Nu wants its clients to invest with money sections

“Mexico raised the reference rate and well, we are more or less following the trend. If the TIIE goes up, we go up and if it goes down, we go down,” said Ludlow.

The Bank of Mexico (Banxico) raised the interest rate to 11.25% last March, as a tool to contain inflation, which is at 6.85%.

Nu, which offers credit and debit cards, believes that the returns from these sections are a way to bring customers closer to investments and savings.

A survey conducted by Nu with 1,500 clients found that 40% of them do not budget, which is why they do not save money. Another 39% do not save because they consider that they cannot make ends meet and 14% said they do not know how to organize their money.

“You will no longer see the balance that you have in your Cajita as part of your main balance, so in a certain way it also has a security component because that balance is not visible and by not seeing it, you do not spend it,” Ludlow explained.

The manager added that this tool will be just the first of other features that they hope to launch in the future to help their clients better manage their personal finances.

Can cash withdrawals be made?

If a customer wishes to make cash withdrawals, they can go to stores such as Walmart, Soriana and La Comer. The maximum amount of withdrawals per day is 2,000 pesos.

Cash withdrawals can also be made at ATMs of other banks, although each one will charge a commission for disposing of the cash.