Bonus: savings banks offer rates of 8% for term deposits

This Friday, December 15, more than 4 million formal workers in the private sector will have access to the second bonus of the year. In a context of economic recession and political uncertainty, specialists recommend, above all, not to use all of this money and save it as much as possible.

Of all the financial products offered by the system, fixed-term deposits stand out as the safest option, and it is the municipal savings banks that are still providing the Annual Effective Rate of Return (TREA) more attractive.

Although the founder of Noncash, Omar Azañedo, states that Please note that the rates offered may also vary. depending on the risk profile of each user.

Attractive campaigns

It should be taken into account that the savings banks are launching campaigns on fixed-term deposits with high rates, and most are valid until Sunday the 31st, but are subject to the availability of each entity. There is an option to do the procedure digitally.

For example, with S/500 you can open a fixed-term deposit account in Piura Box, which gives a rate of between 8.45% and 8.75% depending on the length of the contract; while for the same amount, Huancayo Box offers 7.95% TREA.

There is also Caja Cusco, which offers 8.75% for a minimum amount of S/300 if the term is 180 days. This campaign expires next Sunday the 17th.

Other entities such as Financiera Confianza grant 7.90% for minimum amounts of S/100 (180 days). Financiera OH offers 8% for minimum deposits of S/500, but if you have S/1,000, Ripley Bank guarantees a profitability of 7.75% and Financiera Qapaq 6.50%.

Among the main benefits of this product is that it allows you to use the interest earned at any time and increase the amount deposited, although the conditions vary for each entity.

In addition, it is important to remember that these types of products are protected by the Deposit Insurance Fund (FSD) for up to S/123,810 for the period from December to February, according to the latest update made by the Superintendency of Banking, Insurance and AFP (SBS).

Change to dollars?

According to economist Azañedo, interest rates continue to remain high because the system has not yet fully adopted the cuts made by the Central Reserve Bank of Peru (BCRP), which in November set the rate at reference interest at 7%. “Although the BCR has lowered the reference rate, it has not yet become so effective with respect to financial entities,” he said.

The specialist added that another option that workers should consider is converting the bonus to dollars, taking into account that the currency continues to be the most important store of value globally.

“Something we can do with these surpluses of money is to take advantage a low exchange rate (…) For those of us who do not have large surpluses, it is more advisable to bet on the fixed term, on something safe,” he concluded.

Use of gratification in times of recession

For Johanna Gutiérrez, manager of Passive Products of the Pichincha Bankin a context of economic uncertainty and the expected arrival of the El Niño phenomenon with its possible consequences, one of the main options that workers have to use bonuses is to reduce outstanding debts.

You can also allocate all or a portion of the bonus to an emergency savings fund, and in a month full of expenses like December, you should look for the most economical options.

“In times like the ones we live in, what we should look for is that these types of benefits protect us against unforeseen events that may affect our financial peace of mind in the future,” he indicated.

The numbers

• 4 million private sector workers will receive the bonus in December.
• S/ 10,000 million will be disbursed for this payment.