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yesterday

Banks Pull Back 30-Day Peso Deposit Rates to Near 35% as Gaps Between Lenders Grow

Reporting indicates officials are using Banco Nación’s 35% online rate to hold savings returns slightly above inflation.

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Overview

  • After late-October volatility, most banks cut 30-day TNAs from roughly 44% to about 35% in early November, according to BCRA data.
  • Banco Nación shows channel differences, offering about 35% for online deposits, roughly 29.5–30.5% at branches, and around 37.5% for larger online placements.
  • Rate dispersion is pronounced, with smaller and regional institutions posting higher TNAs such as Banco Meridian at 46%, Crédito Regional at 45%, and Reba at 44%.
  • The BCRA’s daily comparative table is the primary reference for savers, with big-bank TNAs including ICBC at 35.3%, Macro at 33%, BBVA and Ciudad at 32%, Provincia and Galicia near 31%, and Santander at 29%.
  • At current offers the monthly return is about 2.91%, slightly above the latest cited monthly inflation, while lending remains costly and credit to the private sector tight.