2024-03-02 17:54:39
The updated amount of the Deposit Insurance Fund to protect your savings in financial institutions amounts to S/123,810. Photo: composition by Jazmin Ceras/LR/Andina
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.
Where should you save your money: banks, savings banks or financial institutions?
According to Arturo Garcia, 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.
Financial entityTREAAlfin Nuestro Banco7.75% Compartamos Financiera DPF Campaign 7.70% Banco Falabella7.70% Efectiva TuFinanciera 7.50% Caja Metropolitana 7% Financiera Credinka – Fixed-term deposit campaign 6.80% Caja Municipal Ica 6.60% Financiera Oh ! 6.25% Caja Arequipa – Fixed Term Deposit increasing 6.25% Bancom6.25% Caja Los Andes 6% BBVA – Term Deposit digital soles 5.50% Banco Ripley 6.60% Caja Arequipa – Fixed Term Deposit 6. 55% Qapaq6.50% BBVA – Time deposit in office soles 5.50% ATM Center Crecemos Juntos 4.80% Banco GNB 4.75% Qapaq4.50%Financiera Credinka – Time deposit 4.30% Banco Ripley4.25 %Caja Sullana4.20% Prymera3.60% Efectiva Tu Financiera3.50% Caja Piura3.50% Financiera Confianza3.50% Caja Huancayo 3.35% Caja Trujillo3.20% Caja Cusco3.10% CrediScotia2.80% Caja Tacna2.70 % Caja del Santa2.60% Interbank2.50% Financiera ProEmpresa2.00% Banco Pichincha1.75% Scotiabank1.45% Banbif1.40% Mibanco1.15% BCP0.25%
Fixed-term deposit: what are the main recommendations?
He fixed deposit It 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 regarding the interest rates on the different types of loans. financial entities.
- 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?
He 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.
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