Tesouro Selic vs. Savings Account: Which Yields More in 2026?
Those who save money in a savings account thinking they are “protecting” their wealth might be losing more than they imagine—not to the stock market, but simply to inflation. The comparison between savings accounts and Tesouro Selic is one of the oldest and most relevant in Brazilian personal finance, and it remains extremely current in 2026.
The good news is that this comparison doesn’t require any advanced knowledge. Both products are considered conservative, low-risk, and accessible to anyone with a few reais available. However, the rules for remuneration, taxation, and liquidity are different—and these differences make a huge impact in the long term.
In this article, you will understand how each works, how the profitability of each product is calculated, what the advantages and disadvantages are, and how to think about this choice rationally. No number here is a promise: rates change, and you will learn where to check them.
How Savings Accounts Work
Savings accounts are the most popular investment in Brazil, and it’s not hard to see why: they are simple, free, exempt from Income Tax for individuals, and can be accessed at practically any bank.
However, the remuneration of savings accounts follows a rule defined by the Central Bank that depends on the Selic rate level:
- When the Selic is above 8.5% per year: the savings account yields 0.5% per month + TR (Referential Rate).
- When the Selic is at or below 8.5% per year: the savings account yields 70% of the Selic + TR.
The TR is a reference rate calculated and published by the Central Bank. In recent years, it remained zero for a long time but has returned to positive values in periods of higher Selic. To check the current TR value, visit the official site of the Central Bank of Brazil.
Another important detail: savings accounts remunerate on an anniversary basis. This means that the money only earns interest on the date it was deposited. If you deposit on the 10th and withdraw on the 9th of the following month, you will not receive any earnings for that month. This is a point often overlooked by those who use savings accounts as an emergency fund with frequent transactions.
How Tesouro Selic Works
Tesouro Selic is a federal public bond sold by the Brazilian government through the Tesouro Direto platform. It is called “post-fixed” because its profitability follows the Selic rate, which is set by the Monetary Policy Committee (Copom) of the Central Bank approximately every 45 days.
In practice, Tesouro Selic yields close to 100% of the Selic daily, with daily liquidity. This means that the money grows every business day, and you can redeem it at any time—the redeemed amount will always be the invested amount plus the accumulated earnings up to that date, without the “anniversary” penalty.
To know the current Selic rate and its historical evolution, consult the Central Bank’s website at bcb.gov.br. The exact conditions of the bond—including custody fees and any charges—are available at tesourodireto.com.br.
Taxation: Where the Difference Becomes Evident
This is one of the most important points of comparison—and one of the most misunderstood.
Savings Account: exempt from Income Tax for individuals residing in Brazil. No come-cotas, no IOF. What was earned, stays.
Tesouro Selic: earnings are taxed by Income Tax with a regressive rate, according to the table below:
- When the Selic is at or below 8.5% per year: the savings account yields 70% of the Selic + TR.
