Bank CD rates.......

santanatwins

New member
Jan 20, 2004
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Anyone know which bank is currently offering the best rates in Dominican Pesos for 90 day CD's? My mother's Banco Central CD's are expiring in the next coming months and she needs to reinvest the funds in pesos. Seeing as there's no telling when Banco Central will start re-issuing CD's again.
 

j&t's future

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Mar 6, 2007
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I know Banco Central are saying CD's are suspended, however, Banco Leon have an investment CD (pesos) supported by Banco Central that pays 10% for a one year investment. This rate was correct as of one month ago. I do not have the rate for 90 days however I can confirm they are offering 14% if you are prepared to invest for a five year period. It's best to get to Banco Leon and discuss your personal circumstances.
Good Luck

J&T
 

santanatwins

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Jan 20, 2004
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My mother was lucky to re-invest the money she had in cd's in early 2009 for 3 more years at 15% or 16% before the bank stopped issuing new cd's. She has a few months left to go but she is looking for options now. She doesn't want to convert the pesos back to dollars since she'll be taking a hit on the exchange so she would prefer to keep it in pesos. Besides she live in DR so she spends in pesos.

Thx for the info jt
 

wayne

Member
Dec 25, 2003
262
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Do you know if Banco Leon is still offering these rates?
I know Banco Central are saying CD's are suspended, however, Banco Leon have an investment CD (pesos) supported by Banco Central that pays 10% for a one year investment. This rate was correct as of one month ago. I do not have the rate for 90 days however I can confirm they are offering 14% if you are prepared to invest for a five year period. It's best to get to Banco Leon and discuss your personal circumstances.
Good Luck

J&T
 

El commandante

New member
Oct 17, 2004
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Banco popular is offering certificates via Banco Central. Call or go to their offices. Just opened one up. oops,,,,I forgot, you can go to their web page and look at the rates(not bad).
 

Mr_DR

Silver
May 12, 2002
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My mother was lucky to re-invest the money she had in cd's in early 2009 for 3 more years at 15% or 16% before the bank stopped issuing new cd's. She has a few months left to go but she is looking for options now. She doesn't want to convert the pesos back to dollars since she'll be taking a hit on the exchange so she would prefer to keep it in pesos. Besides she live in DR so she spends in pesos.

Thx for the info jt

If I was her I would be cautious and invest some of that money in gold, it looks like it is the only secure investment these days, plus if this world's crisis continue gold is gonna be going to the moon from 1748 /oz to 5000.00 gold is gonna be so much in demand that even things painted gold colr paint will be much more expensive than all others. Lol
 

CaptnGlenn

Silver
Mar 29, 2010
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If I was her I would be cautious and invest some of that money in gold, it looks like it is the only secure investment these days, plus if this world's crisis continue gold is gonna be going to the moon from 1748 /oz to 5000.00 gold is gonna be so much in demand that even things painted gold colr paint will be much more expensive than all others. Lol

that's an extreme and reactionary point of view. gold might go higher... it might go back down. Ask the people who bought in the early 80's when it spiked then. The far more likely scenario is that gold drops again to near the level just before the current world economic instability took hold in 2008. never buy a commodity during a frenzy unless you REALLY know your stuff -- as in unless you're a professional trader in that commodity. Only the brokers make money (on commissions) in times like this.
 

nyc dad

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Jul 28, 2011
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oooh i see

The interest is calculated daily, and paid monthly. It has to be deposited in a local bank account. If you don't have one, you have to open one.

So if you have 1,000,000.00 in a CD, 18% would be 180,000K a year. Divide that 180,000.00 by 365, (493.15 daily) then multiply that by the number of days in the month to calculate that months interest payment in your account.

a 31 day month would give you a deposit of 15,287.65

(all of these calculations are in pesos, BTW)
Thanks for the breakdowns!!
 

El commandante

New member
Oct 17, 2004
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Not payed monthly

The interest is calculated daily, and paid monthly. It has to be deposited in a local bank account. If you don't have one, you have to open one.

So if you have 1,000,000.00 in a CD, 18% would be 180,000K a year. Divide that 180,000.00 by 365, (493.15 daily) then multiply that by the number of days in the month to calculate that months interest payment in your account.

a 31 day month would give you a deposit of 15,287.65

(all of these calculations are in pesos, BTW)

The interest rate is calculated monthly, however it is paid out every 6 months.
 

Mr.smith

New member
Mar 8, 2011
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Speaking of Banco Leon. I heard they're the easiest bank to deal with for Expats. Is this true?
 

nyc dad

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Jul 28, 2011
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The interest rate is calculated monthly, however it is paid out every 6 months.

So whether monthly or every six,26000$ US would give you 397$ US a month in interest? With that said,400000$ U.S would give you over 6000$ U.S monthly correct?
 

Tamborista

hasta la tambora
Apr 4, 2005
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So whether monthly or every six,26000$ US would give you 397$ US a month in interest? With that said,400000$ U.S would give you over 6000$ U.S monthly correct?

Your math is correct...keep in mind you are in RD Pesos which is subject to currency fluctuation.
This has been clearly spelled out earlier in this thread I noticed.
 

belmont

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Oct 9, 2009
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So whether monthly or every six,26000$ US would give you 397$ US a month in interest? With that said,400000$ U.S would give you over 6000$ U.S monthly correct?
Don't we wish. That 18% rate is for peso accounts. US dollar accounts are very much lower, probably below 3%. The difference takes into account the constant devaluation of the DR$ compared to the US$ as well as the high inflation rate in the DR. You really did't think you were going to get 18% on US dollars did you?????? If you want to take the risk, convert your dollars to pesos, invest them and convert them back as they mature. A big risk.
 

Criss Colon

Platinum
Jan 2, 2002
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yahoomail.com
InflatioN Over The Last 12 Months In The DR Was 9.97 %

If you get a 10% CD for 1 year,you only break even.
I prefer to eat like a pig,convert calories to fat,and starve myself when food is scarse. :bunny::bunny::bunny:

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nyc dad

Bronze
Jul 28, 2011
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Well,as long as you get 18% on it I believe is pretty good,you are gonna be spending pesos anyways correct? I'm very aware of the fluctuation factor,you don't have to be a rocket scientist to throw that into the equation tamborista.In the U.S, accounts are protected up to 125000-250000$ U.S.what about in the DR? thanks for the responses.
 

tflea

Bronze
Jun 11, 2006
1,839
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Banco Popular has a 6 month CD @ 8.15% annualized, interest paid monthly, in pesos.
They also sell commercial paper for Banco Central @ about 15% for 2 years,
in pesos, but you have to open a Banco Central account at Popular; with a passport
and residence card required.
 
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