Most banks increased the interest rate for 30-day peso deposits during September.
The profit depends on the interest rate offered by each bank.
Depositphotos
The sustained slowdown of the inflation made the fixed-term rate a more attractive option for investing pesos at low risk, given that, at the same time, banks began to offer more competitive returns.
Most of Frontline entities increased the interest rate for 30-day peso deposits.
Against the current level of inflation, the fixed-term deposit still loses, although only just, which means that at least if you don’t want to take risks, you can protect your investment to a certain extent.
It should be noted that, Central Bank (BCRA) The central bank has kept its monetary policy unchanged since May, at 40% annually, but has deregulated the minimum return on fixed-term deposits, which has generated greater competition between banks in their mission to attract pesos.
Fixed term: current interest rates by bank
These are the rates(annual nominal) that banks pay for 30-day fixed-term deposits for individuals.
- Columbia Bank: 40%
- National Bank: 37%
- Macro Bank: 37%
- Provincial Bank: 35%
- Galicia Bank: 35%
- Credicoop Bank: 35%
- Mortgage Bank: 35%
- BBVA Bank: 34.25%
- City Bank: 34%
- ICBC Bank: 33.55%
- HSBC Bank: 33%
- Banco Patagonia 33% (through its App)
- Santander Bank: 32%
How much do I earn if I invest $1,000,000 in a 30-day fixed-term deposit?
With this data as a reference, the The profit that can be obtained with a fixed-term deposit of $1,000,000 for 30 days is approximately $30,000.
The profit depends on the interest rate offered by each bank.
Source: Ambito
