Nu Bank Contxto 1
Nubank, rapidly growing in Colombia’s banking sector, has launched an innovative savings account, as announced by Marcela Torres, General Manager of Nu Colombia. This account stands out in the market for its 100% digital format, offering round-the-clock customer support, and eliminating common fees such as account management and interbank transfer charges.
Highlighting the account’s distinctiveness, Torres emphasized its digital-only operation via the app, removal of management fees, and free, unlimited transfers to other banks. These features position Nubank as a strong competitor against established Colombian banks like Bancolombia, Colpatria, Davivienda, and BBVA. The absence of handling fees and transfer costs addresses major barriers typically found in traditional savings accounts.
The Nu Colombia savings account aims to revolutionize how Colombians save. It’s entirely managed through the app, with no hidden costs or fixed charges. Additionally, it offers the same customer service quality as Nubank’s credit card services, along with the mentioned free unlimited bank transfers.
A key feature of this account is its profitability. Customers can expect an annual effective yield of 13%, the highest currently in the market. While this rate may fluctuate, Nubank aims to maintain competitive returns. The account also allows users to create ‘Cajitas’ within the app for setting aside savings from as little as $1,000.
Furthermore, Nu Colombia’s savings account includes both digital and physical cards, facilitating purchases online and in-store. Regarding the account’s availability, Torres announced a phased launch. It starts with company employees and associates, then extends to pre-registered individuals, and finally opens to all applicants by the first half of 2025. This account will also be eligible for use as a payroll account, qualifying for the 4×1,000 tax exemption.
