Which banks or savings banks pay the most interest to save your money in November?

If you are looking to save your money in a financial institution and invest that excess profit to use in an emergency situation or a future project, you should know that there are fixed-term deposit accounts that offer interest rates to optimize the profitability of your funds.

Although until August of this year, the Annual Effective Return Rates (TREA) reached levels higher than 9%, these have begun to be reduced due to the adjustments of the BCR’s monetary policy, which implies a new cut in the interest rate. reference interest, which went from 7.75% to 7%. Next, find out which banks and municipal savings banks pay the best for installment savings, according to the report from the Superintendency of Banking, Insurance and AFP (SBS) from November 2023.

Which financial institution pays the most interest for fixed-term deposits in November?

Fixed-term deposits are a type of financial operation that consists of depositing money for a specific period of time waiting for a secure return. To do this, the entity will pay a previously calculated interest rate based on the agreed length of stay and said account can be opened by natural and legal persons.

Next, look at the following table of the annual effective yield rates (ERR) paid by banks, municipal savings banks and financial institutions. Remember that the calculation is made for S/5,000 for 360 days, according to information from the SBS until November of this year:

According to the table of the Superintendence of Banking, Insurance and AFP (SBS), the entity that offers the highest interest rate for a fixed-term deposit is the financial company Oh!, which offers 7.85% annually. Then, the Caja Rural de Ahorro y Crédito Los Andes follows, with a TREA of 7.8% and the Caja Municipal de Crédito Popular de Lima 7%.

As for the banks, the one that offers the highest interest rate for a fixed-term deposit is Banco Falabella with 7.77%. After this, Banco Ripley appears with 7.5% and Banco GNB with 4.75%. Finally, the financial entities that pay the least interest on fixed-term deposits are Mi Banco (1.15%), Interbank (0.5%) and Banco de Crédito del Perú (0.2%).

Fixed Term Deposit: what are the projections?

According to Víctor Díaz, managing director of Fixed Income at Credicorp Capital, the profitability of fixed-term deposits would be close to 7% by the end of the year, while for the next it would drop to 5.25%. “Basically, we are going to move towards 7% or 6.75% at the end of this year and towards the end of next year at 4.75% or 5.25%, is what the economists and the market,” he told La República.

Likewise, he pointed out that the drop in interest rates on these financial products has benefited the fixed-income mutual fund industry because they have a better ability to ensure investments for longer terms. It is worth mentioning that the profitability of the latter in soles varies between 5% and 9%, according to Credicorp.

Deposit Insurance Fund: what is it for?

The deposits of the entities supervised by the SBS are covered by the Deposit Insurance Fund (FSD), which is a financial backup in the event that the bank, municipal or financial institution is dissolved or liquidated. In that sense, the SBS updated the coverage amount of this insurance to S/124,199 for the period from September to November of this year.

It is worth mentioning that CTS, savings and term deposit accounts that users keep in financial institutions have been protected above S/100,000 for more than 3 years.