Economy After a new rate drop, this pays the fixed terms of the main banks and the returns of virtual wallets - Infobae

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After a new rate drop, this pays the fixed terms of the main banks and the returns of virtual wallets - Infobae​

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Luego de una nueva baja de tasas, esto pagan los plazos fijos de los principales bancos y los rendimientos de las billeteras virtuales

El Banco Central recortó otros 10 puntos porcentuales la tasa de referencia y las entidades financieras bajaron los intereses

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May 03, 2024

The Central Bank cut the reference rate by another 10 percentage points and financial entities lowered interests


“The Board of Directors of the Central Bank of the Argentine Republic (BCRA) decided today to reduce the monetary policy rate. In this way, the rate of one-day Passive Repos went from 60% to 50% of TNA on the current day,” said the BCRA (Télam).

Barely a week after the last cut, the Central Bank board decided yesterday to reduce the monetary policy rate again.


The downward adjustment of yields in pesos, the fifth since Javier Milei came to the Government, left the monetary policy rate at 50% nominal annual, 4.2% monthly, considering that inflation is reduced faster than expected.


“The Board of Directors of the Central Bank of the Argentine Republic (BCRA) decided today to reduce the monetary policy rate. In this way, the rate of one-day Passive Repos went from 60% to 50% of TNA on the current day,” said the BCRA.


“The BCRA's decision is taken into consideration of the financial and liquidity context and is based on the rapid adjustment of inflation expectations, the strengthening of the fiscal anchor, and the contractionary monetary impact derived from the seasonality in the Treasury's external payments. of the current quarter,” he concluded.


This rate will be even lower for the retail public, since the returns on fixed terms and also on interest-bearing accounts will fall at a negative real rate with respect to the expected inflation in the next twelve months.


Strictly speaking, the increases or decreases are decided by the entities because since March the increases were released. “Deregulation of minimum interest rates: as of March 12, the minimum fixed-term rate is eliminated,” the BCRA reported at that time. Therefore, banks can offer the performance they deem appropriate, something that is expected to bring more competition between entities.

Now, what performance will fixed deadlines give from now on? Everything will depend precisely on the interest rate that the banks offer after the BCRA's decision.

How much do banks pay?​

Beyond the freedom granted by the BCRA, banks tend to closely follow fluctuations in the monetary policy rate. On this occasion, as this rate dropped 10 points, it is generally expected that banks will do the same with the investments they offer to their clients.

In this context, for example, Galicia rose 1 point compared to the previous figure, to 51% interest, and BBVA 10 points, to 57 percent. HSBC, for its part, lowered its yield 10 points, and now pays 39 percent.

How much do fixed-term deposits pay
Yields on 30-day deposits at the 25 banks that report their rates on the BCRA's website.



Likewise, there are other cases in which rates have not moved, at least so far. This is the case of Banco Nación, Provincia and Macro, among others.

How much do wallets pay?​

Just as banks are in the process of modifying their interest rates, digital wallets did the same based on two factors. These are the rates so far:

• Mercado Pago: 62.3% (previously 72% annually)
• Ualá: 64.94% (previously, 73.52% annually)
• Orange X: 63% with a cap of $400,000
• Price: 69.55%
• Personal Pay: 67.8% annually (has extra returns according to different levels: 10% more in Level 3, with consumption the previous month of more than $200,000; in level 2 it is +7%, with consumption of at least $80,000).

Although the returns they offer are lower than annual inflation, they are at a level similar to the fixed-term rate or even higher with the attraction that it is not necessary to immobilize the money for a certain time. There is no minimum permanence. And they provide daily returns through a Common Investment Fund (FCI) with immediate and low-risk redemption. The exception is Naranja X, which does not use these funds to remunerate the holdings of its users.

It should be noted that these returns may vary periodically according to the increase or fall of the instruments that make up the Funds. For this reason and because of the changes imposed by the BCRA, it is advisable to monitor the evolution of rates daily to know which is the most effective investment at all times.

Of course, today there are many other investment alternatives available on the market, such as the dollar, mutual funds, bonds and securities, but not all of them are equally accessible to small savers.