The virtual wallets offer annual nominal rates between 17.2% and 22%, according to the latest weekly survey, matching or even surpassing those of the main banks for a traditional fixed term, whose rates range from 16.5% to 19.5% annually.
The YPF app has entered the ranking with an annual rate of 17.24%. Unlike fixed terms, interest-bearing accounts allow immediate access to funds and generate daily interest.
Virtual wallets offer annual nominal rates between 17.2% and 22%
Which virtual wallets offer the highest rates
The survey by Trascendo placed Banco Bica in first place, with an annualized return of 22%. Following are Lemon Cash and Cocos Pay, with rates above 20%.
Banco Bica: 22%.
Lemon Cash: 20.60%.
Cocos Pay: 20.44%.
Carrefour Banco and Fiwind: 20%.
Personal Pay, Cencopay, Claro Pay, and Ualá via FCI: 19.35%.
Naranja X, Montemar Pay, and Brubank: 19%.
Mercado Pago, Prex, and Taca Taca: 18.98%.
Supervielle: 17.89%.
YPF App: 17.24%.
Banco Galicia: 17.19%.
How much does a fixed term yield at the main banks
According to the data included in the survey, the rates for traditional fixed terms at the ten main private banks range between 16.5% and 19.5% TNA.
In the case of Banco Nación, the reported rate is 18.75% annually. Unlike interest-bearing accounts, the traditional fixed term immobilizes funds for a minimum of 30 days.
How much does a fixed term deposit yield in the main banks
How the yields of virtual wallets are calculated
Trascendo compares the total annualized yield based on the last daily interest effectively credited to each account. It does not use the projected Annual Effective Rate (TEA) for twelve months or the promotional Nominal Annual Rate (TNA) of each platform.
The methodology aims to compare how much money yields on a day-to-day basis, regardless of the differences in how each company communicates its rates.
How to calculate the yields of virtual wallets
What is the difference between an interest-bearing account and a fixed term
Interest-bearing accounts allow for generating interest while the money remains available for everyday expenses. According to the survey, digital platforms use Money Market Mutual Funds (FCI) to pay interest on balances.
Liquidity: wallets allow immediate access to funds, 24/7, for payments, transfers, and purchases with debit cards or QR codes.
Fixed term: the capital is immobilized for a minimum of 30 days, with a fixed rate agreed upon at the time of establishment.
Rate variation: the yields of the FCIs can change daily based on the conditions of the financial system.
Balance limits: some platforms, like Naranja X, pay interest only up to a certain balance. The excess does not generate interest.
What to consider before choosing a virtual wallet
The rates of virtual wallets are variable and can change over time. It is also important to check if the platform sets a limit on interest-bearing balances, as the excess may not generate interest.
The survey by Trascendo and the information regime of rates from the Central Bank of the Argentine Republic (BCRA) are the mentioned sources for comparing yields.
