Nubank Launches 110% CDI Savings to Strengthen Its Home-Market Position
Hey Digital Banking Fanatic!
Nubank has launched a new savings option, “Caixinha Turbo,” offering 110% of the CDI rate with immediate liquidity. The product is designed to reward customers who centralize their finances with Nubank, reinforcing the bank’s position in its home market. Eligible users will receive an in-app notification with activation details, allowing them to start earning returns from day one.
The CDI is a short-term financial instrument used for interbank loans in Brazil. Investments tied to the CDI rate reflect its fluctuations. Currently, the CDI stands at, approximately, 14.2% per year, meaning an investment yielding 110% of the CDI would generate an annual return of 15.6%.
Nubank is rolling out Caixinha Turbo gradually, notifying eligible customers via the app. Users can deposit up to R$5,000 (USD $870) into the savings feature, provided they bring at least R$900 (USD $160) into their Nubank account.
The boosted rate lasts for 31 days, after which customers must deposit additional R$900 to maintain the benefit. If not, the funds are transferred to an RDB investment yielding 100% of the CDI, subject to taxes. The deposited amount remains accessible for payments, transfers, and Pix transactions.
“At Nubank, we continuously evaluate products that align with our core belief: offering solutions tailored to our customers’ needs,” said Livia Chanes, CEO of Nubank Brazil. “Choosing Nubank as the center of one’s financial life should bring more than just services—it should be a partnership in achieving financial goals. Caixinha Turbo allows money to work harder in a simple, controlled way.”
Nubank’s offering stands out in a competitive landscape. Banco Inter provides a similar feature, “Meu Porquinho,” with CDB investments yielding 100% of the CDI or LCIs at 95%. Itaú’s “Cofrinho” also offers 100% of the CDI, while Mercado Pago’s equivalent reaches up to 105%, requiring R$1,000 in monthly deposits.
Caixinha Turbo’s rate and accessibility make it a competitive option for customers looking to maximize returns with fewer constraints. The initiative aligns with Nubank’s strategy to strengthen its foothold in Brazil by attracting and retaining customers through a more rewarding financial ecosystem.
Scroll down for more interesting Digital Banking industry news updates and I'll be back in your inbox tomorrow!
Cheers,
Stay ahead in FinTech! Subscribe to my Daily FinTech Newsletter for daily updates and breaking news delivered straight to your inbox. Get the essential insights you need and connect with FinTech enthusiasts now!
DIGITAL BANKING NEWS
🇧🇷 Nubank launches ‘Caixinha Turbo’ with a yield of 110% of CDI, but has conditions. This is a type of bank deposit receipt that allows daily withdrawals. However, there are conditions to access the higher yield: clients must deposit R$900 monthly into their account, and they can invest up to R$5,000 in the product.
🇳🇬 Zenith Bank expands digital, physical infrastructure amid FinTech disruption. This expansion comes as the bank intensifies efforts to compete with fast-growing FinTech disruptors. The bank’s POS terminals grew 14.8% YoY to 475,524 in 2024, becoming a key revenue source for traditional banks.
🇬🇧 Tirana Bank partners with Backbase for digital banking upgrade. The agreement marks the bank’s most significant investment in technology to date, surpassing previous upgrades to its systems. The initiative is part of a wider effort to expand its digital offerings and strengthen its position in the region’s financial sector.
🇦🇺 Revolut launches local EUR accounts for Australians. This new offering allows customers to establish local EUR accounts, facilitating swift payments and aiming to include more currencies in the future. The accounts enable them to operate across various markets. Meanwhile, Revolut has launched its first salary account in Spain, offering up to 2.27% annual return for users who deposit a minimum of €1,200 per month.
🇭🇺 Revolut ATMs in Hungary? Foreign FinTechs called on to share ATM costs. If Revolut moves forward with launching ATMs in the country, it will face several key challenges. First, the company must secure regulatory approvals from the Hungarian National Bank (MNB), which oversees financial services and ATM operations.
🇬🇧 Revolut’s valuation has been upgraded by one of its best-known shareholders, implying a rise to $𝟰𝟴𝗯𝗻. The upgrade by Schroders Capital Global Innovation Trust plc, an investment trust managed by Schroders, is an 85% jump compared to the valuation it gave London fintech a year ago.
🇬🇧 Zempler partners with Wise to roll out international payment service. The initial launch of the service will allow users to send payments in US dollars and euros and will be available for accounts in the Single Euro Payment Area (SEPA) region.
🇳🇴 Fana Sparebank enters five-year partnership with Tietoevry Banking. The partnership includes core banking systems, card and payment services, and advanced financial crime prevention tools. The new agreement will also significantly enhance the bank’s mobile and self-service offerings, including self-service loan management.
🇹🇷 Kazakh FinTech giant acquires Rabobank's Türkiye operations. The acquisition, which is subject to regulatory approval, involves the purchase of Rabobank A.Ş. However, the deal is considered non-material as Rabobank's Turkish operations do not have borrowing or deposit clients or a branch network.
🇩🇪 Deutsche Bank names new CFO Raja Akram in latest leadership shake-up. The bank has made the latest in many changes to its top leadership, announcing the departure of CFO James von Moltke and its CLO as the German lender starts to pull together its new strategy.
Want your message in front of 100.000+ Digital Banking fanatics, founders, investors, and operators?
Shoot me a message on LinkedIn or send me an e-mail.
