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3mo ago

Wholesale Fixed-Term Rates Fall to 30% as Banks Compete with 36% Digital Yields

Following the 2024 removal of rate floors, paired with a January rate cut, banks are offering 30-day deposits from 26.5% in branches to 36% online.

El plazo fijo sigue atrayendo la atención de los ahorristas (Imagen ilustrativa).
La ganancia en un plazo fijo depende de la tasa y el monto depositado (Imagen ilustrativa).
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Overview

  • Since March 2024, the BCRA’s scrapping of minimum rate requirements has unleashed fierce competition among lenders for peso deposits.
  • On January 31, the central bank trimmed its policy rate from 32% to 29% TNA, triggering banks to adjust their fixed-term offerings.
  • As of early July, major banks quote 30-day nominal annual rates between 26.5% for in-branch placements and up to 36% via digital channels.
  • Wholesale fixed-term deposit yields have slid from around 32% to about 30% over the past two weeks, with analysts forecasting further reductions after this week’s inflation data.
  • Retail savers are using online simulators to gauge how much capital they need to hit specific monthly returns in a landscape of wide rate dispersion.