 3,433 before tax. Each bank sets its own rate, so the result may be somewhat higher or lower.
Is a 30-day or a one-year deposit better?
The one-year average rate is somewhat higher (4.53% versus 4.12% in September 2026), but the money is locked up. If rates fall, the long term locks in the rate; if they rise, the short one lets you renew at a better rate.
Does a time deposit beat inflation?
Only just. With 12-month CPI at 4.1% in September 2026, a one-year peso deposit at 4.53% leaves a real gain of about 0.4%. UF deposits protect against inflation but pay a low rate on top of the UF.
Where can I see each bank's rates?
In the time deposit simulator on each bank's or credit union's website, which shows that day's rate for the chosen amount and term. Note the date: rates change frequently.
Disclaimer: this information is journalistic and educational, not financial advice. Check the terms and the total cost (CAE) with the institution before signing up.