What is the Best Digital Bank to Save Money and Earn in 2024?

The decision of where to store and make your money grow is increasingly crucial in 2024. Leaving resources idle in a regular checking account means losing purchasing power, while savings accounts offer too modest returns. Fortunately, digital banks have revolutionized this scenario by offering accounts with significantly higher yields. But which one to choose?

Why Are Digital Banks on the Rise?

Brazilian consumers have discovered that it’s possible to combine convenience and profitability through digital platforms. These institutions have broken down traditional banking barriers and offer something savings accounts cannot: automatic daily returns linked to the CDI.

While savings accounts deliver only 7.41% per year plus the Referential Rate (currently zero), a digital account with 100% of the CDI generates approximately 10.40% per year. The difference may seem small in percentage points, but in actual values, it’s considerable. A practical simulation: R$ 1,000 invested for 24 months yields R$ 204.12 in a digital bank versus R$ 129.29 in savings.

The 8 Main Digital Banks and Their Yields

Nubank: Simplicity with 100% of the CDI

Nubank offers a payment account (not a checking or savings account) where your money is invested in Federal Public Securities. The differential: yields on all business days after the 31st day, unlike savings which yield only once a month. One of the largest digital banks in the country, it has established itself through a hassle-free experience.

Neon: Progressive Growth up to 113% of the CDI

Here, the yield starts at 100% of the CDI but increases every six months. After two years on the platform, you reach 113% of the CDI – the highest rate among the options analyzed. The longer you stay, the lower the deduction rate on your gains.

PicPay: Financial Organization with 102% of the CDI

Founded in 2012, PicPay stands out for its “Piggy Banks” feature, allowing you to organize savings by customized categories. The balance yields 102% of the CDI on all business days, an interesting alternative for those seeking visual control over their finances.

Pagbank: The Simple and Straightforward Yielding Account

PagSeguro’s platform, Pagbank, offers its Yielding Account with automatic yield of 100% of the CDI for balances kept for 30 days. No complications, no bureaucracy.

Mercado Pago: Progressive Benefits up to 105% of the CDI

In the Mercado Pago account, any balance yields at least 100% of the CDI. But if you subscribe to Meli+ (the Mercado Livre loyalty program) and maintain at least R$ 1,000 monthly, your yield increases to 105% of the CDI.

99Pay: Competitive Yield up to 110% of the CDI

The mobility app 99 offers its digital wallet with yields up to 110% of the CDI for balances up to R$ 5,000. Above that amount, the combination offers 80% + 110% of the CDI. An important differential: it earns every day, including weekends, while traditional wallets only yield during business hours. Add cashback on rides and recharges, and the platform becomes even more attractive.

Iti: Itaú’s Proposal with 100% of the CDI

Itaú created its digital account Iti with automatic yield of 100% of the CDI through the “My Goals” feature. Similar to Nubank’s piggy banks, this tool allows organizing financial goals and starts earning from the first business day.

Banco PAN: Accessibility with Low Minimum

Banco PAN offers daily automatic yield with just R$ 30 minimum balance. The first 30 days yield 10% of the CDI, then jumps to 100% of the CDI. Without a maximum balance limit, it becomes an interesting option for beginners.

Understanding the CDI: The Key to Higher Returns

The (Interbank Deposit Certificate) (CDI) is a benchmark rate in the Brazilian financial market, representing the average interest rate of short-term loans between banks. It serves as the basis for calculating yields on CDBs, LCIs, and investment funds.

The fundamental difference: savings accounts use a fixed formula (70% of the Selic + Referential Rate) calculated monthly on deposit anniversaries. The CDI, however, is updated daily, tracking the Selic rate fluctuations in real time. When a product offers above 100% of the CDI, it means it can yield more than savings – especially in periods of high Selic.

How to Choose the Best for Your Profile?

The best digital bank to store your money and earn depends on your priorities:

• Seeking maximum profitability: Neon (up to 113% of the CDI)
• Wanting expense organization: PicPay or Iti with their categorization tools
• Valuing simplicity: Nubank or Pagbank
• Looking for extra benefits: 99Pay with cashback
• Starting from zero: Banco PAN with a minimum of R$ 30

Yields range from 100% to 113% of the CDI – a substantial gain compared to the 7.41% of savings. Many offer additional features like goal organization, cashback, and intuitive interfaces.

Conclusion: Maximize Your Earnings in 2024

Digital accounts with automatic yields have transformed the way to save money. In a high-interest scenario like today, leaving resources in savings accounts means missing out on real earning opportunities.

The winning strategy involves choosing a digital bank aligned with your profile, taking advantage of daily rather than monthly yields, and considering features that add value to your financial organization. Among the 8 main banks analyzed, all offer competitive alternatives. The final differentiator is the experience each provides – from interface ease to benefits like cashback or goal-setting tools.

To maximize returns on savings in 2024, a digital account with CDI-based yield is essential. It’s not just about earning more – it’s about making your money work smartly while you sleep.