Fixed Deposit Interest Rates

Not sure about FD accounts since I haven't noticed any here.  However, for CDs the best rates are with the cooperatives (CPN was around 10% for a 2yr+ CD last I checked and JEP was around 8% for 1yr+ for max insured amount of $32k).  If anyone offers FD accounts here, I would assume the best rates would also be with the cooperativas.

What do cooperativas required in terms of identification for procuring 2 yr CDS please? I guess JEP requirements would be useful too. Honestly the big question is: to take advantage of these great CD rates do I need to live in Ecuador? I am looking at living in Ecuador until I get a permanent visa, but I still do know for sure that's the best move. Thank you in advance.

What do cooperativas required in terms of identification for procuring 2 yr CDS please? I guess JEP requirements would be useful too. Honestly the big question is: to take advantage of these great CD rates do I need to live in Ecuador? I am looking at living in Ecuador until I get a permanent visa, but I still do know for sure that's the best move. Thank you in advance. - @jack8187

Usually you can open an account with a passport, though it may require going through the main office (e.g. emailing or messaging someone in the head office and then having that person introduce you/send you to someone in the local office).  Depending on the size of your local office, it's likely they've never had to do it before and, unless someone else is telling them it can be done and how to do it, it seems the default is usually to say 'no' to anyone without a cedula (local ID) and save themselves the hassle.  Also, fair warning, not sure why but rates have dropped drastically since a couple years ago... CPN for me is down to 8.1 from 9.75%.

Thank you heartily m'man... Those rates are still  better than the rest of my options.

While I don't have Term Deposits, I found the best

way to move money was XE. It's based in London and

available in most Countires. It is Free to your Ecuador

Bank. Mine comes from Canada.

I just renewed a CD with JEP...interest rate was 6%

I’d like to share some information I know about credit unions.

Please, everyone who sees this post, share any information you have about any financial institution to help others — we would be very grateful.

As foreigners living here, life isn’t easy, and interest rates are very important to us.

JEP

In this credit union, the lowest interest rates are shown in the mobile app.

Then, if you go to the smaller local branches in person, the rates are a bit higher than in the app.

Finally, the highest rates are offered at the main JEP office, the one next to Carolina Park.

The disadvantage is that if you want to get those higher rates, you must go there in person.

La 29

This credit union seems to do the opposite of JEP.

The interest rate offered in their mobile app is quite good, but if you visit a branch to ask, they’ll offer you a lower one.

(Their staff might try to mislead you, telling you not to do the operation in the app and to go to the branch instead.)

Summary: Interest rates are dropping sharply now.

La 29 offers slightly higher rates, while JEP’s are quite low.

About moving

Quito is a bit cold, so I’m planning to move to Portoviejo, the capital of Manabí Province.

Does anyone have some advice?

What worries me most is the housing situation — I’m not sure if I can find a place I really like. There’s not much rental information online, so I’ll probably have to go there in person and look for rental ads on the streets.

I also think Ibarra is a nice place, but I’m afraid the temperature might be similar to Quito’s, so it might not be worth moving.

As for Puyo, I like it too, though it rains a bit too much.