According to the latest survey, several financial institutions offer better rates to save in pesos and avoid the impact of inflation on purchasing power. Since May, banking institutions have been operating with the new rates, and some are below 40% compared to the 110% they offered until early March.
The fixed-term UVA (Units of Purchasing Value) is a method of investment and savings, which is protected against inflation in Argentina. This alternative provides a percentage of earnings based on the Reference Stabilization Coefficient (CER), which is based on the increases in the Consumer Price Index (CPI). The Central Bank cut rates from 50% to 40% in May.
The list includes the following applications and financial institutions with their respective interest rates: - Prex: 38.18% - Personal Pay: 38% up to 48% (depending on the amount) - Mercado Pago: 37.6% - Naranja X: 42% - Banco Nación: 39% - Banco Santander: 33% - Banco Galicia: 36% - Banco Macro: 35% - Banco Patagonia: 34% - Banco ICBC: 36.9% - Banco Ciudad: 35% - Banco Provincia: 35.5% - BBVA: 35.5% - HSBC: 37% - Banco Supervielle: 33.5% - Banco Comafi: 39% - Ualá: 45% (30 days) - Banco Columbia: 38% (new clients)
This tool, based on price increases, allows for access to capital after a minimum of 3 months and a maximum of 180 days, depending on the financial institution in which it is invested. The Argentine Chamber of Investment Funds warned that certain e-wallets offer better interest rates and more gains than banks.
The following inflation data was recorded in recent months: - 13.2% in February - 11% in March - 8.8% in April - 4.2% in May - 4.58% in June - 4% in July - 4.2% in August - 3.47% in September
The Central Bank has cut interest rates on fixed terms by more than 100 percentage points in 2024.
