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14h ago

Argentine Banks Lift 30-Day Peso Deposit Rates Above 40% as Online Deals Lead

BCRA data highlight sharp dispersion by institution, with Banco Nación paying 48.5% online versus 32.5% in branches.

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Overview

  • The BCRA comparison shows leading published client rates near the top at Banco Hipotecario with 49.5%, ICBC at 47.7%, and Banco Nación, Macro and Credicoop at 47%, while Provincia and BBVA list 45%.
  • Banco Nación’s simulator for a 30‑day deposit of $5,000,000 shows $199,315.07 in interest via homebanking at a 48.5% TNA versus $133,561.64 in a branch at 32.5%.
  • An illustrative 60‑day placement of $800,000 at Banco Nación yields $60,493.15 in interest at a 46.0% TNA, for a total of $860,493.15 at maturity.
  • Following the March 2024 deregulation of minimum rates, banks are competing to attract deposits, and savers are using the BCRA’s daily TEM/TNA table and bank simulators to compare offers.
  • Several smaller institutions display higher published TNAs in the BCRA table, with examples including Bica and Provincia de Tierra del Fuego at 54%, CMF and Reba at 55%, and Meridian at 54.25%.