Nubank makes Money Boxes available to its entire digital account customer base in Brazil

São Paulo, September 8, 2022 – Nubank’s Caixinhas (Money Boxes) are now a reality for more than 62.3 million customers in Brazil. Starting today, the new feature – integrated into the digital account – reaches all users of the digital banking platform in the country, with the proposal to give people more autonomy and help them save money in an organized, uncomplicated, personalized way, and with the possibility of yields above 100% of the CDI from the first business day after the application.

Announced in July and gradually made available to the entire customer base in Brazil, the Caixinhas allow customers to customize them with names and photos, linking the act of saving money to personal plans. This was one of the main demands of Nubank users over the last few years on social media, customer service channels and on NuCommunity, an online platform dedicated to dialogue with customers.

As of August, more than 500,000 Caixinhas had been created and the five main objectives most associated with them are: car, wedding, motorcycle, vacation, and birthday. The Emergency Reserve objective – pre-suggested within the flow in the app –, however, stands out, with about 53% of the total of Caixinhas created in the same period. “Nubank’s innovation in creating Caixinhas has as one of its main purposes to blur the lines between the act of saving money and investing. We want to simplify people’s lives, organization, and financial plans to accelerate the process of achieving their dreams” , says Fernando Miranda, Vice-President of Investments at Nubank.

In a company survey – carried out in the first quarter of the year with more than 11,600 customers –, the lack of knowledge about investments/complexity (45%); and the disconnection with the product/thinking that it is not fitted for them (40%) are among the main barriers for those who have money left over, but still do not intentionally save or invest it.

“Incorporating efficient options without the complexity of having to choose numerous alternatives from a shelf of investment products is one of the key differentiators we think of for Caixinhas. With a simple and intuitive experience, we intend to reduce the fear that a large part of the population has about investing, so they can adopt the habit of intentionally saving money or even advance in the future in a more complete investment journey”, adds Fernando Miranda.

Daily yield options 

In this first phase of Caixinhas, customers have two possibilities for their investments to yield from the first day of the application and on all working days: the RDB, with a yield of 100% of the CDI, and the possibility of immediate liquidity (Caixinha Emergency Reserve) or daily liquidity (other Caixinhas), and the Nu Reserva Imediata, an investment fund with a strategy focused on fixed income with daily liquidity and the potential to exceed the CDI rate over time.

From its launch in February to August, Nu Reserva Imediata had a performance of 108% of CDI, which is equivalent to 167% of savings accounts in the same period. Specifically in August, the profitability of this fund was even more remarkable, with 111% of CDI and 175% of savings accounts.

Financial goal progress and, soon, automatic recurring applications in Caixinhas

As part of the development of the experience, customers will now also be able to track the financial goals set for each of the Caixinhas via an in-app progress bar. With this feature, it is possible to visualize in a simple and transparent way how close they are to reaching the goals – previously, it was already possible to visualize the daily yield. Forecasted for October, Nubank will also implement in Caixinhas the option for users to make automatic recurring applications in each of them.

The themes of financial organization and investments have permeated several Nubank actions so that customers have even more autonomy in managing their finances. A survey carried out with customers, for example, also revealed that about 49% of people with a Nubank account need help to save more money. One of the recently launched initiatives was NuEnsina, an in-app interactive educational program with several modules on these subjects and now available to 100% of Brazilian users.