For those who have a surplus money and they are thinking of saving it in some entity of the financial system, one option is fixed-term deposits. Therefore, in this note, we will provide you a bank tour so that you know which finance companies, municipal savings banks and banks —regulated by the Superintendency of Banking, Insurance and AFP (SBS)— make your loans more profitable savings.
The latest report from the Superintendency of Banking, Insurance and AFPs (SBS), updated as of June 21, 2023, shows that the entities pay up to about 9% interest on time deposits.
Which entity pays more interest for a fixed-term deposit in June?
Next, we show you the table of the effective annual rates of return (TREA) that these companies pay for the fixed term deposits. The calculation is for deposits for S/5,000 to 360 days:
| Financial entity | TREA % |
| Falabella Bank | 8.5% |
| OH Financial | 8.25% |
| The Andes Box | 7.8% |
| Ripley’s Bank | 7.5% |
| Metropolitan Fund of Lima | 7% |
| First Box | 6.5% |
| Qapac Financial | 6% |
| Scotiabank Peru | 5.55% |
| Root Box | 5.25% |
| GNB Bank | 4.75% |
| Credinka Financial | 4.3% |
| sullana box | 4.1% |
| Cencosud Scotia Box | 4% |
| Alfin Bank | 3.9% |
| Trujillo Box | 3.55% |
| Financial Trust | 3.5% |
| BBVA | 3.5% |
| Piura Box | 3.5% |
| Effective Financial | 3.5% |
| Huancayo Box | 3.35% |
| Let’s Share Financial | 3.3% |
| Arequipa Box | 3.25% |
| Cuzco Box | 3.1% |
| Ica box | 3% |
| Crediscotia | 2.8% |
| Bank of Commerce | 2.75% |
| Tacna Box | 2.7% |
| Santa’s box | 2.6% |
| Financial Proempresa | 2% |
| Pichincha Bank | 1.75% |
| Banbif | 1.4% |
| My bank | 1.15% |
| Interbank | 0.5% |
| Credit Bank | 0.2% |
According to the SBS table, the bank that offers a higher interest rate for a fixed-term deposit is Falabella Bankwhich provides a 8.5% per year. follows him Ripley’s Bank, with a rate of 7.5%and Scotiabank, with 5.5%.
As to financial, the entities that offer the highest rate are Financiera OH (8.25%), Financiera Qapac (6%) and Credinka (4.3%). If we take into account the municipal boxes, the list is led by Caja Los Andes, which offers a rate of 7.8%. Second, it is located Metropolitan Fund of Lima, which pays 7%.
From the opposite shore, the financial entity that pays less interest for a fixed-term deposit of S/5,000 for 360 days is Banco de Crédito del Perú (BCP), by offering a rate of 0.2%. Interbank and My bank They also appear in the last places of this list by paying only 0.5% and 1.15% respectively.
What is the Deposit Insurance Fund and how does it protect your savings?
It is necessary to know that there is a Deposit Insurance Fund (FSD), which is a financial backing in case the entity is declared in state of dissolution and liquidation.
For the period from June to August 2023, The SBS updated the maximum coverage amount of this insurance to S/123,920, which implies a reduction of S/1,794 compared to the previous quarter, which was set at S/125,714.
In conclusion, both savings accounts, term deposits and the CTS accounts that people keep in banks, finance companies, municipal savings and credit banks, and rural savings and credit banks.They have been protected for more than S/100,000 for more than three years.
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.
