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Thread: Banco Popular Dominicano CD Interest Rates in

  1. #1
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    Default Banco Popular Dominicano CD Interest Rates in

    Hi everyone,

    I have been reading DR1 for some time now, so I decided to just register and post this question.

    Ive been looking online and cant find the current rates for CDs at Banco Popular Dominicano. All it says its to call/stop by the branch and ask in person. Does anyone know the rates for the bank?...just wondering because I have some cash in savings that barely earns any interest and Ive heard that interest rates are higher in DR. Any imput appriciated.

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    Very annoying to have to go to the bank branch, but true it is not on their web site. They change all the time and vary by amount, terms and length of time you want the CD to last which is why I assume they don't bother to keep the web site updated with them. Still I found this, which has the rates up to June by time period so it should give you an idea whether or not it is worth going into a branch. You need to look at the big table, and increase the size a lot!

    https://seri.siv.gov.do/herel/RTI_BA...AR22062012.pdf

    Matilda

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    There is a big difference between the info on their website and the bulletin

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    Thanks for the great info! I did try searching google and the site and didn't find it, apologize if I missed the obvious ....


    How come rates are so attractive ... I know about their bank ratings and stuff... but I don't see Banco Popular going bankrupt and stuff .... I'm just saying 7-10% return is a lot better than >1-2% return in the USA lol

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    Quote Originally Posted by fidodido View Post
    Thanks for the great info! I did try searching google and the site and didn't find it, apologize if I missed the obvious ....


    How come rates are so attractive ... I know about their bank ratings and stuff... but I don't see Banco Popular going bankrupt and stuff .... I'm just saying 7-10% return is a lot better than >1-2% return in the USA lol
    Don't forget that your money has to be converted to DR pesos and is no longer in US dollars. There is significant risk based upon the exchange rate.

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    Windeguy is right. You take a risk as to the exchange rate. Mind you I remember when friends were getting 46% and living the life of Larry. If you go for short term is not too much of a risk.

    Matilda

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    Its not a short term idea. Basically this is the scenario. After I max out the 401k and IRA, I might have extra money to just save and it just sits in a savings account. No I don't want to start like a broker account ect... I was saving up to buy a house in Bani cash... So instead of saving 100k then buying it... I could deposit my first 25k, Let it start earning 8% while I save the next 25k... Then do like a ladder of CD.... Hope making sense, I'm typing this from my phone lol.

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    According to their website you have to show documents that proof the orign of the money. Anyone has experience how they handle that with foreigners? For example if a Russian person would like to invest US$500k on a CD.

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    Quote Originally Posted by JDJones View Post
    Here's this months bulletin from Banco Popular Dominicano:


    They're paying a lot more interest on the US dollar there than they're paying in the US.

    Average rate for a savings account is a paltry 0.75% for up to $100,000.

    Not bad.

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