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Nubank or Next: compare digital banking functions, annuity and rates | Productivity

Digital banks Nubank and Next rival the Brazilian market by ending part of the bureaucracy to create a bank account. Their differentials are their own applications where customers can open their accounts, manage spending, make transfers, and organize credit card purchases. Because there are differences between the features and services offered by platforms, consumers must analyze benefits before choosing to create an account with one of these financial institutions.

O dnetc prepared a comparison showing the main characteristics of the services, such as interest rates, services and eventual charges for financial activities. Want to create an account in a virtual bank and do not know which to choose? Check out the main differences and benefits offered by Nubank and Next. Apps are available for Android and iPhone (iOS).

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Nubank Rival, Next Bank was created by Bradesco Photo: Divulgao / NextNubank Rival, Next Bank was created by Bradesco Photo: Divulgao / Next

Nubank Rival, Next Bank was created by Bradesco Photo: Divulgao / Next

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Next and Nubank are digital banks that work similarly by offering credit cards and bank accounts that avoid paperwork. Both receive new customers through unique applications, which are also used to manage accounts and cards.

The two companies do not offer physical agencies and it is up to the user to solve their financial needs and problems with in-app purchases. Cards offered to users can be used on Banco24Horas network machines. However, like Bradesco's Next, its users can also use the bank's ATMs to withdraw money.

Nubank does not charge annuity on credit card Photo: Dvulgao / NubankNubank does not charge annuity on credit card Photo: Dvulgao / Nubank

Nubank does not charge annuity on credit card Photo: Dvulgao / Nubank

Nubank does not charge credit card annuity. Next is a service that brings similarities to traditional banks, which charge so-called "baskets" for the use of account resources. Still, there's a fee-free option, like Nubank. Company cards are released for international purchases.

What to do to become a customer?

The great advantage of digital banking is the lack of bureaucracy and the practicality of creating a mobile account. As with traditional banks, I need to attach documents that prove income and wait for analysis to see if the account is released. Typically, the required documents are updated identity, social security number, driver's license and proof of residence and income.

The first step to becoming a Next client is to create an account by the application. You will then need to submit the documents and wait for approval to see if the account will be created. The monitoring of the process performed through the application.

Next account opened by smartphone service app Photo: Divulgao / NextNext account opened by smartphone service app Photo: Divulgao / Next

Next account opened by smartphone service app Photo: Divulgao / Next

Nubank makes it easy to create new accounts for people who have received invitations from their active customers. However, the application also offers the option of registration and analysis of documents. Order information is sent by email.

Nubank does not charge credit card annuity. Users are also not charged to make transfers to other bank accounts. The bank, however, charges a flat fee for each withdrawal from ATMs of the Banco24Horas network. Late payment of the card invoice generates a fine of 2% on outstanding balance plus revolving rate (2.75% to 14% per month).

Nubank offers contactless card to pay for approach Photo: Divulgao / NubankNubank offers contactless card to pay for approach Photo: Divulgao / Nubank

Nubank offers contactless card to pay for approach Photo: Divulgao / Nubank

In its "On the Strip" plan, Next does not charge annuity or withdrawal fees to Banco24Horas and Bradesco's cashiers. Transfers to Next and Bradesco accounts are free. For other banks, users can perform only one monthly DOC or TED without fees. The bank even offers "basket" plans that release more shares without extra payment to the account. "Basket" plans range in monthly amounts from $ 9.95 to $ 50.79, but are free for the first five months.

The penalty for the payment of Next card expenses of 2% over outstanding balance plus revolving rate (9.9% per month).

This is a point where both companies bring many benefits to their customers. The apps feature intuitive, modernly designed interfaces and screens with accurate cash handling and shopping information.

The Nubank interface features details in purple and white. Users have no difficulty accessing their NuConta and credit card statement. Purchases of each month are presented on the invoice in an organized manner, with due date, description of service paid and number of installments due. The interface highlights features such as support chat, temporary card lockout and limit available for purchases.

The Next app has its interface with black background and green buttons. Its intuitive system is not as clear as Nubank's feature presentation. Still, the icons are very well crafted and offer excellent visual aids for users to have a differentiated experience of use. The flow of spending, limit available, description of purchases and menus do not bring any difficulty of understanding. Next's app offers a totally modern dynamic and visual experience compared to its competitors.

Next offers plans without fees and a special service modality for university students Photo: Divulgao / NextNext offers plans without fees and a special service modality for university students Photo: Divulgao / Next

Next offers plans without fees and a special service modality for university students Photo: Divulgao / Next

Nubank's NuConta features options for transfers, payment slips, cash deposits and a billing feature that generates a ticket to be shared with business contacts and friends. Account holders can separate part of the cash balance in the account so that the amount is not used for in-app or debit card payments, thus generating untouchable savings until the money is transferred back to the available balance option.

The Next app allows you to manage credit card bills and expenses without spending mobile phone Internet. The company offers exclusive discounts on fast food, restaurants, bookstores and educational institutions. The app has a feature called "Kitty" where users can create fundraising campaigns for any activity. The Goals feature allows you to organize savings according to future goals such as travel, property purchases, and other savings.

Overall Comparison

Card Annuity Bank Account Fees Penalty for late payment of card bill Basket plan for bank account
Nubank Without annuity Cashout Fee 2% over balance + revolving (2.75% to 14% per month) No basket charge
Next Without annuity Fee for International Withdrawals + 15.1% Charges and Baskets with Monthly Payments 2% on outstanding + revolving balance (9.9 per month) + In plan In Range there are no charges. Other baskets range from $ 9.95 to $ 50.79 per month (free for five months)

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