In Colombia, according to the Financial Superintendency, At the end of September, in banks and other entities in the sector, individuals had $110 billion in term deposit certificates (CDT) compared to $92 billion in savings accounts.
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Although some banks and digital entities have been rewarding savings with rates above 10% and this product has grown, the truth is that even though interest rates have been falling, There is still a preference for CDTs, which is why MejorCDT emergeda digital venture that received a capital injection from foreign funds and is preparing to receive a new round of investment and open operations in Brazil and Mexico. Charlie Correa, CEO of MejorCDT spoke with Portafolio.
How to combine the Christmas bonus and a CDT?
The bonus is a unique time to save because it is half an extra salary and after reserving the part for gifts you can take 10 to 20% to a CDT.
The issue is that when you open a CDT it is frozen until expiration…
CDTs cannot be withdrawn before maturity, you can transfer them to a friend or sell them at a discount. We, with an allied bank, can withdraw up to $10 million at no cost if it is less than $100 million.
By withdrawing before there is no penalty and it is profitable until that moment. MejorCDT earns by waiting for what is missing from the maturity of that money.
Is that for everyone?
For all clients who have CDT, which are the 300,000 users, who have investments and have earned $55,000 million in profitability.
Our partner banks are the most profitable with the highest rates. A very large bank is not interested in providing much profitability in CDT because they have savings accounts to which they pay low rates.
CDT.
What are the figures like?
There are 30 banks in the country of which 24 offer CDT.
With rates falling, how can a CDT be attractive?
On the contrary. It is the ideal time to have a CDT, since the Bank of the Republic is going to lower interest rates and a high rate must be ensured. This is the reason why there are more CDTs than in savings accounts for individuals.
Today the average profitability of a CDT for one year is 11% and inflation is 6% and in one year it will be 4%. If it opens at 11%, in one year it will have a good outlook and a net profit of 7 points.
But there are profitability options of 13%…
It is seen on television, but there is no more profitable entity that is not on MejorCDT. There are entities that give higher profitability but they can change it overnight. They are marketing tactics. With MejorCDT you secure the rate.
And the security issue?
People have up to $50 million insured with Fogafin if a bank closes or goes into liquidation. That’s for everyone. Apart from this, not all entities are robust or have the best financial results.
We look at the financial statements and if they are not in MejorCDT it is because we do not feel safe. It’s not that they are not reliable or safe. What happens is that they have financial statements that we do not feel comfortable responding to clients with. If the repayment percentage is not good. It is not ideal for our clients to go through that experience.
How do you see the CDT rate in a panorama one year from now?
Between 8 and 7% for the most profitable and for the large ones between 5 and 6% and this is because the CDT rates are related to what they lend to other banks.
How is the situation of a CDT compared to investment funds or real estate?
The most sophisticated investors open CDTs for 2 or 3 years and compared to other alternatives, it must be taken into account that they may have higher rates, costs or commissions than those of a CDT.
Is there more news?
We do not manage client resources since we are an intermediary that compares rates and gives them access to the bank they want to establish their title. There are rechargeable CDT options with which you can add money monthly. The banks are the ones that pay us because we are their acquisition channel, since we are cheaper than opening offices or having commercial force that constitutes CDTs. We will receive a new round of investment soon and we will reach Brazil and Mexico.
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HOLMAN RODRÍGUEZ MARTÍNEZ
