Banco Económico review

The debit card has a monthly fee of BOB 0. The account model is no monthly fee and fixed rate, which keeps the card cost to that figure. On the deposit side, the minimum is BOB 1,000, and that is the other number readers check before opening one.

The deposit pays a headline rate of 6.5% to 8.5% at a fixed rate, over a term of 6 to 12. Because the rate is fixed for the whole term, the return on a known sum can be set out before the money goes in.

The minimum deposit is BOB 1,000, and the account is a fixed account rather than an easy-access one. Readers with a smaller sum should weigh the minimum against the rate before opening.

Part of the capital can be redeemed early without losing interest, once per term, after a waiting period. The rest stays tied to the fixed term of 6 to 12, so access is partial rather than unlimited.

Support runs on phone and help centre, which the bank lists as phone and a help centre. Readers who mainly need a person on the line can weigh that against alternatives that publish their own support channels.

The bank is based in Bolivia and quotes its products in local currency rather than sterling. A reader in the UK would also have to hold the minimum of BOB 1,000 in that currency, so the products are aimed at a different market.

Interest is capitalised at maturity on a fixed deposit paying a headline rate of 6.5% to 8.5%. Part of the capital can be redeemed early once a waiting period has passed, and the longer deposits are also open through mobile banking.

The card is a debit card on the visa network, with multi currency and virtual card included. That combination suits readers who want more than a plain card, and the BOB 0 monthly fee keeps the cost simple to compare.