who have a surplus money they usually save it under the mattress, in savings accounts, mutual funds or time deposits. In this note we offer you a bank tour so that you know which finance companies, municipal savings banks and banks — regulated by the Superintendency of Banking, Insurance and AFP (SBS) — best remunerate your savings so that you can choose the most attractive option for your cost effectiveness.
To this end, the Superintendence of Banking, Insurance and AFP (SBS) reports, through its official website, the annual fees paid by each financial institution. It must be specified that the exposed data is referential. To consult the exact detail, must be validated with each financial institution.
What is a fixed term account and how does it work?
term deposits are sums of money contributed to a financial institution (of your preference) in exchange for receiving interest generated over a period of time. Regarding fixed-term accounts, the SBS defines them as “money deposits that are made for a determined period”. Therefore, the user is obliged to not have the funds before the agreed deadline expires. The SBS ensures that, If the user makes partial or total withdrawals before the agreed term expires, “it will be subject to the payment of penalties whatthat have been provided for in the contract”.
Which entity pays more interest for a fixed-term deposit in March?
Next, we show you the table of the annual effective rates of return (TREA) that financial institutions pay for fixed term deposits. The percentage indicates the final amount that the user will earn for his deposit. The calculation, updated to March 15, 2023 by the SBS, It is for deposits for S/10,000 to 360 days:
| Financial entity | TREA % |
| OH Financial | 8.25% |
| The Andes Box | 7.8% |
| Ripley’s Bank | 7.5% |
| Falabella Bank | 7.5% |
| Metropolitan Fund of Lima | 7% |
| First Box | 6.5% |
| Qapac Financial | 6% |
| Scotiabank Peru | 5.55% |
| Root Box | 5.25% |
| GNB bank | 4.75% |
| Credinka Financial | 4.3% |
| sullana box | 4.2% |
| Cencosud Scotia Box | 4% |
| Alfin Bank | 3.9% |
| Trujillo Box | 3.55% |
| Financial Trust | 3.5% |
| BBVA | 3.5% |
| Piura Box | 3.5% |
| Effective Financial | 3.5% |
| Huancayo Box | 3.35% |
| Let’s Share Financial | 3.3% |
| Cuzco Box | 3.1% |
| Ica box | 3% |
| Crediscotia | 2.8% |
| Arequipa Box | 2.8% |
| Bank of Commerce | 2.75% |
| Tacna Box | 2.7% |
| Santa’s box | 2.6% |
| Financial Proempresa | 2% |
| Pichincha Bank | 1.75% |
| Banbif | 1.4% |
| My bank | 1.15% |
| Interbank | 0.5% |
| Credit Bank | 0.25% |
According to the SBS chart, the banks that offer a higher interest rate for a fixed-term deposit are Ripley’s Bank and Falabella Bank that provide a 7.5% per year. follows him Scotiabank Peru with an annual rate of 5.55%. At the level of financial, the entities that offer the highest rate are Financiera OH (8.25%) and Financiera Qapac (6%). As to municipal boxesthe list leads The Andes Box which offers a rate of 7.8%, and in second place is located Lim Metropolitan Fundto which pays 7%.
As can be seen in the accumulated table, the entity that pays less interest is the Banco de Crédito del Perú (BCP) by offering a rate of 0.25% for a loan of S/10,000 in a term of one year.
Could your savings be at risk due to a fixed-term deposit?
It is necessary to know that there is a Deposit Insurance Fund (FSD), which is a financial backing in case the entity is declared in a state of dissolution and liquidation. Can you get all your deposited money back?
Deposits in financial entities that are supervised by the SBS are covered by the Deposit Insurance Fund (FSD) up to a maximum of S/125,714. That is, the risk of losing savings in a bank or municipal fund up to the aforementioned amount. The balance of the previous period (between December 2022 and February 2023) was S/125,603.
This means that savings accounts, term deposits and CTS accounts (including interest earned) that people have in banks, finance companies, municipal savings and credit banks and rural savings and credit banks are fully protected by more of S/100,000.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
