What is the Best Bank for Savings in 2024? Discover the Digital Alternatives That Outperform Traditional Returns

Keeping money idle in a checking account or traditional savings account is no longer the best choice for those seeking profitability. The Brazilian financial landscape has changed significantly, especially with the rise of digital platforms that offer yields far superior to what traditional savings can deliver.

The question many investors ask today is no longer “where to safely store my money,” but rather “which is the best bank for savings that truly offers real gains?” The answer lies in digital banks that bet on accounts with automatic returns linked to the CDI.

Why Traditional Savings Fell Behind

Traditional savings yields only 7.41% per year plus the Referential Rate (which has been zero for some time). It’s a predictable return, but insufficient for those looking to maximize their savings in a high-interest rate environment.

The advantage of modern digital accounts is in the CDI (Interbank Deposit Certificate), a rate that reflects the reality of the financial market and is updated daily. While savings calculate their yield once a month, digital accounts with 100% of the CDI generate returns of 10.40% per year. For those who truly want to protect and make their money work, this nearly 3% annual difference is substantial.

The Best Digital Banks to Invest Your Savings

Nubank: The Pioneer in Democratizing Profitability

Nubank has established itself as a reference by offering 100% of the CDI directly in a payment account. The key difference here is that the money is invested in Federal Public Securities and yields on all business days after the 31st day, not just once a month like in savings.

Neon: Growing Returns Over Time

Neon’s platform innovates with a tiered model. It starts with 100% of the CDI and increases this percentage every semester until reaching 113% of the CDI after two years. The longer the investor keeps the money invested, the lower the discount rate on the yields. It’s a strategy that rewards loyalty.

PicPay and Its “Little Savings” Investment Categories

Since its founding in 2012, PicPay offers a different approach: organizing savings into customized categories called “Cofrinhos.” With a yield of 102% of the CDI on all business days, a practical simulation shows that R$1,000 invested for 24 months generates R$204.12, while in savings it would only yield R$129.29. The difference is clear.

PagBank: Simplicity and Automatic Yield

PagBank, the platform of PagSeguro, offers the so-called Yielding Account with 100% of the CDI on balances held for more than 30 days. It’s a straightforward proposal: you deposit the money and it yields automatically, without additional actions needed.

Mercado Pago: Incentives for Premium Users

Those who only use the Mercado Pago account already earn 100% of the CDI. But there’s a special incentive: Mercado Livre’s (Loyalty Program) subscribers who maintain a balance of R$1,000 or more monthly reach 105% of the CDI, one of the best returns in the market.

99Pay: Competitive Yields with Cashback

The mobility app 99 expanded its financial services with 99Pay. Balances up to R$5,000 yield 110% of the CDI, and the advantage is the daily yield, including weekends. Additionally, the platform offers cashback on rides and recharges, adding value beyond pure profitability.

Iti and Personalized Goals

Iti, from Itaú, offers 100% of the CDI from the first business day in its “My Goals” feature, a tool that allows structured financial organization similar to Nubank’s “little savings.”

Banco PAN: Financial Democracy with Low Minimum

Banco PAN allows anyone to start investing with just R$30. The initial yield is 10% of the CDI for the first 30 days and jumps to 100% of the CDI in subsequent months. There’s no maximum balance limit, making this option accessible for various investor profiles.

What Sets These Digital Accounts Apart from Traditional Savings

The comparative analysis reveals structural differences. While savings operate with a fixed formula (70% of the Selic + TR), digital accounts use the CDI, which is recalculated daily and more accurately reflects the real cost of money in the market.

This means that when a product offers 105% or 110% of the CDI, it is capturing almost the entire market interest rate, with only a small margin for operation. In savings, the dynamic is reversed: you only receive a fraction of what the bank actually earns with your money.

Which Bank to Choose? A Matter of Priority

When looking for the best bank for savings in 2024, the decision depends on your priorities. If you value better returns and are willing to use apps, any of the eight options listed will put you in a favorable position compared to traditional savings.

If you want maximum profitability over the long term, Neon with its 113% of the CDI is unbeatable. If you seek accessibility and convenience, Nubank or 99Pay offer both. If you desire additional incentives, Mercado Pago with its premium program or PicPay with its categories may be more suitable.

The Current Interest Rate Environment Reinforces the Need to Choose Well

In an environment where the Selic rate remains high, maximizing the return on savings is no longer a luxury but a necessity. Inflation erodes the purchasing power of savings, and accounts that yield only 7.41% per year hardly compensate for this effect.

Digital banks offering CDI represent a genuine evolution in how Brazilians can manage their money. They are not only more profitable but also more transparent, accessible, and often feature functionalities that add value beyond pure yield.

Therefore, if you still keep your savings in traditional savings accounts, 2024 is the time to consider migrating to a digital bank with a better savings rate. The accumulated yield difference over months and years is substantial and deserves your attention.