Banks compete for mattress dollars: which ones pay interest and how much do they yield

The competition between banks and fintechs to attract dollars "kept under the mattress" is intensifying.

More and more institutions are offering interest-bearing dollar accounts, a tool that allows you to earn interest on the deposited balance, without the need to lock up funds in a fixed-term deposit or take on greater financial risks.

What interest-bearing dollar accounts are and how they work

These accounts work similarly to traditional savings accounts, but with a key feature: they generate daily or monthly interest on the dollars deposited. They do not require minimum amounts, allow access to the money at any time, and represent an alternative for those seeking to preserve the value of their savings with additional returns.

Additionally, some institutions combine these accounts with dollar-denominated mutual funds (FCI), which allows for diversification of return options, with different risk levels.

Which banks offer returns in dollars

• Banco Nación: starting July 1, it will pay a nominal annual rate of 2.1% on balances up to USD 10,000. Interest will be credited daily and doesn't require prior action from the client.
• Banco Galicia: offers 2% annually on balances up to USD 10,000. It has also significantly reduced international transfer fees, with a decrease of up to 50%.
• Supervielle: also pays a 2% annual rate, although it requires the client to have their salary credited to the institution.
• Banco del Sol: offers a nominal annual rate of 1.25%, with monthly interest credited.
• IOL InvertirOnline: pays a guaranteed 2% annually, with no risk, account opening, or maintenance costs. The balance generates interest from day one and the money can be withdrawn at any time.

Virtual wallets: a growing option

• Mercado Pago: offers a return of up to 2.6% annually, credited daily. Users must purchase dollars via MEP in the app to activate the return. The money is available without restrictions.
• Ualá: enables dollar accounts with an annual return of 3%, the highest in the market so far.
• Prex: allows you to generate 2% annually on deposited dollars.

The goal: to legalize informal dollars

This move is part of a broader strategy promoted by the Government, which seeks to capture undeclared dollars and channel them into the formal financial system. In return, it offers instruments that combine immediate liquidity with attractive returns, in an environment of greater banking competition and reduced costs for international transfers.