Savings has always been a way used by Brazilians to save their money. With it, you can deposit your income in the bank and watch your hard-earned money grow. Sounds great, doesn't it?

But do you know how savings income works and what are the best practices for using your account? No? Then you're in the right place! In this text, we will explain everything you need to know to use savings.

So keep reading and learn how to apply your money in 2021! Let's go?

First, it is worth remembering that, in a simplified way, a savings account and a savings account are the same thing.

Well, the savings account is offered by all banks. Also, you don't need to have any other type of account to request your passbook. The opening is easy: just present the documents requested by the bank. Generally, you only need RG, CPF and proof of residence.

Furthermore, this type of account is regulated by Banco do Brasil. So, the rate is standardized by the government and the savings yield is the same for all banks. Therefore, you can choose the institution of your choice to open your booklet.

As for its operation, it is also simple. You deposit your money into the account any day of the month. That date will be the savings anniversary. So, the interest on top of that amount will be your income. Remembering that the interest is the same in all banks.

It is also important to know that you will not receive income if you withdraw the money before your birthday in the following month. For example, if you deposit your money on the 5th, the application will yield on the 5th of each month. But if you decide to apply more money on the 10th, that amount will only pay off on the next 10th.

Do you know what you need to do to save money in savings? Well, the process is very easy. Just open your account and make deposits in the amount you want.

As mentioned above, the savings yield will be based on the day you make the deposit, that is, on the application anniversary. Therefore, it is important to be aware of the date you intend to withdraw your money. If you need to withdraw before your birthday, you will not receive the income.

Also, try to always make deposits on the same day of the month, for example, on your salary payment date. Thus, it will be easier to control the income and which are the best days to withdraw the money.

Finally, remember that your money earns according to the amount and time it is held in the account. So try not to mess with your balance unless it's an emergency situation. That way, your income will increase.

Let's analyze what are the positive points of opening a savings account to deposit your money.

One of the biggest advantages of the savings account is the ease with which you can make your transactions. In addition, opening the account is simple and can be done by anyone, as no credit analysis is carried out and you do not need to prove income.

Another plus point is that there is no fee to open or maintain your savings account. In addition, you still have some operations available. See what they are below:

Finally, the savings account is considered a low-risk investment. Therefore, it is a safe way to invest your money.

Currently, the Brazilian economy is going through a difficult time. Therefore, the inflation rate is quite high.

Therefore, the big disadvantage in using a savings account is that the application is yielding less than the inflation rate. That is, inflation ends up exceeding the value of savings income.

It's important to understand that this doesn't mean you're losing the money you've put into savings. However, he will be losing his value, having less purchasing power.

Let's understand now what is the percentage used in the savings income calculations.

Well, the operation will depend on two elements: the Selic Rate and the Referential Rate (TR).

The Selic rate is the basic interest rate in Brazil. It is calculated every 45 days by the Central Bank and serves to regulate operations in the economy involving interest rates.

The Referential Rate is a readjustment index and serves as a reference for the economy, helping to control inflation.

In 2012, a new savings rule was established and today it works as follows:

Now you must be wondering: but anyway, is it worth saving money in a savings account?

Well, the current Selic rate makes the savings income not very interesting, since your money will lose purchasing power.

Thus, there are several investment options that are more advantageous than savings, both low and high risk.

So, you must assess whether the convenience and security of having the money in savings is worth it for you. But also look for other options to ensure you're making the best investment for your money.

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