How does C6 Bank work?

Anyone interested in the universe of digital banks has some platform options that can take care of their money. Among them, the C6 Bank is one that has aroused curiosity.

Founded by former partners of BTG Pactual, bank C6 had its operating license granted in January 2019 by the Central Bank. In March, it began operating in beta phase, only for employees and guest customers. Then, in August 2019, the bank officially opened for the public.

See more: How about doing a complete analysis of your investment portfolio? Click and ask for your diagnosis for free!

Here at Magnetis, in 2016 we launched a series to test the services of digital companies: the Fintech Challenge . The main purpose of this challenge is to identify whether it is possible to live without depending on a large bank.

We have already tested insurance, digital checking account options, credit card, investments and several other services. Now, in this post, we’re going to see what it’s like to open a C6 Bank account and what this new fintech offers .

Check it out below and ask your questions!

Contents hide ]

  • 1What is C6 Bank?
  • 2What services does C6 Bank offer?
  • 3How does C6 Bank work?
    • 1Account opening
    • 2Bank transfer
    • 3Debit and credit card
    • 4Investments
    • 5Points program
  • 4Is it possible to have a corporate account at C6 Bank?
  • 5What is the difference between C6 Bank and other digital banks?
  • 6Are there any risks in having an account at C6 Bank?
  • 7 Is itworth opening an account at C6 Bank?
  • 8How to invest in a digital management company?

What is C6 Bank?

C6 Bank (or Banco C6) is a digital bank that was founded in March 2018 by former executives of BTG Pactual bank. They are: Marcelo Kalim, Carlos Fonseca, Leandro Torres and Luiz Marcelo Calicchio.

The institution’s headquarters are in São Paulo, but the bank also has an office in New York. It is at its international headquarters that the bank develops a system for lending and fraud detection in partnership with the Massachusetts Institute of Technology (MIT) .

As we have already seen, the license for fintech to operate came out in 2019, and only those who received an exclusive invitation could test the bank’s services. These were the so-called beta testers , who experienced firsthand the features that the platform offers.

Just over two years after starting its operations, the digital bank already has more than 2 million customers . This number is very expressive, and has helped to consolidate the institution’s name.

Magnetis has tested the services of C6 Bank since its inception. Thus, we show some of the features that are available at the financial institution, which offers 100% online service, that is, without the need for physical branches.

Follow it below!

What services does C6 Bank offer?

Like all fintech, C6 Bank offers several services at zero tariffs for customers . The main ones are:

  • checking account without fees;
  • payment of slips;
  • free withdrawals;
  • fixed income investments (CDBs);
  • money transfer via WhatsApp or SMS (C6 Kick);
  • money transfer via bank slips;
  • credit and debit card;
  • QR code sticker to be used in the car, which allows you to pass toll booths without lining up (C6 Taggy);
  • Legal Account;
  • rewards program;
  • 24-hour service.

In the long term, the bank still promises to launch products such as:

  • private pension;
  • insurance;
  • exchange (buying and selling foreign currency).

(C6 Bank app login screen)

How does C6 Bank work?

C6 offers a free digital account with free withdrawals on the Banco 24 Horas network . There are no physical branches of the institution, as is the case with competitors Nubank, Banco Inter and Original .

See the main details about the bank below.

Account opening

Opening an account at C6 Bank is a very simple process. Just download the app, pass a security check and complete your registration. During this process, you must inform the following data:

  • name, personal documents and signature;
  • professional data;
  • monthly income and equity.

After this step by step, the customer can choose to open a personal account (CPF) or an account for his company (account for MEI with CNPJ).

Bank transfer

After registering and logging into the bank’s app, you will find a screen with the main account shortcuts: statement, payments and transfers.

The money transfers (TED) made from the bank are free. The C6 Bank code for transferring money is 336.

However, the opposite can happen. Depending on the policy of some other traditional bank, there may be fees for sending money to the C6 account.

(C6 Bank application screen)

debit and credit card

The C6 Bank checking account also offers an international card . He can be:

  • Mastercard debit card;
  • Mastercard international credit card without annual fee;
  • Mastercard Carbon international credit card with three months of free annuity. In the other months, there are 12 installments of R$85.

The credit card annuity can reach zero with investments of R$ 150,000 in the bank’s CDBs. The amount is within the FGC coverage limit : R$ 250,000 per banking group .

Investments

The digital bank also started to offer CDBs on its platform and on partner brokers. See below the list of institutions in which you can find these investments:

  • Easyinvest ;
  • Daycoval;
  • Great;
  • Guide Investments;
  • Modal More;
  • XP Investments.

The minimum investment in partner brokers is R$ 20 thousand and the profitability offered is between 110% of the CDI and 117% of the CDI. The maturity of these bonds is between 1 year and 3 years.

Considering the rates offered and the terms, the bank’s CDBs are already among the most profitable on the market today.

points program

Called Atoms, the C6 Bank points program is also an interesting feature that fintech offers its customers . It works like this: whoever has a simple C6 account automatically has access to the C6 Plan, in which it is possible to accumulate points.

Points are accumulated whenever the customer:

  • make payments by credit or debit card;
  • make salary portability to C6 Bank.

