Financial companies pay up to 7.5% per year for CTS deposits

Companies have until today to make the deposit of Compensation for Service Time (CTS) to their workers. Faced with this, many people have the opportunity to make this money grow, since the various entities of the financial system offer an attractive return so that these resources are kept in their accounts.

To the date, the maximum interest rate for CTS deposits in financial institutions reaches 7.5% per year, being the Caja Piura and Sullana those that offer the best profitability, according to data from the Superintendency of Banking, Insurance and AFP (SBS).

In October of last year, the maximum Annual Effective Rate of Return (TREA) of the CTS in the 32 entities that make up the Peruvian financial market was the same as that currently registered.

Among the entities with rates equal to or greater than 7% are also Caja Huancayo, Los Andes, Cencosud Scotia and the financial company Proempresa.

While those whose offer ranges between 6.9% and 6.5% are the Financiera Proempresa, Caja Raíz, Primavera, Banco Ripley, Caja del Santa and Financiera OH.

On the other hand, the entities that offer the lowest interest rates to their savers are the banks. Interbank and Scotiabank lead this list with a TREA of 0.25% and 0.3% each.

Banco de Crédito del Perú (1%), BBVA (1.1%), as well as MiBanco and Banco GNB, each with an annual return of 3.75%, continue along this path.

Drop in CTS deposits

CTS deposits maintained around S/9.8 million in the Peruvian financial system until March of this year, which meant a -11.5% reduction in their funds compared to the same period last year, according to a report by the SBS .

Of this amount, the main figure, more than S/6.9 million, is concentrated in commercial banks and is -12.5% ​​less than last year. In second place, there are deposits in municipal savings banks, where there are more than S/2.1 million, that is, they have been reduced by 8.6%.

It also includes more than S/498,000 (-9.8%) in financial companies, as well as S/179,450 in rural banks, which is 13.9% less than in March 2022. For its part, the Bank de la Nación accumulates S/76,877 for this concept, which means a year-on-year increase of 0.6%.

These lower amounts in the CTS accounts are due to the fact that currently all workers can freely dispose of these funds until December 31 of this year, which has generated that the entities of the financial system report the outflow of these resources on a monthly basis.

slow accounts

The lack of dynamism of the CTS accounts is one of the factors that drives the stagnation of their interest rates, since they make them look like unattractive products for financial institutions, says Carla Cafferatta, professor of Accounting and Auditing at the Norbert Wiener University. .

“This is an account that is opened to make two deposits in the year, and normally the employee is not used to making additional deposits, and as no money incomethe bank gives you a lower rate,” he says.

He also points out that although savings banks are the institutions with the best offers, they involve greater risk and, furthermore, have little accessibility compared to larger organizations such as banks.

Finally, the specialist warns that interest rates could experience a downward trend in the coming months for the free disposal of the CTS until the end of the year.

Options to maximize CTS

One of the options is to prioritize the payment of debts. To do this, it is necessary to identify which one is generating the most interest and correct it, says Cafferatta.

In addition, it suggests evaluating other savings alternatives in accounts with greater profitability and convenience than the CTS.

It also recommends managing personal finances responsibly, and in the face of an economic emergency, previously evaluate different means before deciding to withdraw the CTS.

Finally, he suggests identifying investment options such as buying a rental property or investing in stocks and bonds.