Due to the reduction in rates at the beginning of the month, users are looking for the most convenient deposit to increase their savings.
Earlier this month, the interest rates of the fixed deadlines suffered a dropwhich caused the differences between the different banks become more marked. This affects both deadlines branches like those of home bankingwhich are the more convenient when investing money for a long period.
This can be seen through the Nation Bankone of the most chosen financial institutions when making a deposit over a fixed term. This has a simulator in which customers can calculate how much profit will they make in different periods and with different amounts, such as, for example, $1,000,000 for 30 days.
Fixed term in Banco Nación: how much do I earn if I invest $1,000,000 in 30 days
fixed term interest rates investments
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In the case of BNA, by investing $1,000,000 for 30 days in the electronic fixed deadlinesthe Annual Nominal Rate (TNA) will be from 39%while the Annual Effective Rate (TEA) will reach the 46.80%. This means that once the established time has expired, you will obtain $32,054.79 in interest and a total of $1,032,054.79.
On the other hand, unlike home banking, interest rates in branches are much lowerwith a difference of more than 9 points. By depositing the mentioned amount for 30 days, the TNA will be 29.50%while the TEA will be equivalent to the 33.84%.
Due to this difference, customers will get $24,246.58 in interest and, at the end of the term, the initial deposit will become worth $1,024,246.58. These results demonstrate that the fixed deadlines electronic are the monetarily more convenient option to preserve and increase savings today.
Source: Ambito
