Fixed-term deposits: which are the financial entities that pay the highest rates?

Various entities of the financial system have been making great efforts in order to capture the bonus that workers will receive in July, through time deposits. There are more than four million workers on the payroll in the private sector who will have this extra money, which is equivalent to a full full salary plus an extraordinary bonus of 9% corresponding to the contribution to EsSalud. Here we tell you which financial institutions pay more for your savings.

What are the financial institutions that pay the highest rates?

The municipal boxes show more competitive rates in terms of time deposits. Piura Box, for example, guarantees a return of up to 9.25% interest for minimum deposits of S/500 for a term of 1,080 days. If the period is shorter, the annual rate can be 9% or 8.75%.

“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 Boxdetails 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.

For more than 360 days, Caja Municipal de Ica offers 8.85%, Caja Maynas 8.58% and Caja Huancayo 7.65%, according to the Superintendency of Banking and Insurance (SBS). It should be noted that the interest rate will depend on the amount deposited and the term agreed with the financial company.

Then there are the financial companies, which on average offer a rate of 7.43% for more than 360 days of term. Effective (8.77%), Financiera Pro Empresa (8.70%) and Financiera OH (8.66%) are the ones that offer the highest rates. The banks They also offer time deposits, on average the TREA is 6.75%. Banco Ripley (8.72%), Banco Falabella (8.41%) and Alfin (8.37%) are the ones that offer users the most attractive rates for a minimum term of one year.

Is it the best time to open a fixed-term deposit account?

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 bonus is allocated 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.

Garcia also warned that is the best time to bet on term depositssince 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.