The advantage comes from the fact that the accumulation of points goes beyond just using a credit card, which is always more common. The Átomos program also makes it possible to exchange points for products such as beverages, decorative items, electronic products, among others.

Is it possible to have a PJ account at C6 Bank?

As we have already mentioned, it is possible to have a Legal Entity (Company) account at C6 Bank . The financial institution seeks to offer innovation and competitive advantages to all its clients, including self-employed professionals.

Microentrepreneurs (MEI) and self-employed workers who have their own CNPJ may choose to open a PJ account. This type of account facilitates some professional transactions, so it can be an interesting alternative for the worker.

Just like the regular C6 Bank checking account, the Corporate account does not have any transaction fees. In addition, the credit card does not have an annual fee.

C6 Bank’s Legal Account also offers micro-entrepreneurs the possibility of purchasing a card machine, from C6 itself . The acquisition also does not include the payment of annuity or rental fees, only if the billing exceeds R$5,000.

In short, whoever opts for the PJ’s digital bank account is entitled to make up to 100 free TEDs per month. There are also free and unlimited transfers between C6 bank accounts, in addition to all other services available to the common checking account.

What is the difference between C6 Bank and other digital banks?

As it is more of a digital bank, it is common for customers to have doubts about the difference between C6 Bank and other similar institutions.

In a quick survey about the services and advantages offered by fintechs in Brazil, for example, we see that C6 Bank does not charge for withdrawals . Banco Inter does not charge for withdrawals either, whereas Nubank , for example, debits R$ 6.50 per withdrawal made in the Banco24Horas network.

Another difference is that the C6 Bank offers CDB of 118% of the CDI . In the case of Nubank, the maximum CDB is 100%.

Personal credit is also a different point among fintechs . In this case, the C6 does not offer the modality to its customers. It has a pre-approved overdraft for C6 and Carbon card customers, but the institution promises to change that soon.

Finally, the credit card revolving interest rate at C6 Bank is one of the highest. The fine is 2% on the outstanding balance + 10.7% per month + IOF. Banco Inter’s revolving rate is approximately 7.7% per month. Nubank’s ranges between 2.75% and 14% per month. And Neon’s is 9.9% per month.

Are there any risks in having a C6 Bank account?

As a new digital bank, some people may wonder if there are any risks of opening a C6 Bank account. However, such fear is unfounded. Like other fintechs, C6 Bank is safe and has already left thousands of customers satisfied throughout Brazil .

Also based on the evaluations of the website Reclame Aqui, considered a mechanism for analyzing the reputation of companies, C6 Bank is safe. The institution’s fees are competitive, and there are several services and benefits that help the client’s daily life.

It is noteworthy that, compared to other institutions, the services offered by C6 Bank are more diversified .

Regarding investments, C6 Bank allows investments in fixed income : CDB with 100% daily liquidity of the CDI. Some of these investments can generate more than 100% of the CDI, however, liquidity is not daily.

It is important to remember that, in order to define if the returns of an investment are adequate, it is necessary to analyze the objectives of who is investing.

Like other institutions, C6 Bank can also have problems, of course . However, the institution tends to be very complete and with benefits that include both Individuals and Companies.

Is it worth opening an account at C6 Bank?

In summary, C6 Bank is another digital banking option for Brazilian customers . It can be especially interesting for those who need to do free bank transfers and basic day-to-day operations such as paying bills.

Fintech can be a good option for those who don’t want to pay TED fees when they need to move money from their brokerage account, for example. There is also the advantage of having benefits such as the points program and, especially, free withdrawals.

With the corporate account option, C6 Bank has also become an advantageous alternative for micro-entrepreneurs looking to open a business account. For those who use the card machine, the advantage of joining the digital bank is even greater.

Despite still having a deficit on some offers requested by customers, such as a financing package, C6 Bank fulfills what it proposes so far.

Thus, we can conclude that C6 Bank is worth it if you want to use the financial operations that the bank offers . However, there are numerous options on the market, so it is interesting to research other alternatives before making a final decision.

How to invest in a digital management company?

The Brazilian financial market is one of the most sophisticated in the world, but most of the population does not invest their money. This is justified by the lack of financial education, the custom of always investing in savings — an investment with a low return, especially with the historical drop in interest rates.

To further aggravate the situation, situations in which banks offer other applications at exorbitant rates and with low returns are not rare. This happens in practically all funds, private pensions and CDBs of large banks. Not to mention the brokers who often suggest investments thinking exclusively of the commission of their advisors, leaving aside the return on the portfolio and the benefit for the client.

Aiming to revolutionize the market, Magnetis is the first digital investment manager in Brazil. Our team of experts has developed algorithms that analyze more than 20,000 market assets and build the best investment portfolio for you. Customized for your goals, your profile and your moment in life. All this at a single, transparent rate of 0.6% per year. No conflict of interest, pranks, between the lines or commissions.

by Abdullah Sam
I’m a teacher, researcher and writer. I write about study subjects to improve the learning of college and university students. I write top Quality study notes Mostly, Tech, Games, Education, And Solutions/Tips and Tricks. I am a person who helps students to acquire knowledge, competence or virtue.

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