In November, withdrawals from savings exceeded deposits. This is what the central bank said last week. Thus, the value of the withdrawals exceeded the withdrawals by an amount of 12.377 billion Brazilian riyals, which is the largest net withdrawal for the month in the historical series, which began in 1995. It should be noted that last month deposits amounted to 281.713 billion reais, while the total withdrawals amounted. 294.09 billion Brazilian reals.
Savings withdrawals exceeded deposits by R$12.37 million in November
In addition, in November 2020, there were also more deposits than withdrawals. In this case, it represents a positive balance of R$1.479 billion. From January to November, there was a total withdrawal of R$43.157 billion. Also last year, the company raised R$166.31 billion in resources, the highest annual amount in the historical streak.
This result was mainly influenced by emergency aid deposits and increased interest in investments during the COVID-19 crisis. During the month of November, the return on investment was 0.44%, according to the Central Bank.
Finally, it should be noted that the bonus for savings deposits consists of the reference rate, which is currently zero, as well as 70% of the reference rate. However, this rule is valid as long as the Selic rate is equal to or less than 8.5%. With Selic above, as today, at 9.25%, savings yield TR plus 0.5% per month.
This movement may be what explains the higher number of withdrawals rather than deposits. Mainly because savings is no longer a good investment option.
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