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Fixed-term deposit: which financial institutions offer the highest interest rate for your savings?

Fixed-term deposit: which financial institutions offer the highest interest rate for your savings?

If you have an amount of money that you will not use immediately and are looking to save it in a financial institution, pay attention to the following information. It turns out that there are fixed-term deposits that allow you to invest your money, which generates bank interest. In the following note, find out which municipal savings banks and banks offer the most favorable interest rates to optimize the profitability of your funds, according to the report from the Superintendence of Banking, Insurance and AFP (SBS) from August 2023. Take note!

What is a fixed term deposit?

They are money deposits that are made for a specific period of time, so a person agrees not to dispose of the deposited amount before the end of the agreed period, according to the SBS on its website.

In this sense, the financial institution will pay a previously calculated interest rate based on the agreed length of stay and it is necessary to highlight that this account can be opened by natural and legal persons. Finally, if depositors make partial or total withdrawals before the end of the agreed period, they will be subject to compliance with the sanctions established in the contract.

Which banks and savings banks pay the most interest for fixed-term deposits?

The interest rates offered by financial institutions for various types of savings can be a good alternative for people with excess liquidity and who seek to maximize the returns on their money. In that sense, we show you the following table of the annual effective yield rates (TREA) that these entities pay for fixed-term deposits, for more than 360 days, according to information from the SBS until August of this year:

Financial entity TREA
Los Andes Box 9.14%
Center Box 9.14%
Proempresa Financial 8.97%
Ica Box 8.81%
Lima Box 8.69%
Financial Trust 8.66%
Ripley Bank 8.58%
Arequipa Box 8.56%
Piura Box 8.53%
Alfin Bank 8.47%
Falabella Bank 8.45%
Maynas Box 8.39%
Sullana Box 8.29%
Santa Box 8.24%
Prymera Box 8.23%
Financial Oh! 8.17%
Credinka Financial 8.02%
Effective Financial 7.97%
Huancayo Box 7.66%
Qapaq Financial 7.55%
Financial Compartamos 7.49%
Scotiabank 7.43%
Tacna Box 7.01%
BanBif 7.00%
BBVA 6.89%
Paita Box 6.85%
Commerce Bank 6.69%
Interbank 6.46%
Scotiabank 6.14%
Cencosud Scotia 5.99%
Trujillo Box 5.86%
GNB Bank 5.71%
Cusco Box 5.44%
Crediscotia Financial 4.54%
My bank 2.42%

As we see in the table, the financial institution that offers the highest interest rate for a fixed-term deposit is the Caja Rural de Ahorro y Crédito Los Andes, which offers 9.14% annually. They are followed by Caja del Centro, with a rate of 9.14% and Financiera Proempresa, with 8.97%.

In the case of banks, the one that offers the highest rate is Banco Ripley with 8.58%. Then, we have Banco Alfin with 8.47% and Banco Ripley with 8.45%. Those at the bottom of this list are Interbank (6.46%), Scotiabank (6.14%), Banco GNB (5.71%) and Mi Banco (2.42%).

Deposit Insurance Fund: what is it and how does it protect your savings?

The Deposit Insurance Fund is financial support in the event that the entity is declared in a state of dissolution or liquidation. Likewise, for the period from September to November 2023, the SBS updated the coverage amount of this insurance to S/124,199, which represents an increase of S/279 compared to the previous quarter, which was set at S/123,920.

Finally, savings accounts, time deposits and CTS that users keep in banks, financial institutions, municipal and rural savings and credit banks have been protected above S/100,000 for more than 3 years.

Source: Larepublica

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