Brazil sees R$39.3 bn net outflow from savings accounts in first half of 2026

Data from the Central Bank show that Brazilian savings accounts (caderneta de poupança) recorded a net withdrawal of R$39.3 billion in the January‑June 2026 period. The outflow was driven by large withdrawals in January (R$23.5 bn) and March (R$11.1 bn); May was the only month with a net deposit of R$2.6 bn. In June, withdrawals amounted to R$237.5 million, the smallest monthly volume since January 2012.

The total balance of the savings system remained around R$1.020 trillion, barely changed from the same month a year earlier. Analysts note that the persistent net outflows may reflect households’ need for liquidity amid high inflation and a Selic rate above 14 %, reducing the attractiveness of the savings product compared with other fixed‑income options. The shift could affect the pool of funds that traditionally finance mortgage lending, potentially tightening credit for home‑buyers and weighing on the construction sector.

Overall, the trend signals a reassessment by Brazilian savers of where to keep their emergency reserves in a constrained macro‑economic environment.