Buenos Aires, Feb 9 (NA) – Banco de Comercio (33.5%), Banco VOII (33.5%), Banco Meridian (33.25%), Banco CMF (32.25%), and Banco del Sol (32%) lead the ranking of the day's bank fixed deposit rates, according to the 30-day rate comparator updated by the Central Bank. The best yield offered by virtual wallets, for its part, is below this quintet of non-traditional banks: the best bidder is Naranja X, with a 31% annual rate (TNA) for a 90-day deposit, applicable up to $30,000,000 for each Fixed Jar, according to a check by the Argentine News Agency.
The hierarchy of banks that pay the most for fixed deposits is as follows: Bancom was absorbed by BBVA on September 4, 2000; Voii belongs to the fintech Cocos; Meridian is part of Grupo Inversor Dorrego S.A, a portfolio administrator; the owner of CMF is José Alberto Benegas Lynch, a cousin of a libertarian leader close to Milei; and Banco del Sol belongs to Sancor Seguros.
With market volatility and the dollar value under control by economic leadership, the fixed deposit alternative has forcefully returned to the universe of monthly savers. The annual rate offered is practically in line with the projection of the inflation index for the first month of the year. Part of the funds taken out from the "mattress" by the popular whitening march is expected to swell the holdings of the financial market, making this rate competition material for consultation for those who switch to pesos.
Is carry trade back?
The top interest rates paid by the financial system and the devaluation rate are moving in tandem, opening up the possibility of a carry trade for at least 6 months: convert dollars to pesos, extract the maximum possible return with fixed deposits, and after that period, decide whether to renew until the end of the year or return to the North American currency.
The rates are for 30-day fixed deposits, usually constituted digitally. The highest Effective Annual Rate (TEA) is taken for the reinvestment of interest, in the case of Banco del Sol it rises to 37.1%.
The Effective Annual Rate (TEA) is the effectively paid or charged rate on an investment, loan, or other financial product. It enables contrasting different products, as it indicates the real cost in interest of an operation and includes the capitalization of said interests.
In contrast, the Nominal Annual Rate does not include the capitalization of interests. It serves as a reference and, if divided by 12, it can be used to obtain the monthly rate, but it is not suitable for calculating income or debts.
