Una nueva reglaSHOP that'll clarify how much your digital money is earning
From November, banks and digital wallets offering remunerated accounts linked to investment funds will have to report their returns using the same seven-day calculation, with annual nominal rates and fees already deducted.
La información you'll receive when you compare a remunerated account is about to become much more uniform. From November 1, banks and digital wallets that offer returns through common investment funds will have to publish the performance of their accounts according to a single indicator: the change in the value of the fund unit over the last seven calendar days, expressed as a nominal annual rate, with administration and custody fees already deducted.
The end of different ways of reporting the same return
Until now, each entity could choose how it presented the number. Some used a nominal annual rate, while others relied on an effective annual rate. Some selected the most favorable period available to display the highest possible figure, and others projected future returns rather than reporting what the fund had actually earned. The new standard is intended to make comparisons easier by placing all offers on the same basis.
The information will have to appear clearly and be easy to access on all digital channels where the service is offered, including online banking, bank applications and digital wallet applications. It must be displayed next to the investment option, rather than hidden in a separate section that users may have difficulty finding.
Which accounts are covered
The rule applies to accounts whose return depends on the performance of an underlying investment fund, meaning that the rate can change every day. This is the model used, among others, by Personal Pay, Mercado Pago, Lemon, Cocos, YPF App, Santander, Macro and Galicia.
Accounts offering a fixed rate are not covered by this requirement because the return is already predetermined and does not depend on the daily performance of a fund. Banco Nación, Supervielle, Ualá, Carrefour Banco and Naranja X are examples of entities that offer accounts of this kind.
- Some banks and wallets pay interest only on the first two million pesos deposited; above that amount, the money does not generate a return.
- Other entities condition the benefit on holding a payroll account or contracting a package of services.
- Common investment funds, also known as money market funds, generally provide immediate liquidity: deposits are invested when they are made and can be withdrawn without delays.
- The funds usually accrue interest daily and invest in fixed-term placements, government securities and remunerated accounts.
