The fixed-term deposit interest rate in dollars increased, driven by the rise in deposits in the banking system.
Find out how much each bank pays and what investment options are available.
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Why did banks raise the fixed-term deposit rate in dollars?
The inflow of US$20 billion into the financial system, thanks to capital repatriation, strengthened the banks' liquidity. Part of these funds were used for investments, while another portion remained in bank deposits.
The greater stability of the dollar and the Government's measures to encourage currency circulation also had an impact. According to the Central Bank (BCRA), fixed-term deposits in dollars grew 49% year-on-year until February.
How much did the rates increase?
In line with the increase in peso rates, banks improved the remuneration of fixed-term deposits in dollars. According to BCRA data, the average rate went from 0.5% in February to 0.87% in March. For deposits over one million dollars, the rate rose from 0.77% to 1.26%.
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Some entities also raised the interest they pay on dollar savings accounts. In this case, customers can access income without immobilizing their money. An example is Banco del Sol, which offers a rate of 1.25% monthly.
What do banks use their clients' dollars for?
By regulation, banks can only lend dollars to exporters or companies related to foreign trade. However, the BCRA relaxed the rules and now allows granting dollar loans to any person or company.
Banco Central récord de reservas.
In the last year, dollar loans to the private sector grew 238.6%. The demand increased mainly in commercial lines, which offer better rates than peso loans.
Fixed-term deposit in dollars: how much does each bank pay?
Fixed-term deposits in dollars are a conservative option for those looking to safeguard their savings. Rates vary by entity:
BBVA: 0.50%.
Banco Ciudad: 0.10%.
Banco Comafi: 1.10%.
Banco Credicoop: 0.40%.
Banco Galicia: between 0.50% and 3%, depending on the term and customer segment.
Banco Hipotecario: 0.25%.
ICBC: 0.12%.
Banco Macro: 1.50%.
Banco Nación: 1.50% for individuals and 2% for companies that establish it electronically.
Banco Provincia: 0.30%.
Banco Santander: 0.05%.
Banco Supervielle: 1.50%.
Banco Nación se queda en La Pampa
Is it advisable to make a fixed-term deposit in dollars?
Although the rates have improved, the returns remain low compared to other alternatives. Some banks offer mutual funds in dollars with liquidity in 24 hours, allowing you to avoid immobilizing the money for 30 days.
