A few days ago, the board of directors of the Central Reserve Bank of Peru (BCRP) agreed to maintain the reference interest rate at 5.75% for June. According to said entity, future adjustments will be conditional on the behavior of inflation and its determinants. But, this decision would not have a significant impact on the rates offered by banks, municipal savings banks and financial entities.
In that line, the fixed term deposits They have become an alternative with a distinctive advantage unlike other financial products, since they allow you to save money to invest and use that surplus profit in an emergency situation or a subsequent project. In addition, they provide greater security and stability to investors, since interest rates are agreed upon from the beginning and remain unchanged.
Fixed-term deposit: which financial institutions pay you the most for your savings?
According to information from the Superintendence of Banking, Insurance and AFP (SBS) as of June 17 of this year, Financiera Efectiva occupies the first position as the entity that offers the highest rate for a fixed-term deposit of S/5,000 at a period of 360 days. To be more exact, it has an annual effective rate of return (ERR) of 6.5%.
In the following places are Banco Ripley (6.25%), Financiera Oh (5.85%) and Scotiabank (5.55%). In addition to this first entity, the banks that offer a higher interest rate are Banco Falabella (5.25%), Banco GNB (4.75%) and Banco Pichincha (3.75%).If you want to know the complete list of financial institutions that pay more for your savings, take note of the following table:
| Financial entity | TREA |
| Effective Financial | 6.5% |
| Ripley Bank | 6.25% |
| Financial Oh | 5.85% |
| Scotiabank | 5.55% |
| Falabella Bank | 5.25% |
| CMCP Lima | 5% |
| GNB Bank | 4.75% |
| Qapaq Financial | 4.5% |
| Credinka Financial | 4.3% |
| CMAC Sullana | 4.1% |
| CRAC Los Andes | 4% |
| CRAC Cencosud Scotia | 4% |
| Pichincha Bank | 3.75% |
| CMAC Trujillo | 3.55% |
| CRAC Prymera | 3.5% |
| Financial Trust | 3.5% |
| BBVA | 3.5% |
| CMAC Piura | 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% |
These are the financial institutions that offer the least profitable fixed-term deposits
The Superintendency of Banking, Insurance and AFP (SBS) has a tool to identify the main prices of financial products and choose them in an informed manner. However, it must be specified that these data obtained are referential. In this sense, the entities that pay the least interest for a fixed-term deposit of S/5,000 over a period of 360 days are:
- Credit Bank (0.2%)
- Interbank (0.5%)
- MyBanco (1.15%)
- Banbif (1.4%)
- CMAC Maynas (1.75%)
- Proempresa Financial (2%)
Deposit Insurance Fund drops: how much is the new savings protection?
The Superintendency of Banking, Insurance and AFP (SBS) has updated the maximum amount of coverage of the Deposit Insurance Fund to S/121,500 for the period from June 2024 to August 2024, which represents a reduction of S/920 compared to the previous quarter, when the limit was S/122,420.
To date, there are a total of 41 financial institutions that have an active Deposit Insurance Fund:
• 16 banks: BCP, BBVA, Scotibank, Interbank, Falabella, Ripley, Mibanco, BanBif, Pichincha, GNB, Bancom, 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
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.
