In recent weeks, fixed-term deposits have regained some of their attractiveness, given that the gap with the monthly inflation rate has narrowed.
On average, today the Annual nominal interest rate of fixed terms It is slightly higher than 34.5% in the main banks of the country, with a maximum of 37%, which is equivalent to a 3.04% monthly. However, there are other smaller financial institutions that offer a higher return than this limit.
According to a survey by the Central Bank (BCRA)these are the rates of the fixed terms in the Top ten banks with the highest volume of deposits:
- National Bank: 37%
- Macro Bank: 37%
- Provincial Bank: 35%
- Credicoop Bank: 35%
- Galicia Bank: 35%
- BBVA Bank: 34.25%
- City Bank: 34%
- ICBC Bank: 33.5%
- HSBC Bank: 33%
- Santander Bank: 32%
Which banks offer a rate higher than 37% for fixed-term deposits?
The financial institutions that offer an annual return greater than 37% for fixed terms are the following:
- Reba: 40%
- BICA Bank: 40%
- VOII Bank: 39.25%
- Meridian Bank: 39%
- CMF Bank: 38.25%
- BIBANK: 38%
- Regional Credit Financial Company: 38%
- Julio Bank: 37.25%
Banco Dino offers a rate of 37%, Comafi 36% and Hipotecario 35%. Likewise, other provincial banks such as those in Chubut, Corrientes, Córdoba or Tierra del Fuego, offer yields of between 35% and 36%.
Bye-bye fixed term?
Fixed-term deposits have been losing their appeal in recent months due to the BCRA’s decision to cut the monetary policy rate on several occasions.to a level considerably lower than that of monthly inflation and also below the return on other investments.
Today, this rate is 40% annually, equivalent to 3.3% monthly.. Therefore, although it is still running behind price increases, which in July were 4%, the gap is narrowing.
Since that is the return that banks earn on their loans to the monetary authority, it works as a cap on the interest that banks could offer on people’s fixed-term deposits without running into losses. However, as mentioned above, most entities provide a return less than 40%.
Source: Ambito
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