Mercado Pago, Mercado Libre's fintech, announced a new investment option for its users: a dollar-denominated interest-bearing account, replicating the scheme it already offers in pesos.
This new product adds to the growing trend of dollar investments within the fintech sector and the offering of Mutual Funds (FCI), providing a digital alternative for those looking to generate returns without resorting to traditional savings options.
How Mercado Pago's dollar-denominated interest-bearing account works
The platform had already incorporated the possibility of buying, selling, and transferring MEP dollars, an option used by many Argentinians to dollarize legally and at low cost.
Now, with the new interest-bearing account, users will be able to invest those dollars in a mutual fund managed by Industrial Asset Management and held by Banco Industrial.
Some of its main features:
- Generates daily returns on the dollars acquired through the MEP Dollar function.
- Estimated annual interest rate of 1.1%, significantly lower than peso rates due to market conditions.
- Minimum investment amount of 1 dollar and no maintenance costs.
- Immediate availability to use or transfer the dollars at any time.
To access this functionality, users must be over 18 years old, accept the terms and conditions, and have the MEP Dollar buying and selling option enabled.
