In the midst of an economic recession and the occurrence of the El Niño phenomenon, workers in the private regime will receive the payment of their second bonus until Friday, December 15, according to Law No. 37775. This extra money is often used to solve the year-end expenses, but personal finance experts recommend saving a portion of this resource to use for future projects or emergency situations.
In that sense, fixed-term deposits are one of the most viable options to channel these savings into the financial system. Next, find out which banks and savings banks offer the most attractive interest rates to optimize the profitability of your funds, according to data from the Superintendence of Banking, Insurance and AFP (SBS). Take note!
Which financial institutions pay the most interest for saving your money at Christmas?
Rural savings banks are one of the most attractive financial system alternatives for savers due to the interest rates they offer. Until October this year, the average interest rate for a fixed deposit of between 181 to 360 days was 8.8% per year. According to the SBS report from December, whose calculation is made for S/5,000 for 360 days, the Los Andes Rural Savings and Credit Bank It has an annual effective rate of return (ERR) of 7.8% and the Caja Municipal de Crédito Popular de Lima offers 7%.
It is worth mentioning that, in this Christmas campaign, in the financial system, high rates are provided through this modality. For example, with S/500 you can open a fixed-term deposit account in Piura Box, which grants a rate of between 8.45% and 8.75%, according to the length of the contract. In the case of Caja Cusco, it offers 8.75% for a minimum amount of S/300 if the term is 180 days.
In financial companies, for their part, the average rate for fixed-term deposits between 181 and 360 days is 7.37% annually and the highest interest of S/5,000 for 360 days is paid in the Financial Oh!, which provides 7.85%. Then, follow Financiera Qapaq (6.5%), Credinka (4.3%) and Confianza (3.5%), among others.
Finally, with respect to banks, the average interest rate for this type of the financial system is 5.89% for the period from 181 to 360 days, with data as of December 7. The bank that pays the most is the Ripley Bank, whose annual effective rate of return reaches 7.5%. It is followed by Banco Falabella (7.1%), Banco GNB (4.75%), BBVA (3.5%) and others, according to the SBS report, whose calculation is made for S/5,000 for 360 days.
Here we leave you the picture of the TREA so that you can observe the banks, municipal and financial savings banks that pay more interest to save your money in December:
| Financial entity | TREA |
| Financial Oh! | 7.85% |
| CRAC Los Andes | 7.8% |
| Ripley Bank | 7.5% |
| Falabella Bank | 7.1% |
| CMCP Lima | 7% |
| CRAC Prymera | 6.5% |
| Qapaq Financial | 6.5% |
| Scotiabank | 5.55% |
| GNB Bank | 4.75% |
| Credinka Financial | 4.3% |
| CMAC Sullana | 4.1% |
| CRAC Cencosud Scotia | 4% |
| CMAC Trujillo | 3.55% |
| Financial Trust | 3.5% |
| BBVA | 3.5% |
| CMAC Piura | 3.5% |
| Effective Financial | 3.5% |
| CMAC Huancayo | 3.35% |
| Financial Compartamos | 3.3% |
| CMAC Arequipa | 3.25% |
| CMAC Cusco | 3.1% |
| CMAC Ica | 3% |
| Crediscotia Financial | 2.8% |
| Bancom | 2.75% |
| CMAC Tacna | 2.7% |
| Santa’s CMAC | 2.6% |
| Alfin Bank | 2.5% |
| Proempresa Financial | 2% |
| Pichincha Bank | 1.75% |
| CMAC Maynas | 1.75% |
| Banbif | 1.4% |
| My bank | 1.15% |
| Interbank | 0.5% |
| Credit Bank | 0.2% |
Deposit Insurance Fund: how does it protect your savings?
The Deposit Insurance Fund is the private entity in charge of protecting depositors’ savings in the event that the financial institution is declared in a state of dissolution or liquidation. For the period December 2023-February 2024, the SBS updated the FSD coverage amount to S/123,810. This means a reduction of S/389 compared to the previous quarter, which was S/124,199.
What are the entities covered by the Deposit Insurance Fund?
- 16 banks: BCP, BBVA, Scotiabank, Interbank, Falabella, Ripley, Mibanco, BanBif, Pichincha, GNB, Comercio, Alfin, Citibank, Santander, ICBC and Bank of China
- 8 financial: Crediscotia, Compartamos, Confianza, Oh!, Efectiva, Credinka, Proempresa and Qapaq
- 12 municipal savings banks: Arequipa, Piura, Huancayo, Cusco, Sullana, Trujillo, Ica, Tacna, Maynas, Lima, Del Santa and Paita
- 5 rural boxes: Cencosud Scotia, Los Andes, Prymera, Del Centro and Incasur.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
