In addition to the famous purple credit card, the Nubank also offers an account. It has almost everything you’ll find in other bank accounts and doesn’t charge maintenance fees, but you have to pay to withdraw at ATMs. In addition, it has differentials such as automatic income and the Save Money and Cashier functions. Next, we explain How does the Nubank account work?.
The Nubank account offers almost all the features of a traditional checking account. It’s possible:
- make TED and Pix for accounts at Nubank and other banks;
- pay bills;
- use the card in the debit function;
- schedule transfers, including scheduling the account to make the same Pix every month;
- deposit money by TED, Pix or bank slip;
- make withdrawals on the Banco24Horas network (with payment of a fee);
- search for tickets issued in your CPF.
The product also offers some differentials, such as the automatic yield at 100% of the CDI, for deposits with more than 30 days; the Save Money function, which allows you to separate a portion of the account balance and the Little boxeswhich are used to save for specific purposes, such as a purchase or a trip, for example.
However, it still has some limitations compared to other accounts. Paying taxes can be a problem. Some states no longer send payment slips for IPVA, for example. In other banks, it is possible to access the invoice through the financial institution’s own system. At Nubank, it is not possible.
What type of account is Nubank’s account?
Officially, the Nubank account no It is neither a checking account nor a savings account. She’s a payment account.
For the customer, little changes: the features and functions are very similar to a checking account. Behind the scenes, the regulation sets out a few different obligations.
The deposited money is separated from Nubank’s assets. It cannot be used in loans to other customers and companies, only for investments in Federal Government Securities.
How much does the Nubank account earn?
The Nubank account earns 100% of the CDI from 30 days after the deposit.
CDI is the name given to the rate on interbank certificates of deposit, operations carried out between banks. What you need to know is that the CDI closely follows the Selic rate, the basic interest rate for the Brazilian economy, defined by the Monetary Policy Committee (Copom).
However, this income is only available from the 31st day on which the amount is in the account. An example for you to understand how the Nubank account works:
- on 1/15, you deposit R$ 1,000;
- on 1/30 (ie less than 30 days after the deposit), you withdraw BRL 500, leaving BRL 500 in your account;
- on 2/15, when the deposit completes 31 days, the income for 30 days of the R$ 500 in the account becomes available;
- from there, these R$ 500 receive income every working day.
It is also important to know that there is a discount on income because of taxes. The income tax rate, in this case, follows the fixed income table:
- between 0 and 180 days: 22.5%
- between 181 and 360 days: 20%
- between 361 and 720 days: 17.5%
- after 721 days: 15%
How to see the NuConta balance?
Is easy. When opening the Nubank app, the account balance is the first item that appears.
It may be that it is hidden, however. In this case, tap on the eye icon at the top right of the interface — it’s a control to hide or show the information.
You can also tap on the Account section to see more details about your balance, such as how much money you have saved and the account income.
Yup. The Nubank account has no maintenance fee. Not all services are free, however. Withdrawals from ATMs, for example, are charged.
As it is a payment account, the money in your account is separated from Nubank’s assets and is invested in Federal Government Securities. This means that if Nubank goes bankrupt, your balance will be protected. In addition, it is not loaned to other clients or companies, nor used in risky investments.
The account has another deposit option: Nubank RDBs. The dynamics are exactly the same for the client, but the background changes a bit.
In this case, you are lending money to Nubank, which returns it with 100% of the CDI rate. RDBs are protected by the Credit Guarantee Fund (FGC), an entity created by banks to reimburse customers if a bank goes bankrupt.
Nubank sets three requirements to open an account: be 18 years of age or older, live in Brazil and have a smartphone compatible with the bank’s application (Android 4 or higher, or iOS 9 or higher).
In order to have the account, the company does not carry out a credit analysis, which means that even those with a dirty name can use the product. The account opening process is all done in the Nubank app.
Not. As Nubank explains on your website, Nubank account and credit card are different products. To open the account, there is no credit analysis, but for the credit card, yes.
The company says that opening the account can help to get to know the customer better and, in the future, adjust the approval criteria.
Not. Nubank offers only one payment account. Even so, it offers features that may be enough to replace a savings account.
The Nubank account has an automatic income greater than savings, and the Save Money function is for those who prefer to separate money to spend from money for an emergency or for future purchases, for example.
Yup. Nubank offers accounts for legal entities. However, at the moment, it is only available for single-person companies (MEIs, MEs and Eirelis) and for companies with only one managing partner.
to depositthe options are to make a Pix from another account, make a TED (some banks charge for this service) or generate a deposit slip and pay it.
To withdraw, it is possible to use the card at Banco24Horas network cashiers (fees are charged) or make Pix Withdrawal.
With information: Nubank.