Banks Compete wiht Rising Interest Rates on Term Deposits in Peru
LIMA, Peru – Peruvian banks are currently engaged in a competitive push to attract depositors with increased interest rates on term deposits, offering rates up to 5.20% for specific terms and amounts. This surge in rates comes as institutions adjust to recent movements in the Central Reserve Bank of Peru (BCRP) reference rate, though analysts predict potential declines in October.
The competition offers savers opportunities to maximize returns, but rates and terms vary significantly.The Lima Metropolitan Box is offering a 5% rate for deposits up to S/ 25,000 for 360 days,increasing to 5.10% for deposits up to S/ 50,000 and 5.20% for deposits up to S/ 100,000,as part of a campaign running until September 30. Banco Compartamos provides a 5% rate for 360-day deposits between S/ 20,000 and S/ 99,999, falling to 4.65% for smaller amounts.
FINANCIAL RICH currently offers a 5% rate on 360-day deposits starting at S/ 20,000, with lower amounts earning only 3.50%. banco Ripley is running a campaign through the end of September offering 5% for deposits exceeding S/ 1,000 for six months, decreasing to 4.75% for twelve-month terms.
According to César huiman, a senior analyst at Equity Research of Rent4 SA, “The banks will accommodate their fees according to the movement of the reference rate. The credits will cost less and also lower the savings rates.” This suggests potential rate reductions in October, aligning with the recent downward trend of the BCRP’s reference rate.