savings accounts: cuenta vista vs cuenta ahorra, etc.

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thisisreallycomplicated
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savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by thisisreallycomplicated » Tue Mar 07, 2017 8:58 am

I got my Banco Estado CuentaRUT account a couple days ago, but it has low monthly limits. So I need to get a savings account too. But there seems to be different types of savings accounts, like cuenta vista and cuenta ahorra. My CuentaRUT account is a cuenta vista, and so is this Cuenta Chile:
http://www.bancocredichile.cl/wps/wcm/c ... nta_vista/

The CuentaRUT was easy to get. They just needed my ID card, and some basic personal info. I think the Cuenta Chile has similar requirements, but I'm not sure. Is a cuenta ahorra much harder to get?

What are the main differences between a cuenta vista and a cuenta ahorra? I did some research, and cuentas ahorra generally seem to pay interest. But cuentas vista don't. Is that correct? Are there any other main differences? Thanks.
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eeuunikkeiexpat
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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by eeuunikkeiexpat » Tue Mar 07, 2017 9:25 am

Cuenta Vistas are technically savings accounts but pay no interest. They are good for paying everyday expenses or receiving payments.

Supposedly a Cuenta de Ahorro can be obtained by a Temporary Resident holder. Cuenta de Ahorro come with differing rates depending on number of withdraws and advance warning before large withdraws.

I think the best plan for the nimble or paranoid is to get the one that allows you the right to take 100% out at anytime without penalty. The lowest interest rate yes but still higher than the States. Then put half or more in a Deposit de Plazo (time deposit) that rolls over automatically, again rate of interest depends on time length of deposit.

Be prepared to show source of funds before setting up any investment product (time deposits or greater) at BE.
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thisisreallycomplicated
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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by thisisreallycomplicated » Tue Mar 07, 2017 9:44 am

eeuunikkeiexpat wrote:Cuenta Vistas are technically savings accounts but pay no interest. They are good for paying everyday expenses or receiving payments.
So these are good for moving smaller amounts of cash around. But not the best for longer term savings, because there's no interest.
eeuunikkeiexpat wrote:Supposedly a Cuenta de Ahorro can be obtained by a Temporary Resident holder.
Do you think I'd need more than just my permanent residency ID? In other words, is it any more difficult than getting a CuentaRUT, for a permanent resident?
eeuunikkeiexpat wrote:Cuenta de Ahorro come with differing rates depending on number of withdraws and advance warning before large withdraws.

I think the best plan for the nimble or paranoid is to get the one that allows you the right to take 100% out at anytime without penalty. The lowest interest rate yes but still higher than the States.
That sounds like a good plan for me (nimble AND paranoid).
eeuunikkeiexpat wrote:Then put half or more in a Deposit de Plazo (time deposit) that rolls over automatically, again rate of interest depends on time length of deposit.

Be prepared to show source of funds before setting up any investment product (time deposits or greater) at BE.
So a time deposit is where I should start needing more documentation, not a cuenta ahorra. I'm not looking to get any credit, so it doesn't _seem_ like it should be difficult.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

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eeuunikkeiexpat
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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by eeuunikkeiexpat » Tue Mar 07, 2017 10:02 am

thisisreallycomplicated wrote:
eeuunikkeiexpat wrote:Cuenta de Ahorro
is it any more difficult than getting a CuentaRUT, for a permanent resident?
No.
thisisreallycomplicated wrote:
eeuunikkeiexpat wrote:Be prepared to show source of funds before setting up any investment product (time deposits or greater) at BE.
So a time deposit is where I should start needing more documentation, not a cuenta ahorra. I'm not looking to get any credit, so it doesn't _seem_ like it should be difficult.
May depend. If you are opening your savings account WITH a large deposit, they may ask for proof at that point.
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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by eeuunikkeiexpat » Tue Mar 07, 2017 10:07 am

I am linking to your initial thread:

interbank online cash transfers / bank recommendations
http://www.allchile.net/chileforum/view ... 23&t=14377


It is good we are having this discussion as all other Chile banking threads only concentrate on Cuenta Corrientes (the boasting rights real checking/credit account) despite the fees, perhaps can never close even after writing to God or can close unexpectedly if you obtained one improperly, etc.
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thisisreallycomplicated
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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by thisisreallycomplicated » Tue Mar 07, 2017 10:10 am

eeuunikkeiexpat wrote:May depend. If you are opening your savings account WITH a large deposit, they may ask for proof at that point.
I wouldn't be starting with a large deposit, so I think I should be ok. Thanks for the help.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by Space Cat » Thu Mar 16, 2017 12:04 am

We decided to finally open CuentaRUT and then realized they won't accept expired cédula.

Meanwhile waiting 8 months for definitiva...

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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by chesswolf » Thu Mar 16, 2017 8:03 am

Space Cat wrote:We decided to finally open CuentaRUT and then realized they won't accept expired cédula.

Meanwhile waiting 8 months for definitiva...
Can't you renew your cedula with a temporaria?

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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by Space Cat » Thu Mar 16, 2017 10:19 am

chesswolf wrote:
Space Cat wrote:We decided to finally open CuentaRUT and then realized they won't accept expired cédula.

Meanwhile waiting 8 months for definitiva...
Can't you renew your cedula with a temporaria?
I don't have temporaria anymore, only this intermediate status.

thisisreallycomplicated
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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by thisisreallycomplicated » Fri Mar 17, 2017 12:13 am

eeuunikkeiexpat wrote:It is good we are having this discussion as all other Chile banking threads only concentrate on Cuenta Corrientes (the boasting rights real checking/credit account) despite the fees, perhaps can never close even after writing to God or can close unexpectedly if you obtained one improperly, etc.
Can't close?! :shock: Thanks for the warning. I learned a long time ago, that I was better off with no credit than good credit.

I haven't opened a Cuenta de Ahorro yet. Is there anything I should know about those?
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by eeuunikkeiexpat » Fri Mar 17, 2017 12:05 pm

thisisreallycomplicated wrote:I haven't opened a Cuenta de Ahorro yet. Is there anything I should know about those?
Just the differing rules on advance notice for large withdraws and such. Very simple account that doesn't have the caps of a CuentaVista but without the hardship of obtaining one like a Corriente along with the lack of cuico prestige as it is not a genuine "bank" account.

But fully reportable as an account for FBAR and FATCA...
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thisisreallycomplicated
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Re: savings accounts: cuenta vista vs cuenta ahorra, etc.

Post by thisisreallycomplicated » Sat Mar 18, 2017 4:18 pm

eeuunikkeiexpat wrote:Just the differing rules on advance notice for large withdraws and such.
That's not a big problem, as long as the rules are reasonable, and there's no hidden small print.
eeuunikkeiexpat wrote:Very simple account that doesn't have the caps of a CuentaVista but without the hardship of obtaining one like a Corriente along with the lack of cuico prestige as it is not a genuine "bank" account.
That works for me.
eeuunikkeiexpat wrote:But fully reportable as an account for FBAR and FATCA...
That sucks.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

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