New CD offerings from Banco Central

The Virginian

Bronze
Mar 16, 2007
929
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Does any one understand this new offering? I spoke to Banco Popular this morning and was told something like..........If you deposit 1,000,000 peos's for 4 years you will get 10% intrest. This is paid every 6 months. However as you have enrolled after Jan you must now deposit more then 1,000,000. Something like 1,057,000 to get the 10% rate. There appears to be a 3 month cut off period for the amount deposited in order to get the 10% rate. My Spanish is bad but the person at the bank speaks good English but I think I lost him along the way. I don't understand why any one would wait 6 months for an interest payment at such a low rate. We were told that Banco Popular is the only Bank performing this function for Banco Central. Can someone clearify this cd offering for me? thanks Phil
 

j&t's future

Bronze
Mar 6, 2007
2,502
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I'll pop in to Banco Popular tomorrow and try to get more information.
A month ago the best CD they had on offer was 6.5% for a two year period with an investment of over a million pesos.
Banco Santa Cruz was offering 5.25% for a two year CD with an investment of over five million pesos.
I believe Banco Centrals CD's are still suspended with no clue to when they will be accepting new investors.
 

j&t's future

Bronze
Mar 6, 2007
2,502
27
48
Banco Pupular Sosua

The clerk told me "The best peso account we have is a CD that pays 6.5%, you need to invest a minimum of 20,000RD for a 30 month fixed term." She was not aware of any account that included Banco Central's involvement.

J&T