Savings has a record net withdrawal of R$ 11.75 billion in May

This is the biggest net withdrawal (withdrawals minus deposits) for the month of May since the beginning of the historical series, in 1995. The performance contrasts with May of last year, when account holders had deposited R$3.51 billion more than they had withdrawn.

With the performance of May, savings accumulated a net withdrawal of R$ 69.23 billion in the accumulated result for the year. The application records the largest accumulated withdrawal for the period since 1995. In the first five months of last year, withdrawals exceeded deposits by R$ 46.73 billion.

In 2022, the booklet registered a record net outflow (more withdrawals than deposits) of R$103.24 billion, in a scenario of high inflation and indebtedness. Yields once again gained from inflation due to increases in the Selic rate (the economy’s basic interest rate), but other fixed-income investments continue to be more attractive than savings.

In 2020, savings had registered 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 digital savings accounts at Caixa Econômica Federal, contributed to the result.

In 2021, savings had a net withdrawal of R$ 35.5 billion. The application was pressured by the end of emergency aid, low income and the greater indebtedness of Brazilians.

Performance

Until recently, savings yielded 70% of the Selic Rate (basic interest rate for the economy). Since December of last year, the application started to yield the equivalent of the reference rate (TR) plus 6.17% per annum, because the Selic was once again above 8.5% per annum. Currently, basic interest rates are at 13.75% per annum, which has made financial investments no longer lose to inflation for the first time since mid-2020.

In the 12 months ending in May, the application yielded 8.38%, 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 4.07%. The full IPCA for May will be released this Wednesday (7) by the Brazilian Institute of Geography and Statistics (IBGE).