Poupança versus Tesouro — a practical comparison

We end where most investors begin: deciding between the familiar poupança and a Tesouro Selic bond for safe, liquid money. Walking through the comparison ties together everything in this track.

The two options, side by side

Poupança

• Return: capped by its rule (a fraction of Selic plus TR — see Chapter 1).
• Tax: exempt from income tax.
• Liquidity: withdraw any time, but interest credits only on the monthly anniversary — leave early in the month and you forfeit that month’s yield.
• Protection: FGC.

Tesouro Selic

• Return: tracks the full Selic rate (plus a small spread), uncapped.
• Tax: taxable on the regressive IR table; tiny custody fee.
• Liquidity: redeemable any business day; mark-to-market barely affects it, so almost no risk of selling at a loss.
• Protection: backed by the federal government (no FGC needed).

Why Tesouro Selic usually wins on return

Even though poupança is tax-free, its capped rate is the decisive handicap when Selic is high. Tesouro Selic earns the full rate; after subtracting IR and the custody fee, it still typically comes out ahead. A simplified one-year sketch with Selic at 10% and the 17.5% IR band (at the time of writing — verify):

Tesouro Selic gross:           ~10.0%
Less IR (17.5% of the gain):   -1.75%
Less custody fee (approx):     -0.20%
Tesouro Selic net:             ~8.05%

Poupança (capped rule, e.g.):  ~6.2% + TR, tax-free

In this sketch Tesouro Selic’s ~8% net beats poupança’s ~6.2%, despite poupança paying no tax. The gap narrows when Selic is low, and the daily-credit quirk can matter for very short stays — so always run the numbers for current rates.

The decision framework

1. How long will the money sit? Days-to-weeks favours whatever avoids friction; months-to-years favours the higher net return.
2. What are current rates? Higher Selic widens Tesouro Selic’s advantage.
3. Have you compared net, not gross? Apply tax and fees, as in the net-return lesson.

The closing principle

Poupança is the comfortable default, but rarely the optimal one. With the tools in this track — yields, mark-to-market, taxation, the FGC — you can now judge each option on its net return and real risk, and choose deliberately. Every rate, tax band and limit mentioned here is current at the time of writing and subject to change — verify before you invest.