The Minister of Deregulation, Federico Sturzenegger, began by recalling: "Argentines have never had a way to save in a bank with a monthly income while protecting our capital." He immediately stated: "That's over today" and added: "I just made a fixed-term deposit at Banco Nación that solves both problems."
In this sense, he listed the reasons: "First and foremost, because it's in UVA, so my money is protected in purchasing power. That is, it gives me a monthly income that adjusts for inflation, and when it matures, I get my money back intact in real value."
He explained that many Argentines save by buying dollars. "That yields zero and there's also inflation in the USA, so it's like putting money in a can and burning a little bit every year. Plus, if the dollar falls in real value, you lose purchasing power here too."
In this context, he pointed out that "those who can save do so with properties they rent. I don't have property taxes or taxes to pay on the rental income," he exemplified, concluding with an exclamation: "Bingo!"
Regarding the new Banco Nación UVA fixed-term deposit, the minister gave his opinion, saying: "My impression is that this is the first time we have a savings product in the Argentine financial sector. That is, they were not a savings alternative. I can do it for the amount and term I want. The money is reasonably protected in value, seizure-proof, and gives a return of between 3 and 5% annually—with the caveat that 'of course, there will be those that give more and those that give less.'"
Furthermore, Minister Sturzenegger recalled that "an apartment has a lot of costs, the property deteriorates, you pay taxes, and the rental income is also taxed."
What is Banco Nación's fixed-term deposit offer?
In this regard, the official stated: "This fixed-term deposit from Banco Nación is like having a piece of an apartment because it offers an income updated for inflation, except without management or maintenance costs, without risk to the capital, and tax-exempt. And only if the financial system offers attractive savings alternatives can it grow."
Finally, he also dedicated a message to the president of Banco Nación: "Congratulations to Dario Wasserman of Banco Nación for this innovation that I hope is a first step for the bank and for many Argentines."
To do so, look for the 'Plazo Fijo UVA Pago Subperiodos' option.
Additionally, he marked the importance for the system because "the bank captures at 4.5% and lends that money in a pawn or mortgage at 8, 10, or 15%." The one I made today was for 900 days.
"Historically, fixed-term deposits in the Argentine financial sector have averaged -5% annually," Sturzenegger stated, comparing them to the new product. "An investment of $250,000 in this fixed-term deposit gives me a monthly income of 1.3 million. But you have to subtract taxes, ABL, maintenance, and management fees from this. And finally, because 'it allows me to invest for longer periods than is normal in the system. The capital is insured. The income is indexed to me every month. And this, without taking into account that rent is typically not updated every month.'
