How to Invest in Treasury Direct Even Starting from Scratch
Have you heard of Treasury Direct but always thought it was for those with a lot of money or financial market experts? This is one of the most common misconceptions when it comes to investing in Brazil. The program, created by the Federal Government in partnership with B3, allows any individual to purchase federal government bonds online, starting with fractions of a bond — making it accessible to those taking their first steps in the investment world.
In a scenario where inflation and the cost of living continue to be constant concerns for Brazilian families, understanding where and how to save money more intelligently than traditional savings has become a real necessity. Treasury Direct often appears as one of the first alternatives studied by those beginning to take an interest in financial education — and rightly so: it combines relative accessibility, a diversity of products, and the solidity of an issuer that is the federal government itself.
In this article, you will understand, step by step, how Treasury Direct works, the types of bonds available, how to open your account and start investing, the costs involved, and — equally important — the risks that exist and that every investor needs to know before making any decision.
What is Treasury Direct and How Does It Work
Treasury Direct is a program of the National Treasury (a body of the Ministry of Finance) launched in 2002. When you buy a Treasury Direct bond, you are, in practice, lending money to the federal government, which commits to returning it with interest at a future date (the so-called maturity).
Think of it this way: just as a company issues debentures to raise funds, the government issues public bonds. The difference is that the issuer, in this case, is the Union — which makes the credit risk (the risk of the issuer not paying) considered the lowest in the Brazilian economy, as the government can, in the last case, issue currency to honor its debts in reais.
This does not mean that the investment is risk-free — a point we will detail later. But this characteristic makes Treasury Direct one of the most studied starting points for those beginning.
To learn more about the fundamentals of the program, check out our complete guide: Treasury Direct: what it is and how to start investing.
The Types of Bonds Available
Treasury Direct offers different types of bonds, each with a distinct logic of profitability and term. Knowing them is essential to understand what you would be buying.
Treasury Selic
Follows the Selic rate, which is the basic interest rate of the Brazilian economy, defined by the Central Bank’s Monetary Policy Committee (Copom). The value of the bond grows daily as the Selic varies. It is the bond with the lowest price volatility and is therefore usually indicated for those seeking liquidity (ease of withdrawing money) or for emergency reserves. Check the current Selic rate directly on the Central Bank’s website (bcb.gov.br), as it changes with each Copom meeting.
Treasury Prefixado
In this type, the rate of return is defined at the time of purchase and does not change until maturity — as long as you hold the bond until the final date. If you buy a bond with a rate of 12% per year, for example, you will know exactly how much you will receive at the end, in nominal terms. The risk here is that if you need to sell before maturity, the bond’s market price may be different from what you paid (it may be lower or higher), depending on interest rate movements.
Treasury IPCA+
Combines a fixed rate with the variation of the IPCA (Extended Consumer Price Index, the official inflation index of Brazil, calculated by the IBGE). This means that your return will always exceed inflation by the contracted percentage, if the bond is held until maturity. It is widely used for long-term goals, such as retirement. As with the prefixado, early sale may result in values lower than invested, depending on market conditions.
| Bond | Profitability | Indicated for | Early sale risk |
|---|---|---|---|
| Treasury Selic | Selic (post-fixed) | Emergency reserve, short term | Low |
| Treasury Prefixado | Fixed rate defined at purchase | Those who want to know the exact return | Medium to high |
| Treasury IPCA+ | IPCA + fixed rate | Inflation protection, long term | Medium to high |
Step by Step: How to Open Your Account and Make Your First Investment
- Have an active CPF and bank account. Any individual residing in Brazil can invest in Treasury Direct.
- Choose an authorized financial institution. You need a custody agent — it can be a traditional bank, a brokerage firm, or a digital platform. Check if the institution is authorized by the CVM and accredited by the National Treasury. Many brokerages do not charge brokerage fees for Treasury Direct bonds, but compare the available options.
- Open your account at the chosen brokerage or bank. The process today is mostly digital and can be done via mobile phone, with document submission and selfie for validation.
