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Argentine Banks Hike 30-Day Peso Deposit Rates to Average 37%

Customers are flocking to online channels after the central bank scrapped rate floors, prompting banks to ride digital-only promotions up to 39%.

El plazo fijo sigue siendo una interesante opción para los ahorristas (Imagen ilustrativa).
Plazo Fijo.
Image
El plazo fijo es una herramienta ideal para los ahorristas.

Overview

  • Argentine banks have lifted their 30-day peso fixed-deposit TNA to around 37% on average, with top electronic and promotional offers hitting about 39%.
  • Major banks, including Banco Nación, offer significantly lower branch rates—around 27.5%—compared to roughly 37% through their digital platforms.
  • The BCRA scrapped minimum rate floors in March 2024 and later set a 30.5% reference rate for 30-day deposits, steering banks toward more aggressive peso-deposit pricing.
  • To retain dollar liquidity, banks are advertising 30-day dollar term deposits at annual yields between 0.05% and 2.5%, despite their comparatively low returns.
  • Consumers are relying on the BCRA’s daily TEM/TNA comparison table and bank simulators to open accounts remotely and shop for the highest short-term yields.