ColombiaOne.comBusinessDigital Bank, Nubank Launches Fee-Free, High-Yield Saving Account in Colombia

Digital Bank, Nubank Launches Fee-Free, High-Yield Saving Account in Colombia

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Nubank, David Velez’s digital bank, launches bank account in Colombia – Credit: ColombiaOne

Nubank, the digital bank of the richest Colombian, has launched its bank account in the country, after receiving the approval of the Colombian financial authorities. The savings account will offer a 13% annual rate, the highest rate of return in the market, will not charge a monthly management fee and transfers to other banks will be free of charge.

The entity was created by Medellin businessman David Velez in 2013. In this time, Nubank’s success has made its founder the richest man in the country, with a fortune of US$8 billion, according to Forbes magazine. In 2026, his company will reach a value of 100 billion dollars, according to data projected by the U.S. Morgan Stanley.

An aggressive launch

After receiving the endorsement of the Financial Superintendency, the public entity that regulates the operation of banks in the country, Nubank announced its savings account, the so-called Nu Account, with conditions that seek to attract customers, tired of the high fees and commissions of traditional banks.

With an effective annual 13%, Nubank’s account becomes the one with the highest profitability in the country. In addition, the account will not entail any maintenance fees and transfers to other banks will be completely free of charge. Customer service will be maintained 24 hours a day, every day of the week.

“The Nu Account will enable us to help all Colombians to boost their savings so that they can achieve their financial goals, with an innovative product designed to solve their pains and desires,” explained Marcela Torres, general manager of Nu Colombia.

Initially, customers will be employees of the company itself in Colombia or their relatives and friends, who will be the first users in order to detect flaws in functionality and potential improvements to the service. Subsequently, all those who register on a launch list will be able to become customers and, finally, the account will be accessible to anyone who wants to freely contract the product with the bank.

Promoting small savings

Through a system called “cajitas” (little boxes), the bank account will offer the possibility of saving the amount that the client wishes, immobilizing the capital for the period of time that is decided when they open the account.

“With the Nu savings account we are creating innovation, convinced that it will change the way Colombians save,” said Torres at a press conference.

Another feature that the bank will offer its customers is the elimination of operating expenses, which in Colombia are very high in most traditional banks. These are entities that charge a fixed monthly fee simply for having the account open, and that also charge high commissions for transfers to other banks or even for the use of the bank’s own ATM.

In addition, the Nu Account aims to streamline the management and operations of customers, something that the so-called neobanks, purely digital entities, optimize and emphasize to differentiate themselves from the digital services of traditional banking, with physical operational headquarters and often slow and cumbersome procedures.

“The purpose of our product is to eliminate those barriers that hinder access, such as operating expenses,” added the Nu Colombia manager.

Nubank Colombia account
David Velez, Colombian founder and CEO of Nubank – Credit: Nubank

The endorsement of its Brazilian trajectory

Although the founder and CEO, David Velez, is Colombian, the bank has an important track record in Brazil, where the Nu Account has been a success. At the end of the third quarter of last year, it had 65 million active customers and the “cajitas” had 8.6 million users in that country.

Similarly, in Mexico, Nu Bank reached 2.4 million users of its savings accounts in the same period. Now, the company’s managers in Colombia expect to have the same acceptance in the country.

“In Colombia we have an accelerated growth curve because we are learning from what has been done in other countries,” said Marcela Torres at the announcement of the product launch.

With this new product in Colombia, the executives of the entity, headquartered in the Brazilian city of Sao Paulo, expect to expand its client portfolio and continue growing in the Latin American market. “This new milestone is a source of great pride for us and a commitment that we take very seriously. There are 90 million people who rely on Nubank to manage their financial lives and for whom we work to offer solutions that make their daily lives easier. And this is just the beginning,” said David Velez, during an event in Mexico.


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