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CTS 2023: which banks or savings banks pay you the most interest for saving your money?

CTS 2023: which banks or savings banks pay you the most interest for saving your money?

In these days of May, thousands of workers they begin to receive Compensation and Time for Services (CTS) in their bank accounts. Due to Law No. 31480, approved in June 2022, the employees have the availability to withdraw this extra money until the end of 2023. However, if you are one of those who plan to save it and, above all, transfer it to another financial entity in order to receive more interest, this note is for you.

To do this, we will show you which are the financial entities that pay the most interest for saving this additional bonus. Remember that the maximum term that companies have to deposit the CTS expires on May 15.

Which entities pay a higher interest rate for your CTS?

According to the Superintendence of Banking, Insurance and AFP (SBS), Financial entities such as banks and municipal savings banks offer interest rates for CTS deposits in soles that range from 0.25% to 7.5%.

According to the SBS Financial Product Cost and Performance web portal, Caja Piura is the entity that grants the highest annual rate with 7.5%. Behind it is Caja Huancayo with a rate of return of 7.25%. Third place is occupied by Caja Andes (7%) and Caja Cencosud Scotia (7%).

If we consider only the banks, the interest rates they offer to save your CTS do not exceed 6.5% on deposits in soles. The highest interest (6.5%) is provided by Banco Ripley, while Banco Falabella and Banco de Comercio pay an annual rate of 5%.

Financial entity minimum TREA
Piura Box 7.5%
Huancayo Box 7.25%
The Andes Box 7%
Cencosud Scotia Box 7%
Financial Proempresa 6.9%
Root Box 6.9%
First Box 6.6%
Ripley’s Bank 6.5%
Santa’s box 6.5%
financial oh 6.5%
Metropolitan Lima Box 6.3%
Credinka Financial 6.25%
Qapaq Financial 6%
Arequipa Box 6%
sullana box 5.65%
Financial Trust 5.5%
Trujillo Box 5.5%
Crediscotia 5.5%
Let’s Share Financial 5.5%
Falabella Bank 5%
Bank of Commerce 5%
Cuzco Box 5%
Tacna Box 4.5%
Banbif 4%
Pichincha Bank 4%
Ica box 4%
GNB bank 3.75%
My bank 3.75%
BBVA 1.1%
Credit Bank 1%
Scotiabank 0.3%
Interbank 0.25%

CTS 2023: which banks pay less interest to keep your money?

The last places in interest rates for CTS deposits are held by BBVA, with 1.1%; Banco de Crédito (BCP), with 1%; Scotiabank, with 0.3%; and Interbank, with a rate of 0.25%.

How to transfer your CTS to another financial entity?

Workers have the option of deciding to transfer their CTS to any financial institution. To do this, they only have to notify their employer.

  • Send one transfer request from CTS to your employer. In some cases, they ask you to present a copy of your national identity document (DNI).
  • Your employer must send the financial institution where the CTS is located a communication informing the request for the transfer of the worker’s CTS account and requesting that proceed transfer of funds to the new depository.
  • Within a period of no more than 15 business days, the depositary entity of the CTS will carry out the transfer to his replacement.

Source: Larepublica

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