Savings accounts have record withdrawals for February, of R$11,5 billion

Brazil Agency - The most traditional financial investment for Brazilians, savings accounts, recorded the second consecutive month of more withdrawals than deposits. In February, net withdrawals totaled R$11,515 billion, the largest in the Central Bank's (BC) historical series, which began in 1995, for the month.

In January, the negative result was R$33,63 billion, the highest for any month in the historical series. The previous record was registered in August last year, when account holders withdrew R$22,02 billion more than they deposited.

In 2022, the savings account registered a record net outflow (more withdrawals than deposits) of R$103,24 billion, in a scenario of high inflation and debt.

Performance

Until recently, savings accounts yielded 70% of the Selic rate (the economy's basic interest rate). Since December of last year, the investment has yielded the equivalent of the reference rate (TR) plus 6,17% per year, because the Selic rate has once again risen above 8,5% per year.

Currently, the basic interest rate is 13,75% per year, which meant that the financial investment stopped losing out to inflation for the first time since mid-2020.

In February, the income credited totaled R$6,916 billion. The balance of all amounts deposited in savings accounts was R$968,04 billion.