Financial Institutions can Match Fintech in terms of Interest on Savings Accounts

The Board of the BCRA has removed the regulation whereby financial institutions were asked to pay interest on savings accounts, salary accounts, and social security accounts at least every 30 days.

This allows financial institutions to compete on equal terms with other kinds of companies that offer deposit account services—for making payments, transfers, among other debits and credits—(such as fintech), with daily remuneration. Accordingly, depositors may check the performance of their funds every day.

Financial institutions can credit interest daily, weekly, or monthly as agreed between the parties.

March 25, 2021.