One of the most traditional ways of saving money, the savings account is still the preferred application of most Brazilians. However, many people still have doubts about their operation and income. Is it worth it? If this is your case, find out everything you need to know about saving and how to calculate your income:
Is it the same across banks?
Savings income varies in the same way across banks. That is, it is no use changing your money from financial institution because it will not pay more because of it. Under the new rule in force for deposits made on May 4, 2012, savings do not always yield another 0.5% per month plus TR (Reference Rate), as it was by the old rule. Even in the model in force before the change, the variation of the Reference Rate could have differences in the remuneration according to the period. Today, it is even harder to say accurately your income.
What do you have to do with the Selic rate?
All deposits made as of May 4, 2012 yield 0.5% per year plus the Referential Rate when the Selic is equal to or greater than 8.5% per year, as is currently the case, and 70% of Selic plus TR when the Selic is lower than 8.5% per year. 30-day Bank Certificates of Deposit (CDBs) negotiated between banks of May in Brazil at pre-fixed rates.
What is the anniversary of saving and how does it influence your income?
One of the reasons that makes unattractive savings in terms of investment is the fact that the interest on the money is paid only after the month that the amount was invested, the so-called anniversary date of the savings. Therefore, it is important to be careful not to redeem the money you applied in the booklet before the application’s anniversary date. In this case, the yield will be zero.
How to calculate savings income?
It is possible to calculate savings income through websites such as the EXAME Savings Simulator and the pages of banks themselves, such as Itaú and Caixa . The safest way to know exactly what the savings have been in a given period, however, is through the Citizen ‘s Calculator , from the Central Bank. When accessing the tool, you need to enter only the application start date, the end date, how much you invested, and the correction rule (whether it’s new or old savings). The BC calculator is the most reliable way to check your income, mainly because it shows the value for different periods of a month or year, which is the most common periods, besides being accurate when correcting values.
Income is not the strongest of savings, although investment is still considered one of the safest in the market. Still have questions regarding this type of application?