The rates offered by banks in Panama to their clients when contracting a fixed-term deposit have remained unchanged for more than one year and are at historically low levels. This is so, because currently, banks are not increasing the level of loans they grant and, therefore, they do not need to collect money from their clients.
Inflation in Panama in May was 4.2%, higher than local fixed term deposit rates, therefore, it would be interesting to look for better yield options in safe jurisdictions with high prestige.
Fixed-term deposit rates in foreign banks are governed by the Federal Reserve, with higher yields between 3.4%-3.7% at one year*. Most of these deposits are guaranteed by the FDIC (Federal Deposit Insurance Corporation) up to a certain amount.
International rates are expected to rise, according to Federal Reserve forecasts, making offers from foreign banks increasingly attractive.
At K&B Family Office, we take care of the onboarding process with banks in the United States and Switzerland with special rates for all our clients that are looking for a better return on their savings.
*Indicative since the rate is fixed on the day the structure is closed