Quick Summary
- 1The Banco Central reported that Brazil's savings accounts experienced a net outflow of R$85.6 billion in 2025, marking the fifth consecutive year of withdrawals exceeding deposits.
- 2Total withdrawals reached R$4.36 trillion, while deposits totaled R$4.27 trillion.
- 3This trend has reduced the total savings stock to R$1.02 trillion.
- 4The outflows are attributed to high interest rates, persistent inflation, and the savings account's limited return compared to fixed-income investments and the stock market, which saw a 34% rise.
Quick Summary
The Banco Central has released data indicating a significant shift in Brazilian savings habits. In 2025, withdrawals from savings accounts exceeded deposits by R$85.6 billion. This represents the fifth year in a row that the sector has seen a net outflow of resources.
Specifically, withdrawals totaled R$4.36 trillion, while deposits reached R$4.27 trillion. Consequently, the total balance of savings accounts fell to R$1.02 trillion by the end of the year, down from R$1.03 trillion in December 2024. The current economic environment, characterized by high interest rates and inflation, has made the savings account less attractive compared to other financial instruments.
Economic Context and Causes
The record outflow occurred amidst a challenging economic backdrop. The Central Bank noted that the scenario included high interest rates, with the basic rate at its highest level in nearly 20 years, alongside persistent inflation. Additionally, family indebtedness and default rates have risen.
According to official data, the total default rate remained at 3.8% in November, close to the historical record of 4%. Furthermore, family debt with banks reached 49.3% of accumulated income in the 12 months up to October, the highest level since November 2022.
Financial competitiveness is a major factor. The savings account has a limited yield rule: when the Selic rate exceeds 8.5% per year, the return is capped at 0.5% per month plus the Reference Tax (TR). With the Selic currently at 15% per year, other investments offer significantly better returns.
Fixed-income options such as public bonds and corporate papers have performed better. Meanwhile, the stock market saw a 34% surge in 2025, the highest annual gain since 2016. As a result, savings accounts have lost space as an investment vehicle.
"Por isso, no balanço de 2025, a poupança acabou perdendo espaço como investimento. Ela segue sendo uma opção simples para liquidez imediata e curto prazo, mas, diante dos resultados do último ano, outras alternativas de renda fixa se mostraram mais eficientes para proteger e fazer o dinheiro render."— Francisco Weliton Barroso, Consultant at Unicred Porto Alegre
Impact on Housing Credit
The decline in savings resources has direct implications for the housing credit market. Current regulations require that 65% of funds captured via savings accounts be mandatorily directed toward home purchase credit.
With the total volume of savings resources stagnating and credit demand remaining high, the government announced changes to these rules in October. The plan involves a transition period after which the mandatory 65% allocation will end. Additionally, compulsory deposits at the Central Bank regarding this application will be removed.
The objective is to gradually release resources captured by financial institutions that are currently retained at the Central Bank. This measure aims to increase the availability of funds for real estate credit and stimulate the market.
Investment Alternatives and Outlook
Experts suggest that the savings account is now best suited only for immediate liquidity needs rather than wealth building. The low attractiveness is driven by the combination of the limited yield rule and the high-interest environment.
Francisco Weliton Barroso, an investment consultant, stated that other fixed-income alternatives proved more efficient in 2025. "Por isso, no balanço de 2025, a poupança acabou perdendo espaço como investimento. Ela segue sendo uma opção simples para liquidez imediata e curto prazo, mas, diante dos resultados do último ano, outras alternativas de renda fixa se mostraram mais eficientes para proteger e fazer o dinheiro render," he said.
Regarding future perspectives, analysts point to several alternatives:
- Treasury Selic: Seen as the natural substitute, offering daily liquidity and low risk.
- CDBs: Daily liquidity options from mid-sized banks, often paying 100% to 110% of the CDI.
- IPCA+ and Fixed Rate Bonds: Expected to be protagonists for medium and long-term investments.
Marcelo Boragini, head of variable income at Davos Investimentos, noted that in an environment of lower interest rates expected in 2026, variable income (stocks, ETFs, and Real Estate Investment Trusts) may gain strength. However, he warned that 2026 is an election year in Brazil, which historically brings high volatility to the market. "Vale lembrar que 2026 é um ano de eleição no Brasil, e historicamente, traz volatilidade muito grande," he concluded.
"Vale lembrar que 2026 é um ano de eleição no Brasil, e historicamente, traz volatilidade muito grande."— Marcelo Boragini, Head of Variable Income at Davos Investimentos
Frequently Asked Questions
Outflows were driven by high interest rates (Selic at 15%), persistent inflation, and the savings account's limited yield compared to fixed-income alternatives and the stock market.
Since 65% of savings funds are required for housing loans, the stagnating volume of savings prompted the government to end this mandatory allocation to free up credit resources.
Experts suggest Treasury Selic bonds, CDBs, and fixed-income funds as better alternatives for preserving and growing capital.
