Brazilian Savings Yield Calculator

How Brazilian savings account (poupança) returns work

Since Law 12.703/2012, the poupança follows two rules depending on the Selic policy rate. (a) When Selic > 8.5% per year, poupança pays 0.5% per month + TR (roughly 6.17% per year + TR). (b) When Selic ≤ 8.5%, poupança pays 70% of Selic + TR. In 2026, with Selic near 15%, rule (a) applies, so the headline yield is about 6.17% per year plus TR. The compounding formula for one month is M = C · (1 + i_month + TR), applied only on the deposit's anniversary date.

TR (Taxa Referencial) is calculated by the Brazilian Central Bank using TBF (Taxa Básica Financeira) minus a redutor. For years it has stayed near zero, and even in 2026 it remains low. The catch: poupança pays only on the monthly anniversary of each deposit. Withdraw on day 29 of a deposit made on day 1 and you lose the entire month's interest. Example: R$ 10,000 deposited and held a full year yields roughly R$ 617 net (no income tax — poupança is exempt for individuals).

Brazilian context in 2026

Poupança is exempt from income tax for individuals and covered by FGC up to R$ 250,000 per CPF per institution — it remains the most popular savings vehicle in Brazil by inertia. However, Tesouro Selic with daily liquidity (D+0 since the BCB reform in 2020) yields close to the full Selic (around 15% gross, or roughly 12.75% net after 15% IR on holdings over 720 days), which is more than double the poupança. For an emergency reserve, Tesouro Selic dominates poupança on every dimension except the anniversary-rule simplicity.

FAQ

Why does the cap stop at 0.5% per month? Law 12.703/2012 froze poupança at 0.5% per month + TR whenever Selic exceeds 8.5% per year, to keep poupança from absorbing all deposits when interest rates spike.

What happens if I withdraw before the anniversary? You lose the interest of that monthly cycle. Only the portion that already completed full months earns the rate.

Are poupança earnings really tax-free? Yes, for individuals (PF) — guaranteed by law, including the FGC coverage of R$ 250,000.

Does poupança beat inflation? Rarely. With IPCA around 4% per year and poupança at 6.17%, the real return is about 2% per year — positive but small. Whenever Selic drops to 8.5% or below, the rule shifts to 70% of Selic and the real return can turn negative.