I put together a capital, where do I place it to see it grow? Currently, the market offers 2 financial options without much risk: Savings accounts and Fixed Term accounts but personally would not use a “savings account” since the interest rates offered are small as they range from 2.5% to 3%.
A fixed term account instead is much more interesting to save your money and “forget it” there until you need it since the rates are definitely more attractive, they reach up to 7.25% in banks and up to 8.75% in Savings Banks and Financial. The difference is that in the first option it is necessary to place large amounts in very long terms, while in the Savings Banks.
Interest rates are high with lower amounts and terms
Let us take as an example the need to save an initial fee for a mortgage loan and here we share a practice that can be very effective in reaching that desired initial fee.
Open a fixed-term account with an amount, say about S / 1,000 * soles and set it to 6 months, decide to continue depositing a monthly amount for the next 5 months, that flow of deposits will generate interest for each savings period, At the end of the term you already have an interesting amount that is the initial S / 1000 * with the gain of 6 months and each deposit made later with your own interest earned.
Take this new amount and do the same again, so in a couple of years you will have collected the money you need and perhaps be able to have more than 20% of your initial fee, all based on your needs.
This practice would help you even to buy a car in cash, to have the possibility of not only having one of the year but opting for a full team, all thanks to the additional that can provide you with a good interest rate.
Where is it safer to place my savings?
The fear that many people have is that they can lose what they have saved if the chosen financial institution gets into trouble, for this reason they choose to put their money at a fixed term that provides a 4% rate in a Bank when they could earn double in a Box.
The good news is that most of the savings banks are supervised by the SBS (Superintendence of Banking and Insurance) and backed by the FSD (Deposit Insurance Fund), which means that any institution that works under these modalities can give you to its clients the peace of mind that if something happened, the Fund would return the entire investment up to an amount of S /. 92,625.