The savings account, the most traditional financial investment of Brazilians, continues to face the flight of resources. In August, Brazilians withdrew R$22.02 billion more than they deposited in savings accounts, the Central Bank (BC) reported today (6th). It is the largest net withdrawal (withdrawals minus deposits) recorded for a month since the beginning of the historical series in 1995.
With the performance of August, savings accumulate net withdrawals of R$ 85.17 billion in the first eight months of the year. This is the largest accumulated withdrawal for the period since the beginning of the historical series, in 1995.
In 2022, the booklet registered net inflow (more deposits than withdrawals) only in April, when the flow was positive at R$3.51 billion. In the remaining months, withdrawals exceeded deposits, in a scenario of high inflation and indebtedness, combined with lower yields due to increases in the Selic rate (basic interest rates in the economy), which make other fixed income investments more attractive.
In 2020, savings had a record net inflow (deposits minus withdrawals) of BRL 166.31 billion. The instability in the public bond market at the beginning of the covid-19 pandemic and the payment of emergency aid, which was deposited in Caixa Econômica Federal digital savings accounts, contributed to the result.
Last year, savings had registered a net withdrawal of R$ 35.5 billion. The application was pressured by the end of emergency aid, by low incomes and by the greater indebtedness of Brazilians. The net withdrawal – the difference between withdrawals and deposits – was not higher than that recorded in 2015 (R$ 53.57 billion) and in 2016 (R$ 40.7 billion). In those years, the strong economic crisis led Brazilians to withdraw funds from the application.
Performance
Until recently, savings yielded 70% of the Selic rate (basic interest in the economy). Since December of last year, the investment has started to yield the equivalent of the reference rate (TR) plus 6.17% per year, because the Selic has returned to above 8.5% per year. Currently, basic interest is at 13.75% per annum. The increase in interest rates, however, was insufficient to make savings yield more than inflation, causing some investors to flee.
In the 12 months ending in August, the investment yielded 6.72%, according to the Central Bank. In the same period, the National Consumer Price Index-15 (IPCA-15), which works as a preview of official inflation, reached 9.6%. The full IPCA for August will be released on the 9th by the Brazilian Institute of Geography and Statistics (IBGE).
