Savings Simulator

How does Brazilian savings yield work?

As long as Selic sits above 8.5%, Brazilian savings yield 0.5%/month + TR. Once it drops below that mark, the yield switches to 70% of Selic + TR.

To keep things simple, the simulation assumes 0.5% per month (TR stayed near zero for years). If you want sharper projections, factor in the current Selic.

It's just an estimate, so neither inflation nor TR swings are part of the math.

How the Brazilian savings account ("poupança") actually yields

Unlike most fixed-income products, the caderneta de poupança has a yield formula fixed by law (Law 12.703/2012). It branches on the Selic rate (Brazil's policy rate set by the Copom): when Selic is above 8.5% per year, poupança pays a flat 0.5% per month + TR (about 6.17% per year + TR). When Selic is at or below 8.5% per year, poupança pays 70% of Selic + TR, prorated monthly. In early 2026 Selic sits near 15% per year, so the rule in force is the 0.5% per month variant.

The Taxa Referencial (TR) is a daily reference rate calculated by the Central Bank from CDB yields. For most of 2017-2022 the TR was pinned at zero; with Selic above 8.5% it has been turning slightly positive again, but typically adds less than 0.1 percentage point per month. So a realistic monthly yield in 2026 is around 0.5-0.52% per month.

Anniversary date — the trap most people miss

Poupança credits interest only on the anniversary date of each deposit (the same day of month it was made). Withdraw one day before the anniversary and you lose the entire month's yield on that slice. Deposits on the 29th, 30th or 31st default to the 1st of the next month for anniversary purposes. This is why the simulator above assumes contributions stay invested for the full period — partial-month redemptions yield zero on the redeemed amount.