Savings vs CDB Comparison

Savings account vs. fixed income: how they compare

The yield on Brazilian poupança is capped by law. Whenever Selic sits above 8.5% per year, the rule is 0.5% per month + TR, which works out to about 6.17% a year (TR has hovered near zero for ages). Drop Selic to 8.5% or under and the formula switches to 70% of Selic + TR. Fixed income works differently, following the full CDI (≈ Selic − 0.1 pp). Take Selic at 15% in 2026. Poupança pays roughly 6.17% a.a. A CDB at 100% of CDI gives you something like 14.9% gross, which lands at 12.7% net after 2 years once you account for 15% IR.

LCI and LCA come exempt from IR for individuals and usually pay 85-95% of CDI, so net yields land near 12.7-14.2% a.a. Tesouro Selic pays around 100% of Selic and, after tax, comes out comparable to a strong CDB. So with Selic above 8.5%, fixed income wins by 2-3 percentage points a year, often more. What poupança still has going for it is daily liquidity with no IR, and that's about it.

Brazilian context in 2026

Selic is at 15% per year and poupança stays locked to the 0.5%/month formula. The FGC deposit insurance covers up to R$ 250,000 per CPF per institution, and it applies the same way to poupança and to CDB/LCI/LCA. They sit under the same safety net, so risk isn't what explains the gap in yield. The one good reason to leave money in poupança right now is short-term liquidity for emergencies. Past 30 days, Tesouro Selic or a daily-liquidity CDB at 100%+ of CDI pays you noticeably more.

FAQ

Does poupança pay IR? No, yields are tax-exempt for individuals. Even so, a CDB at 110% of CDI keeps a wide enough margin between gross and net to come out ahead.

What is TR? The Taxa Referencial, a benchmark the Central Bank works out from the CDB rates of large banks. Since 2017 it has stayed at or near zero, so in practice it adds nothing to poupança.

Does poupança have a "anniversary date" (data-base)? Yes. Yields accrue only on the monthly anniversary of each deposit. Pull the money out one day early and you forfeit that whole month's interest. Fixed income compounds daily instead.

Is there any scenario where poupança wins? Only when Selic drops below 8.5%, you need daily liquidity, and the alternative pays less than 70% of Selic net. Getting all three at once is rare today.