A bank account is the first product that young people will be able to access in the banking world. Obtaining one is relatively simple, whether they go in person to a branch or download the app. We provide more information in the following lines:
Types of student accounts
There are three types of student accounts: checking accounts, savings accounts and current accounts. Once you know them, we will see step by step what they offer and which one is best depending on your situation.
What savings options do banks offer for students in Chile?
The ideal accounts for a student are those that do not charge them, since they normally do not have a monthly income and, if they do, it is not usually used to pay commissions. In general, they can be seen related to those accounts that are for young people in the country, except that the latter would also take into account people who are in university or who are in their first years of work after their training.
Here we are going to look at accounts that are specifically for students, whether for minors or adults. If you want to directly look for savings accounts for minors , here we are not going to focus on one type of product, but we will look at the different options that you can contract so that you can think about which one best suits your children.
Checking accounts for students
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Banks provide students under 18 years of age who are already of legal age with two types of checking accounts : traditional and digital.
Both allow you to receive, transfer and save money without a monthly fee, as well as make purchases in stores; however, the digital card performs some of the functions of a credit card without being one, since it allows you to pay for streaming services and make purchases in foreign online stores, which cannot be done with some conventional checking accounts.
Account for minors under 18 years old
The digital checking accounts aimed at students between 14 and 17 years old are Fan Clan from Banco de Chile, Mach from BCI and the RUT account from Banco Estado , which have the same characteristics as their phone number laboratory versions for adults. In addition, they are designed to go beyond being just a savings account for a child managed by their parent or guardian, but so that they can learn.
These are the accounts:
Fan Clan Account
The Fan Clan account from Banco de Chile is completely digital and to obtain it you must have au emai list the digital authorization of both parents who can complete the process via the financial institution’s website. There are no maintenance costs or fixed monthly fees, and it also provides a physical debit card and a virtual debit card.
To learn more about the advantages, features and requirements of the Fan Clan Account , we invite you to read an article prepared by Rankia.cl where all aspects of the account are detailed.
Rut account
The RUT account for minors must be requested by the minor’s legal guardians at Banco Estado branches . Opening the account is completely free ; however, it has additional costs, such as a $300 charge to withdraw money or make transfers at other banks’ ATMs.
Mach account
The Mach account from BCI must be authorized by the minor’s legal guardian, either the father or the mother. This account allows you to buy and pay for everything you need. And also provides you with a virtual prepaid card which is delivered to your home. This allows you to pay your subscriptions and make online purchases in Chile and abroad. You can also transfer money to Mach or other banks at no additional cost.
Comparison of accounts for minor students
In this table we detail the main concepts of digital viewing accounts for minors under 18 years of age who are studying .
Account for people over 18 years old
Students over 18 years of age, whether attending university. Vocational institutes or higher education centers, do not have a monthly salary. And in some cases. They only have the money provided by their parents .
FAN account
Therefore, Fan accounts for those over 18 can be open online , you only need your ID card and unique password. There are no maintenance fees, no minimum income or recurring subscription and you can get discounts at partner stores.
Mach account
The Mach account can be request online and does not require recurring payments. There is no charge for transfers to other banks and you can have a physical and virtual debit card. And it also allows you to make free purchases abroad.
Student Savings Account
Therefore, Savings accounts are aimed at parents of underage students. So that they can save money and cover their children’s education expenses. The banks that offer them are: Banco Estado, Coopeuch, Falabella. Some of these savings accounts are featured in the national ranking and can be opened by minors and adults. Both students and workers.
