Savings account or savings account is the most popular and traditional financial investment among Brazilians.
This type of account is made to save and save money, unlike the current account, used to receive salary and make payments.
To apply savings, it is not necessary to have a minimum value. It is also exempt from income tax and IOF (financial transaction tax).
The profitability of savings is defined by the Central Bank, that is, it yields the same in any bank .
How does the savings account pay off?
Since 2012, it has been renumbered through two factors:
- The investment pays 70% of the Selic rate when interest rates are down (up to 8.5% per year).
The Selic is the basic rate of the economy in Brazil defined every 45 days by the COPOM (Monetary Policy Committee of the Central Bank of Brazil). Being the most important of all, it serves as a parameter for other rates.
- When it is rising, the yield is 0.5% per month plus TR (Referential Rate).
The TR is another interest rate defined by the CB. It influences not only savings but other financial investments. It is calculated based on the average profitability of the CDBs (Certificate of Deposit), another type of investment, of the 30 largest financial institutions in Brazil.
You can calculate today’s TR by using the Citizen’s Calculator from the Central Bank’s website.
What are the risks?
Savings are a very low risk investment. However, if the bank in your account goes bankrupt, the government reimburses up to R $ 60,000 of the amount applied.
How to open savings account?
To open a savings account, you need to submit three documents:
- Identity document;
- CPF;
- Proof of address;
No need to prove income or pay taxes. In this way, it is easy to open a savings account for minors. In this case, the legal guardian must accompany the young person in the opening process at the bank.
As the account holder, you are entitled to:
- 2 withdrawals per month;
- 2 transfers per month to another account in your name;
- 2 extracts per month;
- Account access via the internet;
Although the savings account income is very low compared to other applications, it still remains a safe investment to save money without loss.