As of 1/24/2012

Name of Institution – 29 de Octubre LTDA (www.29deoctubre.fin.ec)

Location – Luis Cordero 7-61, downtown Cuenca – Contact Andres Maldonado (he speaks English)

Minimum Required Deposit – $100.00 (with an investment of $100K for a year, the rate on the 1 year CD will increase up to 9.5%)

CD Duration and Rate                                      Chase Bank (same duration)

31 Day – 4.25%                                                      0.0%

61 Day – 4.30%                                                       0.0%

91 Day – 4.70%                                                       0.0%

121 Day – 5.00%                                                       0.0%

181 Day – 5.60%                                                     0.20%

271 Day – 6.20%                                                       0.0%

361 Day – 7.50%                                                     0.25%

Invest $5,000 with no additional investment by end of year 10

$10,305 in Ecuador, $5,126 at Chase Bank

Invest $10,000 with no additional investment by end of year 10

$20,610 in Ecuador, $10,253 at Chase Bank

2 responses »

  1. I found these investment posts interesting since I may be needing to make an investment to qualify for the investment visa (in the amount of 25,000) in Ecuador. However, I am less concerned about the interest rate and more concerned about the stability of each bank. Any hearsay regarding if any of these banks have reputations for being more financially sound than the others? Thanks.

    • Great question. First, cooperativas/credit unions, will be the riskiest of all institutions because they are not covered by the same regulatory bodies and laws as the banks. Banco del Austro, Banco del Pinchincha and Banco del Pacifico (can’t invest here unless you already have your docs) are the strongest financial institutions in the country. That said Banco del Pinchincha will be the easiest one to set up an account at as a non-Ecuadorian resident. I do not know much about the other banks listed.

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