For the second time so far in April, the central bank cut the economy’s reference rate again. Thus the pass bill was taken from 70% to 60% annual.
Given this novelty, banks are slowly beginning to reduce rates that are settling closer to 50% for the annual nominal rate (TNA), that is, a monthly return of 4.16% on average.
At the same time, mortgage credit began to appear, in entities such as official Nation and City banks, and in the Mortgage Bank.
It is expected that in the coming days we will continue to see adjustments around the interest rate paid for freezing pesos for a fixed term.
From the list of 25 banks (national, provincial and regional) that appear in the Central Bank’s rate comparator, Only three entities continue to offer a rate of 60% or 61%, that is, around 5% interest for 30 days. One was unchanged at 57%, or 4.75% per month.
Eighteen are around 50%, which is equivalent to 4.16% monthly; and only two below that mark.
Fixed term: bank by bank, what interest does it pay
Galicia Bank: from 70% (TNA) to 60%, that is, an interest of 5% for a one-month placement.
Tierra del Fuego Bank and Voii: from 63% (TNA) to 50 and 52%, respectively. Each one leaves an interest of 4.33% and 4.16% monthly interest.
Banco Bica, CMF, Banco del Sol and Crédito Regional Compañía Financiera SA: they went from 62% annual nominal rate, and an interest of 5.12% monthly; to pay between 52 and 51% (or 4.33 or 4.25, respectively)
Banco Macro, Comafi, Mortgage and Meridian: 61% TNA (or 5.08% 30-day interest), at 52%. The Macro, for now, maintains it unchanged.
Banco Nación, HSBC, ICBC, Credicoop, Ciudad and Bapro: among other provincial: TNA 60%, that is, monthly interest of 5%, to 50% respectively. Except, HSBC which was at 52%.
Santander Bank: TNA 58%, a yield of 4.83%, at 48% or 4% at 30 days.
BBVA: TNA 57%, 4.75% at 30 days (no changes, for now)
Banco Másventa: 53% nominal rate, or equivalent to 4.42% at 30 days, to 43%, that is, 3.58%.
How much do I earn in a month if I deposit 100 thousand pesos
So, for a deposit of $100,000 for those who still recognize a rate of 62.61 or 60%, with a monthly return of 5.16, 5.08% and 5%, in 30 days you will get between $5,160, 5,080 and 5000, respectively.
In which they offer a rate of 57%, or 4.75% for 30 days, at the end of that period you will have $4,750 more.
If, on the other hand, the nominal annual rate is between 51 and 50%, the interest will be between 4.25 and 4.16%, that is, about $4,250 and 4,160.
By putting the same amount, that is, that $100,000, in a bank that pays an APR of 48%, with an interest per month of 4% for 30 days, you will have about $4,000 extra.
On the other hand, if the annual nominal rate is 43%, the return you will obtain for the same period of time as the previous ones will be $3,580.
Far from inflation
Since President Javier Milei took office last December, interest rates began to move into negative waters in real terms. This means that they offer a return that does not match inflation (which in March was 11%).
The first cut occurred in December, when the Central Bank took the reference rate from 133% to 110% annual nominal. At the beginning of March he made another decision in this regard and that was to eliminate the rate floor that banks had to meet for their deposits.
Already at the beginning of April it experienced another rate cut that took the reference rate to 70% and, this Thursday, the scissors were passed again: thus it took it to 60% nominal annual rate. These declines directly impact the interest that banks pay for freezing deposits in pesos.
As the performance of fixed-term deposits depends largely on what the BCRA’s monetary liabilities pay to banking entities, the result obtained by savers for fixed terms plummeted.
