Around 5 million formal workers are eagerly awaiting the promulgation of the law that authorizes a new optional withdrawal of 100% of compensation for time of service (CTS) until the end of this year. As in previous disbursements, various financial institutions have attractive rates for those who opt for fixed-term deposits.
These investment instruments that people own are protected by the Deposit Insurance Fund through a coverage amount of up to S/122,420. Next, find out which banks, savings banks and financial institutions pay the best for term savings, according to official data from the Superintendence of Banking, Insurance and AFP (SBS).
CTS withdrawal: which banks and savings banks pay the highest interest rate for a fixed-term deposit?
As in previous CTS disbursements, savings and credit banks have more competitive rates than banks for all people who choose to make their funds profitable through fixed-term deposits. In that sense, the current average ranges between 7% and 7.5% compared to 2022 when it reached levels of 10% to 12%.
It is important to note that the change in rates is the result of various factors, including the impacts of the country’s economic crisis in recent months. In previous statements to La República, Rosa María Higa, central administration manager of Caja Ica, explained that, with these changes in the market, it will no longer be possible to offer rates higher than 9%, but rather they will be between 6% and 7%. %.
According to SBS figures as of May 6, 2024, the Caja Metropolitana de Lima, Banco Ripley, Finaciera OH and Scotiabank They are the entities that pay the highest rate for a fixed-term deposit of S/5,000 for a period of 360 days. To be more explicit, the first entity offers an annual effective rate of return of 7%, followed by Banco Ripley (6.25%), Financiera OH (6%) and Scotiabank (5.55%).
Then, we can find Falabella (5.25%), GNB (4.75%), Financiera Qapaq (4.5%), Financiera Credinka (4.3%), Banco Pichincha (4.25%), Caja Sullana (4.2%), Caja Los Andes (4%), Caja Cencosud Scotia (4%) and Caja Prymera (3.6%).
| Financial entity | TREA |
| CMCP Lima | 7% |
| Ripley Bank | 6.25% |
| Financial Oh | 6% |
| Scotiabank | 5.55% |
| Falabella Bank | 5.25% |
| GNB Bank | 4.75% |
| Qapaq Financial | 4.5% |
| Credinka Financial | 4.3% |
| Pichincha Bank | 4.25% |
| CMAC Sullana | 4.1% |
| CRAC Los Andes | 4% |
| CRAC Cencosud Scotia | 4% |
| CMAC Trujillo | 3.55% |
| CRAC Prymera | 3.5% |
| Financial Trust | 3.5% |
| BBVA | 3.5% |
| CMAC Piura | 3.5% |
| Effective Financial | 3.5% |
| CMAC Huancayo | 3.35% |
| Let’s Share Financial | 3.3% |
| CMAC Arequipa | 3.25% |
| CMAC Cusco | 3.1% |
| CMAC Ica | 3% |
| Crediscotia | 2.8% |
| Bancom | 2.75% |
| CMAC Tacna | 2.7% |
| Santa’s CMAC | 2.6% |
| Alfin Bank | 2.5% |
| Proempresa Financial | 2% |
| CMAC Maynas | 1.75% |
| Banbif | 1.4% |
| My bank | 1.15% |
| Interbank | 0.5% |
| Credit Bank | 0.2% |
If I make a fixed-term deposit of S/5,000 for 360 days, how much would I earn?
Fixed-term deposits are a financial alternative in which a sum of money is placed for a specific period of time with the aim of obtaining a secure profit. In that sense, the financial institution will grant a previously calculated interest based on the agreed period of time, and both individuals and legal entities can open this type of account.
Let’s take an example: If you make a time deposit of S/5,000 for a period of 1 year in the Caja Metropolitana de Lima that offers you a rate of 7%, you would obtain a profit of S/350, according to data from the SBS. In the case of Banco Ripley whose ARR is 6.25%, the interest earned would be S/312.5, followed by Financiera OH (S/300), Scotiabank (S/277), Banco Falabella (S/262), GNB (S/237), Financiera Qapac (S/225), among others.
What is the annual effective rate of return?
The TREA It is a rate that the financial institution pays to those people who deposit their funds in the bank. It is used to calculate the return on an investment after deducting regular costs and associated expenses. In this sense, the products that TREA applies can be time deposits, CTS, checking account, salary account and other savings products.
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.
