Saving and Development

Saving plays an important role in improving people’s quality of life, allowing them to acquire durable goods and better withstand adverse situations for themselves and their families.

Promoting the habit of saving among clients is one way in which BancoEstado can support their development. Although it is the main promoter of saving in Chile, both in terms of savings accounts and other products for saving of a specific type, the Bank has pending challenges in this field.

  • 95% of the system’s savings accounts (February 2022)
  • 2,045 UF average mortgage (January-April 2022)
  • 66.4% of male clients save (February 2022)
  • 77.53% of female clients save (February 2022)

BancoEstado leads the way in savings accounts, especially in families with fewer resources. With 10.8 million clients who have more than 18.3 million accounts with a total savings of $10.5 trillion, the bank concentrates 91% of the system on deposits in term savings accounts.

Likewise, it should be noted that BancoEstado has granted 95 out of 100 current accounts in the system and that 64% of clients with savings accounts have a balance of less than $ 100,000.

Mutual Funds

Through its subsidiary, BancoEstado S.A. Administradora General de Fondos (AGF), the Bank contributes to the development of saving and investment in mutual funds.

In order to serve the investment needs of companies and institutional investors, like the country’s private pension funds (AFPs) and insurance companies, the Bank has created a specialized area, thanks to which the balances held by clients of this type .

Key figures:

  • $8,888 billion funds under management in March 2022
  • 1st place in number of participants, with a total of almost 917,000 in March 2022

Voluntary Pension Savings (APV)

In 2016, BancoEstado began to promote Voluntary Pension Savings (APV) in order to help workers improve their future pension.

Most of the institutions that offer APV products (AFPs, insurance companies and other fund administrators) target principally people in the upper part of the income scale, with a monthly income of over $3,000,000. As a result, a very large percentage of the population lacks an attractive alternative for saving towards their future pension. In line with its social role and inclusive character, BancoEstado has focused its APV alternative on Tax Regime A, which is recommended for workers in the middle and lower income brackets below $3,000,000 for whom the state provides an incentive equivalent to 15% of the annual amount they have themselves saved.

According to the Association of Mutual Fund Administrators, as of March end-2022, more than 2.9 million clients have an APV in Mutual Funds and of these, 123,455 (31%) have it in BancoEstado. In addition, 410,000 clients have an APV in the bank, which represents 62% of the banking APVs market and places this subsidiary in first place in number of clients among the 16 AGFs that offer this product.

Most of the clients maintain periodic savings contracts, which generates a stable increase in the APV balances managed by BancoEstado. Said balance amounts to $118,642 million, an amount that has grown more than 14 times since March 2017; Thus, BancoEstado's market share among the 15 AGFs that offer APVs has risen from 0.33% to 4.03% as of March 2022, with ample room to grow in the coming years.