At the beginning of February, the board of directors of the Central Reserve Bank agreed to cut the reference interest rate to 6.25%, marking the sixth consecutive month of a decrease of 25 basis points (bps). Despite this situation, banks and savings banks continue to offer attractive rates for fixed-term deposits, which are shown to be one of the most viable alternatives to optimize the profitability of funds.
This investment instrument allows you to save money to invest and use that excess profit in an emergency situation or a later project. Next, check which banks, savings banks and financial institutions pay the best for term savings, according to the Superintendence of Banking, Insurance and AFP (SBS).
Where should you save your money: banks, savings banks or financial institutions?
According to Arturo García, professor of Finance at ESAN Graduate School of Business, financial institutions continue to have very competitive interest rates for fixed-term deposits, which range between 6% and 8%. In the case of rural savings banks, they offer an average annual interest rate of 8.01% on deposits between 181 and 360 days. They are followed by financial companies (6.84%), municipal savings banks (6.66%) and banks (4.70%), based on information from the SBS until February 29 of this year.
“The Central Reserve Bank has been reducing the reference rate since September, and this has an impact on active credit rates, such as passive deposit rates. However, even so, entities continue to be very competitive in the issue of interest rates for fixed-term deposits, depending on the amounts and types of entities,” he explained.
According to the Comparabien portal, whose calculation is made by depositing S/10,000 for a fixed term for a period of 360 days, the entity that offers the best interest rate is Alfin Nuestro Banco with a Annual Effective Rate of Return (TREA) of 7.75%. Next, Compartamos Financiera, Efectiva Tu Financiera, Caja Metropolitana and the financial company Credinka appear on the list, granting an ARR of 7.70%, 7.50%, 7% and 6.8%, respectively.
In the case of banks, the institution that pays the most is Banco Falabella, whose TREA reaches 7.70%. It is followed by Banco de Comercio (6.25%), BBVA (5.50%), Banco GNB (4.75%) and others, according to the report of the Superintendency of Banking, Insurance and AFP until February of this year. Next, review the following table of the TREAs paid by banks, municipal savings banks and financial institutions. Take into account that the calculation is made for S/10,000 for 360 days, according to the latest SBS report.
| Financial entity | TREA |
| Alfin Our Bank | 7.75% |
| Let’s Share Financial DPF Campaign | 7.70% |
| Falabella Bank | 7.70% |
| Effective TuFinanciera | 7.50% |
| Metropolitan Fund | 7% |
| Financiera Credinka – Fixed term deposit campaign | 6.80% |
| Ica Municipal Fund | 6.60% |
| Financial Oh! | 6.25% |
| Caja Arequipa – Growing Fixed Term Deposit | 6.25% |
| Bancom | 6.25% |
| Los Andes Box | 6% |
| BBVA – Digital term deposit in soles | 5.50% |
| Ripley Bank | 6.60% |
| Caja Arequipa – Fixed Term Deposit | 6.55% |
| Qapaq | 6.50% |
| BBVA – Term deposit in office soles | 5.50% |
| Cashier Center We Grow Together | 4.80% |
| GNB Bank | 4.75% |
| Qapaq | 4.50% |
| Financiera Credinka – Fixed term deposit | 4.30% |
| Ripley Bank | 4.25% |
| Sullana Box | 4.20% |
| Prymera | 3.60% |
| Effective Your Financial | 3.50% |
| Piura Box | 3.50% |
| Financial Trust | 3.50% |
| Huancayo Box | 3.35% |
| Trujillo Box | 3.20% |
| Cusco Box | 3.10% |
| CrediScotia | 2.80% |
| Tacna Box | 2.70% |
| Santa Box | 2.60% |
| Interbank | 2.50% |
| ProEmpresa Financial | 2.00% |
| Pichincha Bank | 1.75% |
| Scotiabank | 1.45% |
| Banbif | 1.40% |
| My bank | 1.15% |
| BCP | 0.25% |
Fixed-term deposit: what are the main recommendations?
The fixed-term deposit is a very attractive alternative in our country due to its security and stability, since the interest rate is agreed upon from the beginning and remains fixed throughout the term. In addition, it is useful for people looking to make their savings profitable without assuming risks linked to volatile investments. Therefore, it is still above other fixed income instruments. Here, we give you some recommendations from economist Arturo García so that you can increase your profits:
- Find out well about the interest rates in the different types of financial institutions.
- Diversify your money saved in soles and dollars as a risk reduction factor.
- Alternate the deadlines depending on the needs you will have.
- Diversify the financial entities that are close to the limit of the Deposit Insurance Fund, which amounts to 123,810 soles.
Deposit Insurance Fund: how does it protect your savings?
The Deposit Insurance Fund protects savings and CTS deposited in entities supervised by the SBS such as banks, financial institutions, municipal savings banks and rural savings and credit banks. It acts as a financial backup in case the institution is declared in a state of dissolution or liquidation. For the period from December 2023 to February 2024, the SBS updated the coverage amount of this insurance to S/123,810, which represents a decrease of S/389 compared to the previous quarter, which was set at S/124,199.
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.
