4-Way Investment Comparison

How to compare fixed-income investments

A fair comparison runs on net return rather than gross, after you've taken out income tax, custody and administrative fees. The general formula is Liq = Bruto − IR − taxas. Take a CDB at 110% of CDI with Selic 15% over 365 days: gross comes to about 16.5%, IR eats 17.5% of the gain, and the net lands close to 13.6%. With LCI/LCA, gross and net are the same number because they're IR-exempt for individuals. Tesouro Selic pays roughly in line with CDI, and Tesouro IPCA+ throws in an inflation hedge on top.

Five things shape the ranking. There's net return (what's left after IR and fees), liquidity (anywhere from D+0 to locked until maturity), risk (FGC up to R$ 250k for banks, sovereign for Tesouro, corporate for debentures), taxation (regressive IR of 22.5-15% set against the LCI/LCA/incentivized-debenture exemption), and finally term. A typical 2026 ranking, net per year, looks like this: LCI/LCA ~14% > CDB top 110%+CDI ~12.7% > Tesouro IPCA+ ~10-11% real > Tesouro Selic ~12.7% > poupança ~6.17%. Just keep the comparison inside the same horizon and the same risk class.

Brazilian context

Brazilian brokerages like XP, Nubank, BTG, Rico, Inter and Clear list hundreds of products, each with its own rate and minimum ticket. People most often slip up by comparing a 100% CDI gross against a 90% CDI LCI gross, when the LCI usually wins on the net figure precisely because it's IR-exempt. The other trap is forgetting about early-redemption liquidity. A CDB at 120% CDI with daily liquidity is rare; the high rates almost always come with a lock-up attached. Think of this calculator as a teaching tool, something to build financial literacy and help you ask the right questions.

FAQ

Why is LCI usually better than CDB even at lower percentages of CDI? Because LCI/LCA carry no IR for individuals. An LCI at 95% CDI generally comes out ahead of a CDB at 100% CDI over the same horizon.

And debentures? Incentivized infrastructure debentures are IR-exempt, while common debentures pay regressive IR. Either way you're taking on corporate risk from the issuer, with no FGC coverage behind it.

Does poupança still make sense? Almost never. With returns capped by the 70%-of-Selic-up-to-6.17% rule, it trails any well-chosen alternative by a wide margin.

What is FGC and how much does it cover? The Fundo Garantidor de Créditos insures up to R$ 250,000 per CPF at each financial institution, with an overall ceiling of R$ 1 million across institutions inside a 4-year window.