Why savings accounts are no longer enough
For decades, savings accounts were the natural destination for money that people wanted to keep safely. Easy to understand, exempt from income tax for individuals, and available at any bank, it gained the trust of generations of Brazilians. But the financial landscape has changed dramatically, and today there is a variety of accessible, safe options with superior return potential — many of them as simple as opening an account in an app.
The problem is not that savings accounts are “bad” in absolute terms. The problem is that they have a profitability rule limited by law: when the Selic rate is above 8.5% per year, savings accounts earn only 0.5% per month plus the Reference Rate (TR). This means that in high interest scenarios, those who stay in savings accounts miss out on a relevant difference compared to other fixed income applications. To better understand how much this return represents in concrete values, it’s worth reading the article How much does R$ 1,000 earn in a savings account per month?.
In this article, we will cover the main alternatives to savings accounts available to individual investors in Brazil in 2026. The objective is educational: to present how each product works, its positive points and its risks, so that you arrive at a conversation with a professional better prepared.
How savings accounts work — and what their limit is
Before talking about alternatives, it’s important to understand the current savings rule. Profitability is defined by law and varies according to the Selic rate, the reference for basic interest rates in the Brazilian economy, set by the Monetary Policy Committee (Copom) of the Central Bank.
- Selic above 8.5% per year: savings account earns 0.5% per month + TR
- Selic equal to or below 8.5% per year: savings account earns 70% of Selic + TR
The TR (Reference Rate) today has a value close to zero, but can vary. The central point is: when Selic is high, the savings account captures only a fraction of that interest. To check the current Selic rate, consult directly the website of the Central Bank of Brazil.
In addition, savings accounts have the so-called “anniversary date”: earnings are only credited on the same day of the month that the deposit was made. Those who withdraw before that date receive nothing for the incomplete period — a practical disadvantage that many people are unaware of.
Treasury Direct: government bonds within everyone’s reach
The Treasury Direct is a program of the National Treasury that allows anyone to buy federal public bonds online, with minimum investment starting from fractions of bonds — now possible with amounts starting from approximately R$ 30, depending on the bond and the time of purchase. Official and updated information is available at tesouro.fazenda.gov.br.
Types of available bonds
- Treasury Selic: tracks the Selic rate daily. Ideal for emergency reserves due to low volatility and daily liquidity.
- Treasury IPCA+: pays inflation (IPCA) plus a prefixed interest rate. Protects purchasing power in the long term.
- Treasury Prefixed: interest rate defined at the time of purchase. The investor knows exactly how much they will receive if they hold the bond until maturity.
Advantages
- Backed by the federal government (lowest credit risk available in Brazil)
- Accessible to anyone with a CPF and account at a brokerage
- Daily liquidity for most bonds
Risks and disadvantages
- Incurs Income Tax on earnings, with a regressive rate: starts at 22.5% for withdrawals in less than 180 days and falls to 15% for investments above 720 days
- There is a custody fee charged by B3 (check the current value on the Treasury Direct website, as it may change)
- Prefixed and IPCA+ bonds have mark-to-market: the price varies daily and early withdrawal may result in a value lower than the amount invested
For a more in-depth comparison between Treasury Direct and CDB, check out the article CDB or Treasury Direct: which yields more in 2026?
CDB: bank bonds with FGC protection
The CDB (Bank Deposit Certificate) is a bond issued by banks to raise funds. In return, the bank pays interest to the investor. Most CDbs available on the market are indexed to the CDI (Interbank Deposit Certificate), a rate very close to the Selic. To find out the current CDI value, consult the B3 website.
Advantages
- Covered by the Credit Guarantee Fund (FGC) up to R$ 250,000 per CPF per financial institution (global ceiling of R$ 1 million per CPF — confirm current limits at fgc.org.br)
- Many CDbs offer daily liquidity
- CDbs from smaller banks often offer more attractive rates than those from large banks
Risks and disadvantages
- Also subject to regressive IR (same rates as Treasury Direct)
- Credit risk of the issuing bank: if the institution fails, the FGC covers up to the limit — but above it, there is real risk of loss
- CDbs with liquidity only at maturity lock in money for a set period
LCI and LCA: Income Tax exemption as a differentiator
The Real Estate Credit Letters (LCI) and the Agribusiness Credit Letters (LCA) are bonds issued by banks backed, respectively, by operations in the real estate and agribusiness sectors.
The main attraction: they are exempt from income tax for individuals, which makes net profitability more interesting depending on the term. They are also covered by the FGC under the same limits as CDB.
Attention: In 2024, the National Monetary Council established new minimum term rules for LCI and LCA, requiring longer holding periods before withdrawal. Check the updated conditions with the financial institution and Central Bank regulations before investing, as rules may have been adjusted.
| Product | Income Tax | FGC | Typical Liquidity |
|---|---|---|---|
| Savings Account | Exempt | Yes | Daily (anniversary) |
| Treasury Selic | Regressive | No (federal guarantee) | Daily |
| CDB | Regressive | Yes | Varies |
| LCI / LCA | Exempt (Individuals) | Yes | Minimum holding period |
| Fixed Income Funds | Regressive + come-cotas | No | Varies |
Fixed Income Funds: diversification with professional management
The fixed income investment funds pool resources from multiple investors to invest in public and private bonds, with management by a professional authorized by the CVM. They are an option for those who prefer not to choose bonds individually.
Advantages
- Automatic portfolio diversification
- Professional management
- Accessible with low initial amounts in many cases
Risks and disadvantages
- They charge an administration fee, which reduces net returns — always compare the fee before investing
- Fixed income funds with a term longer than 90 days have come-cotas: semi-annual anticipation of income tax in May and November, which reduces the compound interest effect
- They do not have FGC coverage
- Past performance does not guarantee future results
How to get started: a basic step-by-step guide
Investing beyond savings doesn’t require being an expert. Here’s an initial path:
- Build your emergency fund first. Before any investment, have 3 to 6 months of expenses in a high-liquidity product (Treasury Selic or CDB with daily liquidity are common options for this purpose).
- Open an account at a regulated brokerage. Check if the institution is properly registered with the CVM at cvm.gov.br and with the Central Bank.
- Define your timeline and your goal. Money you might need in 6 months has a different profile than money you’re investing for 10 years from now.
- Compare net rates. An LCI at 90% of CDI exempt from income tax may yield more in practice than a CDB at 100% of CDI with tax — do the math or use simulators available on the platforms.
- Don’t concentrate everything in a single institution. Especially considering FGC coverage limits.
- Review periodically. Rates change, goals change, and your portfolio should reflect that.
Conclusion: diversifying is learning, not risking blindly
Moving away from savings accounts doesn’t mean taking unnecessary risks. It means understanding that there are products with similar — or even superior — protection and with more efficient return potential in the long term. The first step is information: understanding how each product works, what its real costs are (including taxes and fees), and how it fits your goals.
Every investment involves some type of risk — market, credit, or liquidity risk. There is no guaranteed return with zero risk, and any promise in that regard should be viewed with skepticism. The safest path is to combine financial education with guidance from a qualified professional.
> Important note: This article is exclusively educational and informational in nature. It does not constitute investment recommendation, personalized financial advice, or offer of any financial product. Data, rates, and rules mentioned may change; always consult official sources (Central Bank, National Treasury, CVM, FGC, B3) for updated information. For investment decisions appropriate to your profile and situation, consult an investment advisor or financial planner properly registered with the Securities and Exchange Commission (CVM).
