Investing in Grecia Banks…

 

Bank

Insured

To $5K

Max CD term

years

CD

Int %

net

Ahorros

interest

Hi

BS

Inter-net

Unusual

Documents

Membership Costs or

Min depo

Auto-

Renew

CD

Moly depo

of interest

from CD

Rating

CoopeGrecia

 

8

10.1

0.75%

 

 

 

05mil x 1

membership

 

**

2

Coocique

 

5

11.75

0.25%

 

**

 

07mil x 1

membership

 

**

1

Scotia Bank

 

5

07.4

0.38%

*

 

Immigration

Expediente

25mil x 1

Min depo

**

**

5

Banco Popular

**

5

07.18

0.25%

 

 

Attorney cert

or seasoned$

25mil x 1

Min depo

 

**

6

Banco de CR

**

5

07.0

0.17%

*

**

 

06mil x yr

Req. debit

**

**

4

BancoNacional

**

07.0

07.0

0.00%

 

 

 

 

 

**

3

Coopeservidores

 

5 ?

11.25

?

?

*

 

Permanent

Status

05mil per

year

 

 

11

Davivienda

 

3

06.5

0.00%

*

 

 

25mil x 1

Min depo

 

**

9

Desyfin

 

2

09.53

3.8%

*

 

 

 

 

 

7

BAC San Jose

 

1

07.76

0.20%

 

**

CPA cert of

origin of $

25mil x 1

Min depo

 

**

8

Group Mutual

 

1

06.3

0.15%

 

**

CPA cert of

origin of $

25mil x 1

Min depo

 

**

10

 

 

 

 

 

 

 

 

 

A little bit about the above chart:

1)      This was only correct for the last week of October 2015.

2)      I use the term bank loosely as some are Coops and others financerias.

3)      The CD interest rates listed are the type which provide no physical coupons (if available) and that pay monthly interest in your passbook account (if available). Usually monthly payouts earn a little less interest than full term or annual payouts.

4)      Ahorros/passbook Interest rates are based on a deposit of 25,000 colones and will probably vary with the amount of deposit.

5)      BS factor relates to one person telling me I cannot open an account when someone else opens one for me in the same bank; being offered one term or rate and having it change  when opening the account; being told the requirements for opening an account and the requirements changing when I arrive with the documents, or; receiving incorrect documents that need to be changed. Do not expect anyone to be entirely honest or to provide complete or correct details when asking for information and even the above info is suspect.

6)      Internet stars were given for being able to access bank info regarding the interest rate of Passbook/Ahorros accounts with ease. Most banks have and encourage online banking weather you want it or not.

7)      All accounts require a Cedula de Costa Rica to open.

8)      Few banks will automatically renew your CD, but most will deposit the CD interest in your passbook account monthly.

9)      The ratings were based on my subjective opinion and my own personal banking needs… If you wanted a high passbook interest and high exchange rates Desyfin might be number one for you… If you wanted long term deposits CoopeGrecia might be best for you.

10)   As of today Desyfin and Grupo Mutual offer the highest exchange rate from Dollars to Colones… 2 or 3 Colon higher than the other banks.

11)   The three govt. banks, marked as insured, display knee jerk reactions to the Central Bank changes in the base interest rate. The changes in Base Rate can be followed on-line if you really care. I have studies the base rate history from Jan 2008 to Oct 2015 and found the rates to be most stable, not lowest and not highest, in May and June. Rates tend to be lowest in July and August and the two peak base rate changes usually are the first change in December and the first change in January… but this is like speculating stock prices on past performance and usually only effect the three govt banks. Long term base changes do start to effect interest in other banks also.

12)   BAC San Jose have fees for just about everything so be cautious if you bank with them.  

13)   I actually do not believe anything about Coopesdervidores as they did not open an account.

14)   See if you can get people to put requirements and offers in writing… Not that it did me any good, but you might feel like you know that any changes were not the original agreement and you are not losing your mind.

15) Keep a Pura Vida attitude even when banking because even professional financial transactions are all “asi es.”