The Best Banks for Savings Accounts in Colombia 2026

Few things are more frustrating than looking at your bank statement and seeing the bank charged $25,000 in account fees, plus withdrawal charges, plus the 4x1000 tax — all on an account you barely used to receive your salary. In Colombia, we've spent decades accepting that as part of the cost of having an account. But things have changed quite a bit in recent years.

Nu, Lulo, and other 100% digital banks came along to break that model. Without physical branches to maintain, they can offer accounts with no account fees and, in some cases, even refund you the financial transaction tax. At the same time, Bancolombia and Davivienda didn't sit still: they improved their apps, made some charges more flexible, and still have real advantages that digital banks haven't replicated yet.

In this guide I compare the five most relevant banks for 2026 in what really matters: how much they charge, how good their app is, when each one is worth it, and what's the most common mistake people make when choosing a bank.

First: Understanding What You're Really Paying

Before comparing banks, you need to be clear about what charges exist because many people confuse account fees with the 4x1000 — and they're different things.

The account fee is what the bank charges you monthly for being a customer. It can range from $0 (digital banks) to over $40,000 pesos for premium accounts at traditional banks. Some banks waive it if you receive your salary through them, if you maintain a minimum balance, or if you meet certain criteria.

The GMF (Financial Transaction Tax), popularly known as the 4x1000, is different: it's a state tax that applies to almost every transaction. For every $1,000,000 you move, you pay $4,000. Banks didn't invent it, but some help you minimize it: the law allows exempting one account per person if you meet certain requirements, and some digital banks even refund what you paid.

Understanding this saves you surprises. Many people open an account at Nu thinking they'll never pay anything, and then they're surprised by the GMF — which does apply, just like at all the others.

Nu Colombia: The Best Starting Point for Most People

Nu arrived in Colombia in 2020 and grew quickly, especially among those under 35. The proposal is simple: savings account with no account fee, purple credit card with no annual fee, and an app that actually works well. No fine print that suddenly activates charges after the first few months.

Opening the account takes less than 10 minutes from your phone. You only need a Colombian ID and phone number. They don't ask for proof of income for the savings account — the credit card has its own approval process.

What I like about Nu in practice: receipts for each transaction arrive instantly, you can block and unblock your card from the app without calling anyone, and support responds by chat in minutes (not the torture of traditional banks' phone lines). Transfers via PSE and QR at no additional cost.

The clearest disadvantage is coverage: Nu has no physical branches or ATMs of its own. To withdraw cash, you use the Bancolombia or Servibanca network, and depending on the account, withdrawal fees may apply. If your daily life depends on handling a lot of cash, it can become inconvenient. They also don't offer CDs, mortgages, or the complex financial products that big banks have.

Lulo Bank: If Returns Are Your Priority

Lulo Bank is the digital bank of the Bolívar Group, which means it has more institutional muscle than Nu even though it's equally 100% digital. Its main differentiator: a savings account return rate that has historically been above market — in some periods they've offered effective annual rates close to 10% or higher, although this varies.

The detail that really sets them apart: Lulo refunds the GMF you paid. They don't exempt you (that's not up to the bank), but at the end of the month they reimburse what you paid in 4x1000. For someone moving significant volumes of money, that can add up quite a bit over the year.

Opening is also 100% digital. The app is functional although less polished than Nu's in terms of design. They have a credit card and some additional products, but the portfolio is still more limited than a traditional bank's.

Who does Lulo make sense for? For someone who already has an account at another bank for daily use and wants a second bank where they can save and earn better returns. That specific use is where Lulo wins hands down.

Bancolombia: The Bank of Always (With Its Pros and Cons)

Bancolombia is still Colombia's largest bank and that translates into concrete things: the country's most extensive ATM network, presence in all municipalities, integration with Nequi (its digital wallet), and the support to process mortgages, credit cards, CDs, and investment products. If you need one bank for everything in one place, Bancolombia offers it.

The account fee varies depending on the account type. On a basic Savings Account it can be around $19,000 monthly, while on checking or premium accounts it goes higher. The good news is that if you direct your salary to Bancolombia, many of those fees are automatically waived. Same if you maintain an average monthly balance above a certain threshold.

