Nubank announces Money Boxes, a new feature for customers to personalize their savings
The new function gives more autonomy to save and separate specific amounts of money by defining personal goals. It has the possibility of yielding above 100% of CDI starting on the first day of application
Jul 11 , 2022
São Paulo, July 11, 2022 – Nubank, one of the world’s largest digital financial services platforms, launched on its app a new resource for organization and financial planning: the customizable Money Boxes (Caixinhas, in Portuguese). The new functionality – integrated into the digital account – aims to give more autonomy to people and help them save money in an organized and uncomplicated way, with different yield possibilities and a customized experience.
Users will be able to personalize each of the Boxes with their name and photo and save their money with yields potentially higher than the CDI to accelerate the achievement of different plans and dreams, such as buying a house, traveling, or even building an emergency reserve. The Money Boxes’ current investment possibilities are suggested by Nubank, according to the objectives established by the customer, but allowing them to choose among the available options. Initially, customers will have the option of RDB (Bank Deposit Receipts) – with the possibility of immediate liquidity (Emergency Reserve Money Box) or daily liquidity (other Money Boxes) and a yield of 100% of the CDI – and Nu Reserva Imediata – a fund with a strategy focused on a fixed income with daily liquidity and the potential to exceed the CDI over time. The yield starts from the first day of the investment and compounds on all business days.
In a recent survey conducted by Nubank, with more than 1,200 Brazilians who have a bank account – both Nubank customers or not s – 28% of respondents claimed not to have the habit of saving money. In another study carried out by the company in the first quarter of the year with more than 11.6 thousand customers, the lack of knowledge about investments/complexity (45%); the disconnection with the product/thinking it is not for them (40%); the unpredictability of when they will need the money (20%); and the fear of losing it (20%) are the main barriers for those who have extra money but still do not save or invest it intentionally. This same survey revealed that about 49% of people with a Nubank account need help to save more money, and 58% of respondents said they have a goal of how much money to save each month.
“Nubank has matured along with customers over the past nine years. Our main goal is to increasingly offer innovative products and services that help simplify and organize people’s financial lives, giving them more freedom of choice,” explains Cristina Junqueira, co-founder of Nubank. “With Money Boxes, it was no different. For a long time, our customers have been asking us for a solution to save and separate money. So, we started to develop the idea until we reached this model.”
Money Boxes was created by Nubank’s product team as a response to customer demand over the past few years on social networks, customer service channels, and NuCommunity – an open forum for customers. The development process included qualitative climate and product adherence surveys with groups of customers and company employees. “Our studies have shown that the Money Boxes can help our clients organize their finances and build the habit of saving money in a more intentional and personalized way, with efficiency and liquidity options to help them reach their goals even more intelligently”, reinforces Cristina.
Money Boxes will be available to a limited customer base throughout July and should, as part of the progressive rollout, reach all clients with access to a Nubank account in Brazil by the end of September.
Automatic retroactive income from the digital account
With the new investment options offering daily returns through the Money Boxes, the balance of new deposits in the Nubank Account will automatically yield 100% of the CDI only from the 30th day on, retroactively, with no earnings before this period. There is still an incidence of IOF (Tax on Financial Operations) on transacted values of deposits with less than 30 days in the digital account, which impacts the actual income of customers.
“Nubank is driven by efficiency. We pursue that in our business, and we also want to deliver it to people. This evolution allows us to continue to invest in innovative products, such as the Money Boxes, that are better for our customers’ money and plans. At the same time, our account continues to offer the peace of mind of knowing that the money that stays there for a longer period continues to yield more than a traditional savings account,” explains Cristina Junqueira.
Considering the new rule, on the 31st day, the customer will receive the total yield of the past 30 days, as if it had been yielding 100% of the CDI since the first day. From then on, they will have yields every working day. It applies exclusively to the balance of the new deposits – that is, if the client needs to use part of the amount to make a payment or wire transfer, the retroactive yield will be applied every business day on the remaining amount. The amounts that customers already had in the digital account before this change will continue to yield 100% of the CDI every business day.
The change applies initially to a small customer base, starting on July 25, and will be implemented in phases, being gradually released to the entire customer base in Brazil.
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