CMF-licensed banks for Chilean residents — ranked by savings rates, fees, and TEF support.
Chile's banking sector is supervised by the CMF (Comisión para el Mercado Financiero) under the Ley General de Bancos. The system is well-regulated with 16 CMF-licensed banks as of 2026. However, Chile's deposit protection is more limited than in Europe or Australia — the State Guarantee only covers term deposits up to 200 UF per person per bank per year. Here's what to verify before signing up.
Pick a bank that holds a full banking licence from the CMF. All platforms on this page qualify. Be wary of payment apps and fintechs that claim to be "banks" but only hold a prepaid card issuer registration — their funds are not covered by the State Guarantee.
Account opening is fully online for most digital banks. You'll need your RUT (Rol Único Tributario — Chilean national ID), a photo of your cédula de identidad or passport, and a selfie for identity verification. CuentaRUT (BancoEstado) can be opened at any branch or online with just your RUT.
Deposit via TEF (Transferencia Electrónica de Fondos) from another Chilean bank, or use Fintoc or Khipu for instant payment flows. Most digital accounts have a CLP $0 minimum deposit. TEF transfers between banks are free or nearly free at most institutions in 2026.
If you hold term deposits, understand that the State Guarantee covers up to 200 UF per bank per year — roughly CLP 8.1M. Spread deposits across banks if needed. For sight accounts (CuentaRUT), the 100% BCCh guarantee gives full protection with no cap.
Chile's banking sector in 2026 is defined by two trends: the continued dominance of BancoEstado for financial inclusion (CuentaRUT is now free for all transfers), and the rise of digitally-native banking with MACHBANK de BCI leading on savings rates and user experience.
The most important regulatory development this year is the CMF's authorization of Tenpo Bank Chile in January 2026 — the first full banking licence granted to a 100% digital neobank under the Ley General de Bancos. This follows the failure of several fintech entrants who operated without banking licences. The lesson: always verify CMF banking licence status before depositing money. Mercado Pago, despite its popularity, does not hold a Chilean banking licence.
Chile's deposit protection remains more limited than comparable economies. The State Guarantee (Garantía Estatal) on term deposits covers only 200 UF (~$8,500 USD) per bank per calendar year for natural persons. Sight deposits (CuentaRUT, cuentas corrientes) carry full 100% protection from the Banco Central de Chile — so your everyday account is fully protected, but large term deposit savings should be spread across multiple banks or structured carefully.
For most Chilean residents in 2026, the optimal setup is a free CuentaRUT or FAN account for daily transactions, a MACHBANK Cuenta Ahorro 24/7 for savings (6% annual, no lock-in), and Wise for international transfers. This combination gives you full CMF coverage, the best savings rate, and the lowest international transfer costs available.
Our team opened real accounts, deposited funds and tested each platform in Chile. We evaluate CMF licence status, deposit protection coverage, savings rate competitiveness, monthly and TEF transfer fees, app quality, customer support response times, and local features specific to Chilean residents. All licence information is verified directly against CMF public records. Rankings and rates are verified at time of publication and updated regularly. Always confirm current rates and fees directly with the bank before making financial decisions.