Since March, all time deposits less than $10,000,000 pay more interest. How much is earned by placing $100,000 in 30 days
By Ian Muñoz Pederzoli
29/03/2023 – 17,26hs
After 6 months of stability in the interest rate by the Banco Central, Faced with a price escalation in February, rates were raised for fixed-term deposits. This occurred in a difficult economic context in which the government seeks encourage savings in local currency.
In this line, the Banco Credicoop It is one of the best options to make this type of investment, especially if the money is placed for 30 days and the capital is renewed along with the interest earned, considerably raising the return obtained.
Term vs dollar: who will win the battle in 2023?
As we mentioned earlier, the fixed term just increased your interest rate. Specifically, it did so by 3 nominal percentage points, while its annual effective rate rose by 6.15%. In this way, if money is placed and reinvested every 30 days, an average monthly return of 9.43% is obtained.
However, the “free” exchange rates, both formal and informal, they went up considerably in the last rounds. However, for the time being, said increase remained below the inflation and the devaluation of the period. For example, the blue dollar closed at $380 on the last day of February.
In this line, the dollar should rise almost $25 to match the fixed term rate, that is, close the month at $405. However, if we take the average monthly return as a reference, reinvesting principal plus interest, the dollar should be around $416, about $36 more than in February.
The dollar should close above $400 to match the fixed term
Bearing in mind that the government will seek to continue encouraging he savings in local currency and prevent the savers demand a large amount of Dollars, that will raise the price, as well as reduce uncertainty in an election year, it is very likely that the fixed term will win again in 2023.
Fixed term Banco Credicoop: how much can you earn by investing $100,000?
In the event that $100,000 is placed in the Banco Credicoop At 30 days, approximately $106,500 is obtained, of which $100,000 correspond to the original capital and $6,500 to the interest obtained. However, the correct thing would be discount the inflation and/or the devaluation of the period, depending on the analysis we do.
If we take into account the inflation, assuming that in March it is equal to that of February, 6.6%, then the real interest rate would be negative (-0.1%). That is, you will have lost $100 in real purchasing power, since the amount was less than the increase in the cost of living.
In the case of the effective annual rate, this is located around 113.2%. To access this, you simply have to reinvest the money every 30 days (and the rate must be maintained). In this way, an average return of approximately 9.43% per month is obtained.
Step by step: how to make a fixed term at Banco Credicoop
The requirements to make a fixed term in it Banco Credicoop is to have a savings account or checking account in pesos. Regarding capital, the minimum investment amount is only $1000. Although it can be done in person, it is always advisable to do it online, as it is much faster and easier.
Within the online section, it can be specified in the following ways:
- Credicoop Móvil: the bank’s mobile phone application
- Internet Banking: Banco Credicoop’s home-banking
- Credicoop Responds: this is the customer service telephone line
