O Nubank is offering a new feature called “Saving Money” to customers of NuConta: it is a simple way to reserve money that should not be used with everyday expenses. The value continues to yield 100% of the CDI, but is separated from the main account; the idea is to help save for emergencies or future purchases.
The “Save money” feature is very simple: NuConta customers will see a piggy bank below the balance available in the app. When you touch it, an explanation of what it does will appear: “separate a part of your money that will not be used in NuConta’s debit or payments”.
You enter the amount to be booked, tap “Confirm” and that’s it: it will be identified as “saved money” on the NuConta home screen, below the available balance. You can redeem at any time; they will be credited to your account immediately.
That is, if you have R $ 50 in your available balance and R $ 1,000 as saved money, NuConta will not let you make debit purchases over R $ 50, nor make transfers or pay bills above that amount – unless you request a rescue.
It is similar to the current account and savings account of traditional banks. The difference is that NuConta’s money always yields 100% of the CDI with daily liquidity, whether in the “available balance” or “saved money”.
Nubank cannot use the terms “checking account” and “savings account” because it is not a bank, and is not authorized to offer these types of products. NuConta is a payment account: this means that the money deposited is separate from fintech’s equity, and can only be used for applications in federal government securities.
NuConta offers debit card and loan limit
NuConta offers free TED for all banks, allows wage portability, and makes payment for common water bills, telephone and online purchases (taxes such as IPVA and IPTU are not supported).
The company is also releasing the debit function to customers: until January, 66 thousand people could use the multiple card to make purchases and withdraw money at ATMs of the Banco24Horas chain (each withdrawal costs R $ 6.50).
Some customers can also try the Loan function, with installments up to 24 times and first payment within 90 days. In April, NuConta charged interest on 4.53% per month average.