Understand how saving works

Did you know that the savings account is one of the oldest banking products in Brazil? It was created in 1861 by the emperor D. Pedro II. From that time it was stipulated that this financial modality would yield 6% of interest to the year, which historically was maintained throughout the years, and the money would be returned when its owner requested.

Over the years, changes have taken place and the rules have been updated with the formalization of new decrees on savings. Currently, the yield is 0.5% monthly plus TR (benchmark rate), which corresponds to monetary correction. Even with low income savings, perhaps because of the ease of membership and the tax exemption you have become the most efficient way to save and raise money.

How does savings income work?

How does savings income work?

With the updating of the income calculation, since May 4, 2012, it came to depend on the SELIC interest rate, plus the TR (reference rate), which is calculated on the day of deposit plus the current savings payment that is 0, 5 % monthly and 6.17% per year.

Want to know the savings income values? Banco do Brasil makes available on its website the citizen’s calculator with all these values ​​for you to follow the current values ​​or other dates of the TR and the savings.

Example: To calculate the savings income, this is a simple equation: TR + 0.6%. In a simulation of R $ 3,000 applied on September 1, 2015 up to 30 days later we would have the total of R $ 3,020.79. It may seem like little, but the final amount will always depend on two important factors: the total amount deposited in the savings and for how long you will be applied.

In addition, there are some advantages that reinforce the popularity of savings:

  • There are no minimum limits for applications or redemptions
  • There are no administrative fees
  • It is exempt from IR (Income Tax) and IOF (Tax on Financial Transactions)
  • There is no shortage to carry out the
  • All deposits are remunerated and accrued interest (monthly for individuals and quarterly for legal entities)

In addition to these features, savings have a great advantage of having the same benefits and yields in all banks, as determined by the Central Bank. This makes it a lot easier when choosing a bank to open the savings account, which can be by location or some institution that you have a relationship with for a longer time.

What are the interest rates that are involved with income?

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Have you already applied any amount to the savings? Do you have any idea what interest rates are linked to the yield value? From its creation to the present day, savings have been one of the safest investment options for its solidity and certainty of income, even if the minimum compared to other banking products is lower, such as fixed income, for example.

Perhaps because it has many benefits and guarantees make this the most chosen form of investment. On the other hand, their ease of hiring can also be a factor by their high adherence. In contrast, most people are unaware how earnings are calculated; they are only aware that there is an interest amount to be added on a monthly basis.

To demystify the calculation of the interest rate of savings we select the three variables that imply in the calculation of the value. Check out the detailed explanation of each!

Savings account anniversary date

The savings income is calculated monthly according to the date of the first deposit. In other words, we recommend that deposits be made on the same date. If you receive your salary every day 5, a good suggestion is to make your payments on this date and set aside to apply on savings every day 6, for example.

In this example, the anniversary date of your savings will be the 6th, that is, the following month on the same day your income will be calculated and applied to the amount. We also recommend that withdrawals be made after the anniversary date.


In May 2012 the rules of saving changed and remained as follows; whenever the basic interest rate (Selic) is less than or equal to 8.5%, the savings income will be 70% of the Selic plus the Reference Rate. If the Selic rate is higher than 8.5%, the old calculation, established before May 2012, where the annual yield is 6.17%, or 0.5% per month plus the TR, which is calculated and published daily on the BACEN (Central Bank) website .

Administrative fees

The booklet is exempt from tax collection, but depending on the bank chosen to open your savings account there may be a maximum amount of deposits, withdrawals and monthly movements, from this pre-agreed amount with your bank there may be charges rates. Therefore, be aware of the contract service signed with your bank to know the number of transactions contracted.


There are no fees in the basic package of a savings account. According to the National Monetary Council there are some services that are essential and should be free. Are they:

  • Card for saving account movement
  • 2 withdrawals per month (in the agency box or self-service terminals)
  • 2 transfers per month for other accounts with the same ownership
  • 2 monthly consolidated statements
  • Free consultation of the extract on the internet
  • Consolidated annual statement (usually delivered in February for the holder)
  • Discharges made at self-service terminals within 30 minutes should be considered a single event

If this contract limit is exceeded, at the time of opening the account, the fee may be charged for the excess service. We recommend that you check the contract or talk to your bank manager to understand these charges and avoid unnecessary charges being computed.


The legal savings accounts for for-profit companies have a quarterly remuneration, and the credit made on the anniversary date of the account. There is also a taxation at a rate of 22.5% taxed directly from income tax, but the more time invested the lower the taxation.

Savings should be a reserve for the company and other options such as the purchase of national treasury bonds or other applications that in partnership with the bank manager or financial adviser should be proven that the yields will exceed the amounts of taxes collected.

In the case of companies, saving is not so interesting due to the high tax burden, but it can be an alternative, for the same reason for natural persons. The money gets interest, but there is always the possibility of looting at any moment. Even so, our suggestion is that the company’s investments are invested in other income and that it is one of them, not just the one.

How to create a savings account?

How to create a savings account?

The opening of a savings account is quite simple when compared to the hiring of other banking services. For account holders, you do not need to submit any additional documents, but you may choose another bank with more advantages and more transactions included.

In general, all banks require the presentation of an identification document (RG, CNH or passport), CPF and proof of recent residence (with a date shorter than 180 days), simple copies accompanied by the originals for validation of the manager. Some institutions may require proof of income, but in most cases it is optional to submit the slip.

Another requirement that the bank can make is the opening of the account to make an initial deposit in a stipulated amount. Check the websites of the institutions if this obligation exists and check at the time of signing membership. In an internet search, the most common banks (Itaú, Bradesco, Santander, Caixa Econômica Federal or Banco do Brasil) do not require an initial minimum value.

Important: For minors it is essential the presence of parents or legal guardian with the same documents requested to the holder, copies and original documents. Some banks release the opening of their own account in some special cases and if the minor is: emancipated, married, formed, insolvent or have a fixed job.

As soon as you open your savings account, you can consult your future manager about the other products of the bank that have low risk. Banks usually offer: Capitalization Securities, CDB and Fixed Income, Private Pension Funds or Funds. Take the opportunity to understand each one, the risks linked and the profitability.