Thread: Credit Union CD Rates of 7-8%?

I have 2 people this week tell me that Credit Unions pay 7% on CDs and the Offshore outfit is promising 8 1/4%. I would like to locate the Credit Unions in Boquete-maybe 3 of them. Anybody be of help?

Well, that rate of 8 % would only apply if you invested USD 100,001 or more on a minimum 5 year term.

CACSA has an office in Boquete.

Originally Posted by Panamaman

I have 2 people this week tell me that Credit Unions pay 7% on CDs and the Offshore outfit is promising 8 1/4%. I would like to locate the Credit Unions in Boquete-maybe 3 of them. Anybody be of help?

hi ed , seeing you are our money guy as far as the banking thing in panama , what is your take on thr credit unions in panama , we hear lots about banks but not much on CU , thanks

They are tax exempt and can therefore offer a higher interest rate. They are also subject to less scrutiny and it's easier to open accounts - usually same day. They don't offer debit cards or any banking services either and have less overhead due to this. The money they collect appears to be from payroll deduction. Great place to park money