There is one week left for the expiration of the term that companies have to deposit the Compensation and Time for Services (CTS). In this context, thousands of workers will have the possibility to withdraw 100% of this money extra, whose free availability, according to the law 31480, extends until December 31, 2023. However, there is another group of people who prefer to save this bonus labor. For this, there are factors that must be taken into account if you are thinking of transferring your CTS to another bank or box.
As recommended by the expert finance Jorge Carrillo Acosta, the choice of the most appropriate financial institution will depend on three conditions:
Support from the financial institution
The more solid the financial institution, the more secure a worker’s money will be. It is necessary to know that, for all banks, finance companies, municipal savings banks and rural savings banks, there is an insurance called Deposit Insurance Fund (FSD), that, in the event of an emergency such as bankruptcy, is responsible for covering savings up to S/125,714 for the period March – May 2023.
It is necessary to point out that the cooperatives They do not have this guarantee, so they imply a greater risk for the CTS deposit.
Interest rate
According to Carrillo, you must choose the financial entity that pays the highest interests, which are measured by the Annual Effective Rate of Return (TREA). “The rural boxes, for example, they usually pay a higher rate than banks, so they would be a more profitable option. To date, a TREA of up to 9% can be achieved,” he explains.
Additional benefits to the rate
Many banks offer additional benefits for those who have their salary or CTS account with them. The benefits translate, for example, into greater discounts, promotions, better rates for deposits or loans, among others.
How to calculate the CTS of May 2023?
If you want to make a quick calculation of the amount you will receive from the CTS this month, you can check the La República calculator:
Source: Larepublica
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