Savings withdrawals exceed deposits by BRL 5.35 billion in February, says BC

Withdrawals from savings accounts exceeded deposits by R$ 5.35 billion in February this year, according to data released by the Central Bank on Monday (7).

In the period, withdrawals of funds in the modality totaled R$ 265.360 billion, while deposits totaled R$ 260.010 billion.

Even with the negative result in February this year, the savings balance (ie, the total volume invested) remained stable, at R$ 1.016 trillion.

This year’s result was slightly better than that recorded in February 2021, when withdrawals exceeded deposits by BRL 5.86 billion. Savings has not registered a positive balance in the month of February since 2014, when the inflow of money was greater than the outflow by R$ 1.859 billion.

It is already the second consecutive month with negative funding in 2022.​ In January, savings had registered the largest net withdrawal of funds in the BC historical series, which began in January 1995, with a record outflow of R$ 19.665 billion (R$ 260.494 billion in deposits and R$ 280.159 billion in withdrawals).

Historically, the first month of the year is marked by the withdrawal of resources for the payment of taxes —IPVA and IPTU— and other expenses foreseen at that time.

Currently, the savings account yields 0.50% per month (or 6.17% per year), plus the TR (reference rate). The indicator is calculated by the BC based on interest rates on National Treasury Bills and fluctuates daily.

The savings rule changed in December of last year with the Selic rising above 8.5% per year. Currently, the basic interest rate is 10.75% per year. In this case, the rule provides that the savings income is 0.50% per month, plus the TR (for new and old deposits).

Amid the escalation of the Selic, the TR, which was null from September 2017 until the end of last year, also rises. When the interest rate is less than or equal to 8.5% per year, the investment is limited to 70% of the rate, plus the TR.