The Central Bank reported this afternoon that it lowered the reference rate to 50% annually, from the previous 60%.
Fixed deadlines vs. virtual wallets, which are the most convenient given the drop in rates
ANDl Central Bank (BCRA) reported this Thursday that it had a new reduction in monetary policy rates of 10 points and took it to 50%. This is the fifth rate reduction applied by the current BCRA management, in the hands of Santiago Bausili. This will affect the fixed term offer of the banks and, therefore, also the returns of the virtual wallets that invest in FCI money market.
At the same time, the BCRA also decided to raise the fit coefficients on balances in paid demand accounts of Money Market Common Investment Funds from 10% to 15%.
A nominal annual monetary policy rate of 50% is equivalent to an annual effective rate of 63.2% due to compound interest. This rate indexes the remunerated liabilities that constitute the support for clients’ fixed-term deposits. Therefore, a A decrease in the monetary policy rate is transmitted to the entire system.
Virtual wallets: which ones pay the most
- Personal Pay: 62% up to 69%
- Ualá: 59.8%
- Claro Pay: 59.7%
- Orange X: 68%
- Payment Market: 53%
Fixed term: which ones pay the most
It should be noted that behind the apps who pay to keep the money there, there is a Money Market Investment Fund or money market, which is an instrument that invests daily and shows interest every day what gender. They are technically called immediate liquidity fundsmeaning investors can withdraw their money at any time without penalty.
- BBVA Bank: 57%
- Macro Bank: 51%
- Banco Galicia: 51%
- ICBC Bank: 50%
- Banco Nación: 50%
- City Bank: 50%
- Santander Bank: 48%
- Provincial Bank: 40%
- Credicoop Bank: 40%
- HSBC Bank: 39%
Source: Ambito
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