In the first months of 2024, competition among Peruvian banks has intensified significantly. The need to attract more customers has led to the financial entities to improve their offerings interest rates in term deposits. This strategy not only seeks to increase its customer base, but also to strengthen its position in the national financial market.
The importance of choosing correctly where deposit the money It is crucial for savers, since a good interest rate can translate into higher profits. Therefore, it is essential to be aware of the best options available in the market and to know which banks are offering the most favorable conditions.
Which banks or savings banks pay you the best for your money? We tell you
Financiera Efectiva offers the highest rate for a fixed-term deposit of S/5,000 for a period of 360 days, with an effective annual rate of return (TREA) of 6.5%. According to information from the Superintendency of Banking, Insurance and AFP (SBS) as of June 17 of this year, this entity occupies the first position in this aspect.
| Financial entities | Annual rate (%) |
| Interbank | 2.50% |
| Santander Microfinance Emerges | 6.90% |
| Cusco Box | 6.70% |
| Effective Your financial | 6.50% |
| Cencosud Box | 6.50% |
| Let’s Share Financial | 6.20% |
| Arequipa Box | 5.90% |
| Oh! Financial | 5.85% |
| Bancom | 5.75% |
| The Andes | 5.40% |
| BBVA | 5.10% |
| Center Box | 4.80% |
| Ica Municipal Fund | 4.10% |
| First | 3.60% |
| My bank | 1.15% |
| Metropolitan Box | 7.00% |
| Credinka Financial | 6.50% |
| Falabella Bank | 5.25% |
| Ripley Bank | 4.25% |
| Pichincha Bank | 3.75% |
| Financial Confidence | 3.50% |
| Qapaq | 3.50% |
| Piura Box | 3.50% |
| Huancayo Box | 3.35% |
| Trujillo Box | 3.20% |
| CrediScotia | 2.80% |
| Tacna Box | 2.70% |
| Santa’s Box | 2.60% |
| ProEmpresa Financial | 2.00% |
| Pichincha Bank | 1.75% |
| Scotiabank | 1.45% |
| BanBif | 1.40% |
| GNB Bank | 1.25% |
| BCP | 0.25% |
What is a fixed-term deposit?
A fixed-term deposit is a financial investment in which the holder deposits an amount of money in a bank for a certain period of time. During this period, the money cannot be withdrawn without incurring penalties. In exchange for keeping the money immobilized, the bank offers a fixed interest rate that is agreed upon at the time of making the deposit. At the end of the term, the holder receives the initial capital plus the interest generated. This option is ideal for those looking for a safe investment with predictable returns.
Fixed-term deposits are popular due to their low risk and guaranteed fixed return. Interest rates are typically higher than traditional savings accounts, making them an attractive option for those who want to maximize their savings without being exposed to market volatility. They are also an effective way to save for specific goals, as the money is locked away and impulse spending is avoided. Fixed-term deposit conditions, such as minimum amount and time period, can vary between different financial institutions, so it is important to compare available offers.
What is the function of the SBS?
The Superintendency of Banking, Insurance and AFP (SBS) is the entity in charge of supervising and regulating the financial, insurance and pension fund system in Peru. Its main function is to guarantee the stability, solvency and transparency of these institutions, thus protecting the interests of depositors, policyholders and affiliates. The SBS is in charge of prudential supervision, issuing rules and regulations, as well as monitoring compliance with them to prevent financial risks and promote a safe and reliable environment for economic transactions in the country.
recommendations
- It is important to consider that each bank has specific requirements for opening a term deposit. Generally, a minimum investment amount is required, which may vary depending on the entity. In addition, the conditions for early withdrawal of money may influence the decision of savers, since some institutions impose penalties that could affect returns.
- The ease of use of digital platforms and the quality of customer service also play a crucial role. Banks that offer intuitive mobile applications and efficient customer services are often preferred by users who seek convenience and speed in managing their investments.
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.
