Financial companies pay up to 9.25% annual interest for term deposits

More than 4 million workers on the payroll in the private sector will receive their bonus payment this month, equivalent to a full full salary plus an extraordinary 9% bonus corresponding to the contribution to Essalud.

Jorge Carrillo Acosta, a professor at the Pacífico Business School, estimates that the payment of the bonus will imply a disbursement by the companies of approximately S/10,000 million.

In this context, the various entities of the financial system have been making great efforts to be able to capture part of this money, their main product being time deposits.

attractive rates

According to information from the Superintendence of Banking, Insurance and AFP (SBS), the interest rate paid by entities to savers for keeping their money in term deposits can reach 9.25% per year.

Caja Piura, for example, guarantees a return of up to 9.25% interest for minimum deposits of S/500 for a period of 1,080 days. If the period is shorter, the annual rate can be 8.75% or 9%.

“For a fixed-term savings account opened at any agency nationwide for S/3,000 to 360 days, with a TEA of 8.75% and TREA of 8.75%, the interest earned is S/262.50 at the end of the term”, exemplified José Samamé, North regional manager of Caja Piura.

For her part, Isabel Castillo Lúcar, manager of Passive Products at Arequipa Box, details that its traditional fixed-term deposit product pays a return of up to 8.75% if the account is opened in agencies or up to 8.85% if it is opened virtually. It is worth emphasizing that the interest rate will depend on the amount deposited and the term agreed with the financial company.

Castillo Lúcar indicated that currently 300,000 of his clients have a fixed deposita portfolio that has increased by 18% since 2022 due to the higher profitability offered by this financial product.

Meanwhile, Arturo García, professor of Finance at ESAN Graduate School of Business, indicates that in the month of July the competition between financial companies is fierce, since they offer promotions with the intention that part of the gratuity is destined to a fixed-term deposit.

“Since it is a month of gratification, I assume that the banks are going to enter into a campaign to capture these greater flows of resources and to be able to have funds to continue growing in placements and also to manage the matching of terms between deposits and placements. It will be an important month of effort at better rates”, noted the professor.

García also warned that it is the best time to bet on term deposits, since the profitability that financial entities have been offering would no longer be observed in the following months because it is expected that the Central Reserve Bank of Peru (BCRP) will begin to reduce its reference rate towards the fourth quarter of the year, which would imply that the market also goes in that direction.

“The financial system anticipates that there will no longer be any further increases in said rate, but rather they are going to go down gradually, as the BCRP begins to reduce the reference rate”, he concluded.

70% of the gratuity must be saved

Arturo García, a professor at ESAN Graduate School of Business, recommended that 70% of the bonus to be received this month should be used for savings or used for a financial product that makes money grow over time, such as the fixed deposit.

The professor also affirms that this extra money that the workers will receive could be used to invest in a small business.

While José Samamé from Caja Piura assures that the term deposit “is profitable and one of the safest ways to save your money while it grows.”

keys

Deadlines. Companies have until July 15 to make the deposit of rewards to workers.

Profile. Those who choose to save their money in a fixed term account They are on average 41 years old.