Fixed-term deposits offer interest rates of almost 8%: learn about the options that pay the most here

The companies gave their workers the Compensation for length of service (CTS), which may be 100% disbursed, and in addition, in December the collaborators will receive the bonus. Faced with this, if they want to generate more profitability, the fixed-term deposit can be a good option, since they pay rates of up to almost 8%.

About, Jorge Carrilloa professor at Pacífico Business School, explains that fixed-term deposits are a type of medium or long-term savings where the person agrees not to touch an amount of money initially agreed for a certain time.

He adds that the Rural or municipal savings banks are the ones that pay the best interest rates, even reaching 8% per yearThis is due to the adjustments of the Central Reserve Bank of Peru (BCR). It also mentions that these rates are the highest recorded since 2009.

“It is basically due to the increase in the reference rate by the Central Bank, which today stands at 7.25%. By raising the rate it is more expensive for banks to obtain money, therefore they must pay more to users to be able to capture more funds”, details the professor at Pacífico Business School.

How convenient is it to open a fixed-term deposit?

Carrillo expresses that This type of savings is convenient when you have a surplus that is not expected to be used in the short term. and that you want to have a secure return.

“This type of account allows people to earn a significant return, but without taking so much risk. Unlike investing in a business, mutual fund or cryptocurrency, which can carry some risk, fixed-term deposit is a safer option”, he points out.

What is the minimum amount to open a fixed-term deposit?

Each financial company establishes the minimum amounts. Currently varies between S/ 500 to S/ 2,000according to the Comparabien portal.

What financial entities pay more interest?

Until November 18, 2022, the Superintendence of Banking, Insurance and AFP (SBS) indicates that the Caja Rural Los Andes pays the best TREA (7.8%) for term deposits of S/ 2,500 to 360 days.

The next most attractive offers are from Ripley’s Bank (7.5%), Falabella Bank (7.5%), Qapaq Financial (7%), CRACP Prymera (6.8%), CMCP Lima (6%) and scotibank (5.5%).

Meanwhile, those with the lowest rates are: Pichincha Bank (1.75), BanBif (1.4%), My bank (1.15%), Interbank (0.5%) and BCP (0.2%)

To learn more about the rate offered by financial institutions, you can enter the following LINK and carry out the comparisons of the institutions.

On the other hand, the page comparabien.com.pe For a deposit of S/ 2,000, it allows you to view financial institutions, the interest rate (TEA/TREA), an approximate of the total profit according to the stipulated time, monthly profit and minimum opening amount.

Fixed-term deposits offer interest rates of almost 8%: learn about the options that pay the most here

How long should the money remain in a financial institution?

Although it is true that there is no rule regarding the time that the money must remain in a financial institution, Jorge Carrillo specifies that it can be three months up to a year, this because many times people already want to use and at the same time represents a lower risk.

¨On the other hand, it is also very risky for the bank to promise clients an interest rate for five years because many conditions can change, so it normally locks it for that period.”, he notes.

What are the benefits of opening a fixed-term account?

Cost effectiveness: It guarantees a profit for your money that is based on the agreed interest.
Zero risk: You are not in danger of losing your investment or not generating income as in other types of investments. Your money is covered by the Deposit Insurance Fund (FSD), which covers your deposit in the event that the financial institution goes bankrupt.
Interest rate: The interest offered by this product is higher than that of a savings account. For this reason, if your intention is to save in the medium or long term, this may be the ideal instrument to do so.
Weather: You can select a term according to your convenience, thus establishing how soon you will recover your money.

What is the Deposit Insurance Fund?

All financial entities supervised by the Superintendency of Banking, Insurance and AFP (SBS), are protected by the Deposit Insurance Fund (FSD) which covers up to a maximum of S/124,428 for the quarter from September to November.

With this insurance, there is no risk of losing money. Likewise, it is important to point out that the fund applies to the accounts that clients have in banks, finance companies, municipal and rural savings banks that operate in the country. The measure is not valid for cooperatives.