The fixed-term rate climbed to 50% and is worrying the government: how much do major banks pay for deposits of $300,000?

The Central Bank of the Argentine Republic (BCRA) published a comparative table of interest rates for 30-day fixed-term deposits in pesos and confirmed a significant jump in yields . The measure coincided with the decision to implement stricter reserve requirements, which reduced banks' available liquidity and put upward pressure on payments to savers.

At major banks, rates ranged from 35% to 46.3% , while at institutions that offer online deposits for non-customers, rates were even higher, with a high of 50% at Banco CMF.

Among the most prominent institutions, the results were mixed. Banco Nación offered a rate of 44% and Banco Provincia, 43%. Meanwhile, Banco Ciudad trailed at just 35%. Among private banks, Galicia and Macro reached 45%, BBVA 43%, and ICBC led the way with 46.3%.

The differences are reflected in concrete amounts. A 30-day investment of $300,000 yields $310,879 at Banco Nación, $311,126 at Galicia and Macro, $310,631 at Provincia and BBVA, and $311,447 at ICBC. In contrast, at Banco Ciudad, the yield is just $308,653, the lowest in the group.

The BCRA included in its report the banks that published rates available digitally for non-customers. This group featured the highest market yields. Banco CMF reached 50%, followed by Meridian at 49%, Banco Provincia de Córdoba and Hipotecario at 48.5%, and Voii and Reba at 48%.

A 30-day deposit of $300,000 yields $312,362 at Banco CMF and $312,115 at Meridian, the highest yields. At the other end of the spectrum, Banco Masventas, with a rate of just 25%, returns $306,181, the worst result in the survey.

The disparity among banks was due to the change in reserve requirements policy, which went from monthly to daily. With less liquidity available, banks raised rates to attract deposits. Analysts interpret this official strategy as seeking to absorb excess pesos, reduce pressure on the dollar, and reinforce the message of stability.

Furthermore, the real yield was well above estimated inflation. The International Monetary Fund projects a price increase of between 20% and 25% for 2025. Therefore, 30-day fixed-term deposits offer positive returns in real terms, something unusual in the last decade.

The ruling party presents these figures as part of its macroeconomic narrative. With a more controlled foreign exchange market and falling inflation, the rise in fixed-term interest rates appears to be an incentive to keep pesos in the financial system and not to the black market.

However, the challenge will be to sustain this level of interest rates over time. The fiscal impact of restrictive monetary policy and the need to maintain financial equilibrium are at odds with the effort to revive consumption and credit.