Overview

• Market averages hover near 47% TNA for 30-day plazo fijo, while the BCRA’s daily table shows top offers at 55% (Banco CMF) and several at 54% (Bica, VOII, Tierra del Fuego, Reba), with Macro at 53.5% and Mariva at 53%.
• Electronic channels pay materially more than branches, with Banco Nación listing 47% TNA online versus 32.5% in person, a pattern repeated across banks and digital platforms.
• A 50% TNA implies roughly 4.17% monthly, outpacing July inflation of 1.9%, which has pulled household savings into short-term peso deposits.
• Banks cite tighter liquidity after higher encajes and daily reserve calculations as the catalyst for the rate surge, and analysts warn that funding costs are rising and credit will become more expensive.
• Digital promos are drawing new money at speed, with Cuenta DNI offering 52% and reporting more than 60,000 users placing $150,000 million in three weeks.