Panama Credit Union Interest Rates
Many Panama credit unions are paying from 2% to as high as 4% interest on their simple savings accounts. Some Panama credit unions are offering from 4% to as much as 6% interest for their education savings accounts. As much as 6% up to 8% interest for Certificate of Deposits (CD’s) is being offered by some Panama credit unions. Panama credit union retirement savings accounts are paying from 7% to as much as 9% interest.
The reasons why these Panama credit unions pay such high interest rates are because:
1. Panama credit unions charge higher interest rates on their loans to
2. Panama credit unions are non-profit organizations so they do not pay
3. Panama credit unions have lower overhead than banks since they do not
pay absurd bankers salaries or have fancy expensive bank buildings, or spend
millions on TV commercials, etc.
4. Panama credit unions have very few loan defaults because they are limited to making personal loans, they make smaller loans (usually under $10,000 per loan) than banks, and generally require co-signers and/or take direct debits from borrower’s salaries to pay off the loans.
As with Panama banks, Panama credit unions adhere to strict bank secrecy laws and no taxes are paid on the earned interest from their accounts.
The one disadvantage when compared to banks is that most Panama credit unions do not offer checking accounts or merchant accounts (to process merchants credit card receipts). Panama credit unions basically offer different types of savings accounts, credit cards & debit cards (some offer this service), online account viewing, small personal loans (to members only), and they offer time deposits (CD’s).
Contact Us for help with opening a Panama Credit Union account or any other Panama Relocation needs.