Eight banks have raised interest rates in an attempt to attract depositors’ pesos. But they are still below inflation.
The interest on passive repos is at the level of 40% APR, so the banks set their average rate between 30% and 35%. This is between 80% and 75% less than what it was in March, when the rate was 110%.
Depositphotos
Since March 12, when the central bank gave effect to the deregulation of minimum interest rates from the deposits to fixed term offered by the banks, entities continually modify the Annual Nominal Rate they pay.
Thus, the percentage of profits that the client obtains is at the discretion of each banking entity.
The interest on passive repos is at the level of 40% APR, so the banks set their average rate between 30% and 35%. This is between 80% and 75% less than what it was in March, when the rate was 110%.
In this context, rates have a nominal monthly gain of between 2.5% and 2.8%. This puts them in negative real terms compared to inflation, which in June was 5.2%.
According to the latest information provided by banking entities, some banks have increased their APR, considering a 30-day return, and offer some of the best rates for saving in pesos.
The TNA of all banks at the close of the first week of July:
- CMF Bank 36.5% (increase)
- Voii Bank 36.5% (increase)
- Comafi Bank 36% (increase)
- Banco Bica 36% (increase)
- Meridian Bank 35.5% (increase)
- Uala (UILO) 35%
- Macro Bank 34%
- Mortgage Bank 34%
- Banco Credicoop 34% (increase)
- Provincial Bank 33%
- National Bank 33%
- Bancor 33%
- Dino Bank 33%
- Tierra del Fuego Bank 33%
- Regional Credit Financial Company 33%
- Bank of Corrientes 33% (increase)
- Bi-Bank 32%
- Bank Julio 32%
- BBVA Bank 31.5% (increase)
- Santander Bank 31%
- ICBC Bank 31%
- HSBC Bank 31%
- City Bank 31%
- Bank of the Sun 31%
- Chubut Bank 31%
- Galicia Bank 30%
- Brubank 30%
- Bank More Sales 27%
Source: Ambito
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