Bonus Season in Peru: Where to Invest Your Money at the Highest Interest Rate

Employers in Peru are obligated to deposit their employees' legal bonuses (gratificación) by 15 Temmuz. While many employees choose to use this extra payment for various pre-planned expenses, for those who do not have an urgent need, saving all or part of this money stands out as a highly logical financial move. Experts state that for those who want to invest this additional income, one of the safest ways is time deposit accounts in banks and financial institutions. Time deposits offer both a tool that ensures the money stays safe and a protective shield against inflation. This way, employees can earn a regular interest income from the money they set aside for unexpected expenses.

The Superintendency of Banking, Insurance, and AFP (SBS) of Peru is sharing a current report that includes the minimum yield rates offered by financial institutions for 360-day deposits worth 5.000 Sol. According to this report, the institution currently offering the highest interest rate in the market is InFinance XP (formerly known as Financiera Oh!) with a %5.5 annual rate. It is followed by Efectiva Bankı with %5.25 and Ripley Bankı with %4.25. These rates clearly show how important it is for savers to research different alternatives in the market rather than just staying at the bank where they receive their salaries when investing their money. These competitive interest rates offered by different institutions create a significant additional income stream for conscious investors.

Jorge Guillén, a finance professor at ESAN Üniversitesi, states that he considers time deposits to be a highly attractive and safe savings alternative. Emphasizing that as the invested savings amount increases, the interest rates offered by financial institutions may also rise, Guillén states that going to the table with stronger capital is advantageous. Therefore, recommending that the person saving money should examine the interest rates and special conditions offered by banks in detail, Guillén reminds that it is possible to work with another institution outside the bank where the salary account is held. According to his recommendation, the most important step is to evaluate all options in the market to find the bank that offers the highest yield and is most suitable for personal savings goals.

Jorge Carrillo Acosta, a faculty member at Pacífico Business School, also encourages savers to research different financial institutions, stating that financial institutions and structures known as 'cajas' generally offer the highest rates. Furthermore, he adds to his words that there are also smaller banks in the market that offer good interest rates and this detail should not be overlooked. Carrillo argues that during the signing of a time deposit contract, the early withdrawal conditions, which are applied in case the saver urgently needs the money before the agreement period expires, must be read very carefully. Because when money is withdrawn in an emergency, some institutions pay a low interest rate while others may pay no interest at all; therefore, this detail must definitely be taken into account during the decision-making stage.

Carrillo also draws attention to the issue of investors' financial security, reminding that all banks and financial institutions have a Deposit Insurance Fund (Fondo de Seguro de Depósito) that protects deposits. In the current system, in the event of the bankruptcy of any financial institution, this insurance fund covers savings up to 122.000 Sol per person. On the other hand, noting that savings banks or cooperatives have a much riskier structure in this context, Carrillo states that the insurance coverage of most of these institutions is only at the level of 5.000 to 10.000 Sol. This warning aims to make citizens aware of the potential dangers of investing in institutions with low security levels, even if their returns seem high.