The app improved quite a bit in recent years — it's no longer as slow as before — although it still doesn't feel as agile as digital banks'. The process to open an account still requires more paperwork if you don't have previous history, and customer service by phone is still an experience I prefer to avoid when I can.

A point in its favor that's sometimes underestimated: Bancolombia has the broadest agreements for paying utilities, taxes, and procedures with government entities. For a freelancer who handles many things in their own name, that matters.

Davivienda and BBVA: Who They Make Sense For

Davivienda

Davivienda has a physical presence comparable to Bancolombia and shares many of its advantages: good ATM network, integration with DaviPlata (its digital wallet), and a broad product portfolio. Where Davivienda has historically won is in mortgages — they're among the banks with the best conditions for home purchases in Colombia. If your goal is to get a mortgage in the coming years, building history with Davivienda starting now makes sense.

The handling fee is similar to Bancolombia, and exemptions work under the same principles: direct deposit or average balance. The app is functional but it's not what convinces me most about the ecosystem.

BBVA

BBVA is the largest international bank in the country. For most Colombians it doesn't offer clear advantages over Bancolombia or Davivienda, but there is a profile where it makes sense: people who make frequent international transfers or who have BBVA accounts in Spain, Mexico or Argentina. Integration between subsidiaries facilitates some procedures that would be more complicated with other banks. Outside of that specific case, the conditions are not especially better than those of the competition.

Comparative Table: At a Glance

Which Bank Should You Open?

If you don't have an account at any bank or want to open a second one: Nu first. No handling fee, no in-person procedures, and the easiest app to use. That alone eliminates half of the typical frictions in Colombian banking.

If you want to make your savings work harder: Lulo as a complement. Use it as a dedicated savings account, keep what you won't move much there, and take advantage of the rate and GMF refund.

If you receive payroll or need a mortgage: Bancolombia or Davivienda, depending on what you want to process. For payroll and personal loans, Bancolombia has more options. For housing, consider Davivienda.

The most common mistake: staying out of inertia at the bank where they opened your account when you got your first job, without reviewing how much you pay in handling fees or if there's something better for your current profile. Opening a second account at Nu or Lulo doesn't force you to close the one you already have — and it gives you more options.

If you receive money from abroad and need to convert foreign currency to Colombian pesos, it's worth comparing rates before making the transfer directly to the bank. Platforms like Remitly usually offer more competitive rates than banks for international transfers.

❓ Frequently Asked Questions about Banks in Colombia

❓ Can I open a savings account in Colombia without being a resident?

To open an account at most Colombian banks you need a Colombian citizenship ID or foreign ID card (cédula de extranjero). Digital banks like Nu generally require a Colombian ID. Some traditional banks accept a passport for certain types of accounts, but the process is more complex and is not always available at all branches.

❓ Does the 4x1000 apply to digital savings accounts as well?

Yes. The GMF applies at all banks, including Nu and Lulo. It's not a bank charge but a national tax. What changes is that the law allows exempting one account per natural person — you can mark one of your accounts so it doesn't incur GMF on withdrawals and transfers up to a certain amount. Lulo goes a step further and refunds the GMF you pay. Check with each bank on how to manage the exemption.

❓ What happens if I want to close my account and switch banks?

Closing a bank account in Colombia is simpler than it seems: in most cases you can do it at a branch or, in the case of digital banks, from the app itself. Before closing it, make sure to redirect any automatic payments (utilities, insurance, subscriptions) to your new account. The biggest inconvenience is usually redirecting payroll transfers, which can take a pay cycle.

❓ Are digital banks like Nu and Lulo safe?

Yes. Both Nu and Lulo are supervised by the Financial Superintendence of Colombia and deposits are covered by Fogafín insurance up to $50 million pesos per person, just like any traditional bank. They are not unregulated fintechs — they are banks with full licenses.

❓ Which is the best bank to receive international transfers?

For receiving international transfers, traditional banks like Bancolombia and BBVA usually have the best integrations with the SWIFT network. Digital banks also receive international transfers, but the process can be more manual and settlement times vary. If you receive payments from abroad frequently, check each bank's commissions for receiving foreign currency — they can be significant.

Which bank are you currently using and what would you change? If you have good or bad experiences with any of these banks, share them in the comments — that helps others make better decisions.