Fixed-term deposits: banks raised rates and tempted savers

Fixed-term deposits in pesos depend largely on fluctuations in bank interest rates, the macroeconomic context, and inflation . Thus, Argentine savers remain vigilant for any changes.

Banco Macro led the way in the Argentine financial market by raising its nominal annual percentage rate (TNA) for fixed-term deposits to 33%. It was followed by Galicia and BBVA , among others. These moves, which follow a series of monetary policy changes, reflect the banks' new strategy to attract peso deposits in an environment of fluctuating liquidity.

How much each bank pays , according to data published by the Central Bank of the Argentine Republic (BCRA):

It's worth noting that this interest rate adjustment came after a week marked by interest rate increases . This was a direct consequence of the dismantling of the Liquidity Fiscal Letters (LEFI) held by banks.

The impact was felt not only in the cost of credit for borrowers, but also in one of the most popular investment options among Argentines. Initially, the elimination of the LEFI caused a sharp drop in interest rates due to the large number of pesos left available in the system.

However, according to Infobae , this trend reversed when the government held an auction outside the usual schedule , aiming to absorb excess liquidity in the market. This intervention changed the behavior of banks, which began to actively compete to attract deposits in local currency.

In this context, several banking institutions decided to increase the rates offered on 30-day fixed-term deposits aimed at retail savers . Some institutions raised their annual rates from a range of 27% to 29% to between 30% and 35%, representing an increase of up to seven percentage points in a matter of days. The spikes were among the smaller institutions.

For example, Banco Macro went from 29% to 33%. Other private banks include Santander and Hipotecario, with 30%; ICBC, with 31.4%; Galicia, 31%; BBVA, 30.5%; Comafi, 30.25%; and Credicoop, with 30%. Among the public banks, BNA pays 30%; Provincia, 29%; and Ciudad, 26%. The latter two entities kept their rates unchanged.