In Peru, the financial system offers two types of institutions for time deposits: commercial banks (Interbank, BCP, BBVA, Falabella) and municipal and rural credit unions (Caja Arequipa, Caja Huancayo). Credit unions usually offer better rates—but are they just as safe?
Rate Comparison (2026)
| Institution | Annual Rate | Type | Minimum | FSD Guarantee |
|---|---|---|---|---|
| Banco Falabella Peru | 6.50% TREA* | Bank | — | Yes |
| Caja Arequipa | 5.00% APR | Municipal Savings Bank | S/ 2,000 | Yes |
| Interbank | 4.25% APR | Bank | S/ 2,000 | Yes |
* Banco Falabella requires direct deposit of payroll to qualify for the 6.50% TREA.
Are municipal savings banks in Peru safe?
Yes. Municipal savings banks are regulated and supervised by the SBS (Superintendency of Banking and Insurance of Peru), just like commercial banks. Deposits are covered by the Deposit Insurance Fund (FSD) up to S/ 116,700 per account holder and institution (amount updated quarterly).
Caja Arequipa is the largest municipal savings bank in Peru, with over 30 years of operation and a presence in all regions. Its financial strength is endorsed by credit rating agencies.
Banco Falabella: the highest rate, but with a condition
Banco Falabella Perú offers up to 6.50% TREA, the highest rate in the formal banking market—but requires direct deposit of your paycheck. If you already receive your paycheck at Falabella or are willing to do so, this is the best option. Without direct deposit, the rate drops considerably.
Interbank: the most established digital option
Interbank offers a 4.25% APR for 90 days, with 100% online account opening in minutes. It is the Peruvian bank with the best digital experience. Although the rate is lower than Caja Arequipa’s, the convenience and backing of one of the country’s top-3 banks are key differentiators for many.
Interest is exempt from income tax until 2026
An important detail: in Peru, interest on savings accounts and time deposits is exempt from income tax for individuals until December 31, 2026. This means that 100% of the interest you earn is yours, with no withholdings. Take advantage of this benefit while it lasts.
Which one to choose?
- Highest rate with direct deposit: Banco Falabella 6.50% TREA
- Best rate with no conditions: Caja Arequipa 5.00% TEA
- Digital convenience + major bank: Interbank 4.25% TEA
- Amounts over S/ 116,700: diversify across multiple institutions to maximize FSD coverage
Check out the complete comparison of deposits in Peru to see the updated ranking by rate.