Stori, through Savvi Financieros, has launched Cuenta+, a 15% APY deposit account offering the highest rate in the entire Mexican market

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Oct 18, 2023, 14:00 ET

With Cuenta+, we are redefining the way people grow their money. This waiting list for the revolutionary product will offer users high returns, liquidity, and security at the same time.
Cuenta+ will offer a 15% annual savings yield, same-day and immediate access to your money, and security through the Government Deposit Protection Fund.

MEXICO CITY, Oct. 18, 2023 /PRNewswire/ -- Stori, one of the leaders in the Mexican financial sector, revealed the launch of the waitlist for the revolutionary Cuenta+ product on October 18th as a result of their recent partnership with the SOFIPO Savvi Financieros S.A. de C.V. (Savvi). Cuenta+ is a deposit product that will provide Mexicans with the opportunity to grow their money at the highest market rate: a 15% Annual Yield. In addition, the account will provide users with 24/7 liquidity plus security backed by the Fund for the Protection of Popular Financial Companies and Protection for Savers (Protection Fund).

This is a major milestone in Stori's mission to provide accessible financial solutions that allow customers in Mexico to prosper. It's worth noting that in September, Stori received approval from the National Banking and Securities Commission (CNBV) for the acquisition of Savvi (formerly MasCaja).

Marlene Garayzar, co-founder and Chief Governance Officer of Stori, commented: "We are super excited to unveil this revolutionary product waiting list and, in doing so, contribute to the financial well-being of people in Mexico. Since day one, the commitment of Stori and Savvi has been for families and households in the country to enjoy financial well-being and progress, so in a challenging economic environment, we want to offer a reliable option for Mexicans to grow their hard-earned money safely and fast, without having to choose between returns, liquidity, or security."

The deposit account with the highest Yield in the market will redefine finances in Mexico

This is a second time Stori is launching a revolutionary product through a waiting list. In 2020, Stori launched a credit card product with 99% approval and all-digital experience in Mexico. Today, Stori has already provided access to credit to over 2 million people who were often rejected by traditional banks before. Now, in partnership with Savvi, Stori aims to continue this mission and also open up opportunities for everyone to earn and progress by growing their money.

Garayzar also highlighted that while savings have increased in Mexico, it is still not enough, as 32% of the population don't save, which is equivalent to 41 million people. On the other hand, 63% of the population saves informally, which amounts to 81.2 million people, making this mission even more urgent. She also mentioned that the money in traditional bank savings accounts offers an average yield of 2.7%, which is actually leading to a loss of value today with high inflation. If the more than US$320 billion deposits in banks in Mexico were to earn the 15% rate that Stori Cuenta + offers, Mexican deposits could earn more than US$40 billion dollars more every year. This is equivalent to about US$500 per Mexican adult per year.

"Our credit card with a 99% approval rate was the first revolutionary product that we offered to change the world for better. Now, in our goal to serve 100 million people in Latin America, we want both existing Stori users and many others to have the opportunity for their money to earn more with an unprecedented 15% APY," she said.

Salomón Woldenberg, VP of government and compliance at Savvi, noted: "This alliance and the introduction of Cuenta+ to the market will contribute to creating a level playing field, generating greater innovation, competitiveness, and accessibility for Mexican users. Above all, it will allow us to continue our mission because when users gain inclusion, financial health, well-being, and progress, Mexico wins. Of course, this could not be done without teamwork with the financial authorities, who have advised and supported Stori and Savvi in the goal of always protecting and helping users."

More About Stori Cuenta+

Deposits Account: Stori Cuenta+ is a deposit account that will aim to change the way people save. It is offered by Stori through partnership with Savvi, a financial entity authorized and supervised by the leading financial authorities,CNBV and Condusef.

15% Yield: This percentage is significantly higher than the earnings offered by other financial institutions in Mexico, allowing customers to achieve greater growth in their savings. The goal of Stori Cuenta+ is for savings to also yield like an investment.

Real Time Liquidity: Users will have the flexibility to access their money 24/7, unlike other products in the market that require minimum term lengths to achieve high returns.

No Fees and no minimum amounts to open the account: People can open an account with as little as 1 Mexican peso and start generating growth without minimum amounts or opening fees.

Secure Deposits: Deposited funds are secure, backed by the Government Protection Fund, providing users with peace of mind and coverage of up to $197,000 pesos, equivalent to 11,300 USD (as of October 11, 2023, exchange rate).

Easy Access: Users can open their account in minutes and manage it through the Stori app, eliminating the need for complicated paperwork and branch visits. This way, any user will have an easy-to-use single app for multiple financial products.

User-Friendly App: The product will also include a calculator that allows users to determine how much to deposit and for how long in order to achieve a specific savings goal.

For more information about the Cuenta+ high-yield deposit product, visit www.cuenta.storicard.com.

About Stori
Stori is the Mexican unicorn focused on building a digital platform for financial services to help millions of people in Latin America achieve financial inclusion. It currently serves more than 2 million customers. For more information, visit: https://storicard.com/somos-stori.

About Savvi Financieros
Savvi Financieros, S.A. de C.V., Sociedad Financiera Popular, is a financial entity duly authorized and supervised by the National Banking and Securities Commission and other financial authorities, under the Popular Savings and Credit Law.

About Stori Cuenta+
Stori Cuenta+ is a product offered by Savvi Financieros, S.A. de C.V., Sociedad Financiera Popular, a financial entity duly authorized and supervised by the National Banking and Securities Commission and other financial authorities, and by Mi Stori, S.A. de C.V., which, for its constitution and credit granting, does not require authorization, does not participate in the account opening, does not receive or manage public resources in any way, and does not operate them through its mobile application. The product is protected by the Protection Fund for up to 25,000 UDIS. For more information regarding contract requirements, terms and conditions, fees, rates, and applicable GAT, please visit the website www.cuenta.storicard.com.

SOURCE Stori