The competition to retain the funds of the compensation for length of service (CTS) continues to drive up the interest rates paid to savers. According to information from the Superintendence of Banking, Insurance and AFPs (SBS), at the end of August 9, the new maximum interest rate is 7.5% for these savings.
Now it is Caja Piura that leads the ranking, paying 7.5% per year for CTS accounts, and if the client also has a Salary Account, they offer a rate of 8%, according to what the microfinance institution informed La República. He added that this rate applies both to its current clients, whose profitability is updated automatically, as well as to new users who want to join, either by opening an account or by transferring their savings from another financial institution.
“The rate is general for all our clients and new ones who want to join. When the rate goes up, as it did now, a general release of the new update is issued; while when the low rate is communicated by mail and the client decides whether to stay or go”, the entity specified.
Caja Huancayo follows in the ranking with a return of 7.25%. In this case, they reported that this annual effective rate of return (TREA) applies only to new customers, while current users who have a contract with a lower rate must contact us by mail to renegotiate.
In third place is Los Andes, with a TREA of 7%. Followed by Financiera Proempresa and Caja Raíz, which offer 6.9% each. The Caja Metropolitana de Lima, Financiera Credinka, Financiera Qapaq and the rural savings bank Cencosud Scotia complete the list of the ten most profitable entities for CTS deposits (see infographic).
On the other hand, they are still the main banks in the country pay less: Scotiabank (0.3%), Interbank (1%), BCP (1%), BBVA (1.1%). These figures may vary according to each client.
It should be noted that workers can request as many times as they want the transfer of their CTS from one entity to another that pays them more. The process is done through your employer.
Jorge Carrillo Acosta, Finance professor at Pacífico Business School, pointed out that rates are generally negotiated for one year, and that the financial institution cannot automatically raise or lower them, with exceptions. He specified that the client can renegotiate “threatening” to go to another entity that pays him more for his CTS savings and thus update him with a better return.
Upward rate trend
”The trend is going up because the BCRP reference rate is rising, which causes deposit rates to also increase,” explained Carrillo.
The TREA of time deposits also increased, and is above 8%. In this case, the competition is more varied, since it is disputed between the microfinance institutions and the banks. The rate varies according to the amount and time of the savings.