Description:
You can now open a cash yield account in Argentinian pesos in seconds, allowing you to make subscriptions into a low risk money market fund with immediate liquidity. The account will generate daily returns on your balance while still remaining immediately available to withdraw anytime.
Where to find it:
Eligible users will have enabled a new “Save” tab in the bottom right corner of their app, replacing the old “Premium” tab.
The “Save” tab is designed to separate the money that users aim to save and generate returns on, while still remaining accessible to spend or transfer seamlessly within our app.
Under the new display, the Premium subscription and its rewards will be accessible by tapping on the “Premium” badge on the top left section of our app
How to use it:
Go to the Save tab in your app
Open your cash yield account in pesos by accepting the account agreements, terms & conditions and fund prospectus
Move ARS into the account, the money will arrive instantly
You will generate daily returns into your account at around 6pm ARG time:
Daily returns will only be paid on business days, not weekends or public holidays
If you move money into your account before 15.30h ARG time on a given day, you will start receiving daily returns on the next business day
If you move money into your account after 15.30h ARG time on a given day, you will start receiving daily returns two business days after
Redeem whenever you want, instantly and with no fees.
How are the returns in my ARS Cash Account generated?
Your money will be invested in shares of the common investment fund MegaQM Pesos, a very low risk money market fund managed by MEGA QM S.A. (the fund management company) and held in custody by BANCO DE SERVICIOS Y TRANSACCIONES S.A. (the depositary institution).
Fund subscriptions and redemptions are performed in Argentina by DMA Broker S.A., Clearing and Settlement Agent No.236 and Placement and Distribution Agent for Mutual Funds No.151 registered with CNV
The price of your shares held in the fund will be updated on every business day, and hence update the value of your position, generating your daily returns
How is the APY percentage shown on screen calculated?
The APY (Annual Percentage Yield) shown reflects the observed performance of the fund in the last month, which is variable and hence can go up or down in the future.
Past performance is not a reliable indicator of future results. Your returns may increase or decrease as a result of market fluctuations.
Are there any fees or commissions charged in this account?
The fund’s performance is already net of administration and custody fees. This means that all charges are already implicitly included in the fund’s daily returns and hence you do not pay any additional fees or commissions for having money in the account, nor for subscriptions or redemptions.
Are there any limits to the amount of money I can put into this account?
Yes, our partners allow each user to deposit up to 25,000,000 ARS into the cash account per year. These limits reset each year on January 1st.
Who is eligible for this product?
This product is available for accounts registered with Argentinian residence, and whose holders have completed identity verification during DolarApp account opening with an Argentinian DNI document.
If you have provided your passport or other form of identification and would like to open an ARS Cash Account, contact our support team to repeat your ID verification and upload your DNI.
Can I make card payments / transfers directly from the balance in my ARS Cash Account?
At this time, DolarApp does not support direct card payments or transfers from this account. You will need to withdraw money (it will arrive instantly) to your Home wallet to be able to spend that money