UVA savings banks are similar in their operation to UVA fixed-term deposits because they behave in a similar way: the capital cannot be touched for 90 days and at the end of that time, capital and interest are credited while the money can be freely disposed of like any savings bank. A crucial difference with the Fixed Term UVA – all the rage in recent times among savers – is that each renewal requires the capital to be immobilized for another 90 days. That is why if you need the money in the short term, it is not the most convenient option.
Then they can open the UVA savings account, and transfer to this account the money they know they will not need for 90 days, and after that period they are released to be used immediately. We can also have a debit card associated with this account to use the money as we have it available. If we do not need it, we will have the peace of mind knowing that it will increase depending on the advance in prices, maintaining purchasing power.
Another advantage is that it does not require a minimum amount to be able to access (in the case of the UVA fixed term, the minimum is $1,000). Although it is true that all banks could offer this alternative since 2018, reality shows that few entities include it in their portfolio of services since it is not a convenient option for banks. Among those that do offer it, public banks predominate, such as Nation and Province.
National Bank
In addition, from the UVA savings bank, the National Bank It also offers the possibility of opening savings banks in UVI as another alternative to traditional ones. They are in pesos and expressed in Updatable Purchasing Value Units by “CER” -Law 25827 (UVA)- or Updatable Housing Units by “ICC” -Law 27271 (UVI)- respectively.
In the case of UVA, the deposits must remain in the account for 90 calendar days from the date they are made and, after that period, they will be available to the account holder with values expressed in UVA or UVI. For the UVI savings account, the minimum term is 180 days.
The amount to be received will be the equivalent in pesos of the amount of UVA/UVI calculated on that date. Among the benefits are: discounted account opening and maintenance, discounted commission for operations carried out through ATMs and self-service terminals in BNA branches. In addition, it allows the operation by home banking.
Permitted operations:
- Deposits and withdrawals at teller windows, ATMs, or self-service terminals.
- Transfers, including electronic.
- Purchases in participating stores, made with the debit card.
Ownership: single signature (one person) or joint order (two or more holders, with limited access) or reciprocal order (two or more holders, with unlimited access). The movements -whatever their nature- may not generate a debit balance.
Requirements
- DNI (original and copy).
- Service invoice whose address is the same as the DNI (original and copy).
- Copy of the rental contract or certificate of address issued by the competent authority (this is in the event that the address of the DNI does not coincide with the service invoice presented).
According to the current regulations of the Central Bank of the Argentine Republic, banking entities cannot charge any cost for opening, maintenance, movement of balances or balance inquiries.
Bank province
It operates in a similar way to Banco Nación. The amount deposited will be expressed in Purchasing Value Units UVA
- , based on the value of the “UVA” of the business day to the date of deposit. As of the minimum term, you will have the updated balance available according to the value of the UVA on that date, plus the corresponding interest.
- Minimum term: 90 days.
- Minimum amount: not required
Remuneration: principal adjusted for UVA + interest of 0.05% TNA
To request it, it is necessary to enter through Banca Internet Provincia BIP/accounts/opening. If you are not a customer, it can be done through the nearest branch.
Source: Ambito
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