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.

FAQ

Is poupança tax-free? Yes — income tax exempt for individuals, and outside the IOF table after the first 30 days. That is the main historical reason for its popularity, even though Tesouro Selic and CDBs of equivalent risk usually outperform it net of tax after about a year.

How does poupança compare to Tesouro Selic in 2026? Tesouro Selic tracks 100% of Selic minus a tiny custody fee, so at Selic 15% it yields about 14.7% gross per year. After IR (15% above 720 days) that is roughly 12.5% net — versus poupança's 6.17% + TR. Difference is large in a high-Selic scenario.

Is the money guaranteed? Up to R$ 250,000 per CPF per financial institution, by the Fundo Garantidor de Crédito (FGC). Same coverage as CDBs and LCIs.

Why does my bank statement show a different number? Likely because the simulation assumes constant monthly yield while real TR fluctuates daily, or because part of your deposits has not yet crossed an anniversary. Recalculate using only the value that has been in the account for at least one full month.