- Access the Treasury Direct environment. After opening the account, you can operate directly through your institution’s website or app, or through the official portal tesourodireto.com.br.
- Choose the bond and the amount. The minimum investment amount is R$ 30.00 or the minimum fraction of 1% of the bond’s value (whichever is greater), according to program rules. Always check the updated conditions on the official website.
- Confirm the operation. When purchasing, the amount will be debited from your account. The bond will be registered in your name at B3 (the Brazilian stock exchange that handles custody).
- Track your investment. You can monitor your position through the Treasury Direct portal or your institution’s app.
Costs You Need to Know
Investing in Treasury Direct is not free. Knowing the costs is essential to calculate the real profitability.
- B3 custody fee: charged annually on the value of the bonds held in custody. Check the current percentage on the official Treasury Direct website, as it may change.
- Brokerage or administration fee from the brokerage: many institutions waive this fee for Treasury Direct, but check before choosing your brokerage.
- Income Tax (IR): the income from Treasury Direct bonds is taxed by the IR with a regressive table — the longer you hold the investment, the lower the rate, ranging from 22.5% for applications up to 180 days to 15% for applications over 720 days. The exact percentages and time ranges should be checked with the Federal Revenue (gov.br/receitafederal), as tax rules may change.
- IOF (Tax on Financial Operations): charged only on redemptions made in less than 30 days from the application, with a regressive rate that zeros on the 30th day.
IR and IOF are automatically withheld at the source, so you don’t need to worry about manual payment.
Advantages and Risks: A Balanced View
Advantages
- Accessibility: initial investment from R$ 30.00.
- Variety of objectives: there are bonds for different terms and profiles.
- Daily liquidity: the National Treasury guarantees the repurchase of bonds on business days (except for specific windows), allowing redemption before maturity.
- Transparency: all information is available on the official portal.
- Issuer security: credit risk considered the lowest in the national economy.
Risks and Disadvantages
- Market risk: if you sell a prefixado or Treasury IPCA+ bond before maturity, the price may be lower than what you paid, generating a loss.
- Inflation risk: in the case of Treasury Selic and Prefixado, a very high inflation scenario can erode the real purchasing power of the yield.
- Reinvestment risk: when receiving semi-annual coupons (in some bonds), the investor needs to reinvest these amounts under conditions that may be less favorable.
- No FGC guarantee: unlike savings and CDBs, Treasury Direct bonds do not have coverage from the Credit Guarantee Fund (FGC). The security comes from the quality of the issuer (the federal government), not from a private fund.
- Taxation: the incidence of IR reduces the gross profitability, especially in short-term applications.
Treasury Direct vs. Other Fixed Income Investments
It is natural that when researching Treasury Direct, you also encounter other fixed income products, such as CDB, LCI, LCA, and fixed income funds. Each has its own rules of taxation, FGC coverage, liquidity, and profitability. There is no universally best investment — what exists are products more or less suitable to your profile, objective, term, and risk tolerance.
To make more well-founded decisions, it is worth investing in your own financial education. Articles like 5 Essential Financial Education Strategies Every Professional Needs to Master in the Workplace show how to develop a more solid financial mindset in everyday life.
Conclusion: Start with Knowledge
Investing in Treasury Direct is accessible, but accessible does not mean simple or risk-free. The first step is not to open an account or choose a bond — it is to understand what you are buying, why you are buying it, and how long you can keep the money invested without compromising your needs.
Before any investment, make sure you have a consolidated emergency reserve, your high-cost debts under control, and a clear financial goal. Treasury Direct can be an important component of a well-structured financial strategy, but it is not, by itself, a magic solution.
Research on official websites — tesourodireto.com.br, bcb.gov.br, and gov.br/receitafederal — to access the most updated rules, rates, and information. The financial market changes, and information needs to be checked regularly.
> Important note: this article is for educational and informational purposes only. It does not constitute investment advice, financial consulting, or an offer of any product. Each investor has a unique profile, objectives, and financial situation. To make investment decisions appropriate to your reality, consult a certified professional or investment advisor duly registered with the Securities and Exchange Commission (CVM).
