Considering one of the most traditional and safe financial products in the market, saving is the option of most Brazilians when it comes to saving and also investing money. More than 80% of Brazilians consider this application their preferred investment. Are you one of them? Want to become one?
Despite the popularity, the savings still bring some doubts to some people. After so many recent changes, you have probably already wondered if the interest rate is always the same. And the answer is: no.
Understand why and find out everything you need to know about saving:
How it works
One of the great trumps of saving is the fact that it is an affordable investment option. By law, banks can not charge any kind of fee for opening, maintenance or closure of this type of account.
To open a savings account, simply go to the bank of your choice (there is no difference of rates and profitability between institutions, which is the minimum amount to open the account) with your CPF, identity document and proof of residence. You can also choose to open a savings linked to your bank’s checking account.
In the second case, it is also possible to schedule an automatic deposit of a certain amount from the current account to the savings on a monthly basis. The money invested can be withdrawn at any time, without charging any fee.
Savings interest rate
The savings income is always monthly, updated on the account opening date (first deposit made), the popular anniversary of the savings. This yield varies from month to month.
In May 2012, the rules of savings income have changed. Now it works like this: whenever the basic interest rate (Selic) is at 8.5% per year – or less – savings will yield 70% of the Selic plus the Referential Rate (TR).
In the case of savings deposits made before May 3, 2012, when such a change occurred, the income remains in line with the old model, which is 0.5% per month – 6.17% per year – plus reference rate, which is calculated and disclosed daily by the Central Bank. This rule is standard, that is, the interest rate of savings does not vary from bank to bank.
The investor who opts for savings has one of the main advantages of not having to pay any administrative fees for maintaining the account.
Another positive point is the total guarantee of return of the amount applied – up to the limit of 250 thousand reais – if the bank declares bankruptcy. This security is guaranteed by a government institution called the Credit Guarantee Fund (FGC).
Caixa Econômica Federal is the only exception to this rule, guaranteeing the return of 100% of the value in case of bankruptcy.
With inflation measured by the IPCA above the target ceiling set by the government (6.5% per year), savings income has not been able to offset the rise in prices. Thus, real savings are virtually zero.
Thus, when compared to other forms of fixed-income investment, such as the Treasury Law, CDIs, LCIs and LCAs, saving ends up being disadvantaged.