Poupança Records First Inflow of 2026 as Balance Climbs to R$1.01 Trillion

Central Bank data show a May inflow that coincided with the launch of Desenrola 2.0, leaving the poupança less competitive against higher-yield fixed-income.

Overview

Banco Central reported a net inflow of R$2.6 billion into the caderneta de poupança in May 2026, the first monthly pickup in the product so far this year.
The May inflow lifted the total stock of savings from about R$1.00 trillion at end-April to roughly R$1.01 trillion at end-May, according to Central Bank figures.
Despite May’s positive result, the poupança still shows a cumulative net withdrawal of R$39.1 billion through the first five months of 2026.
The inflow occurred in the month the federal Desenrola 2.0 debt-relief program began, but the Central Bank did not attribute the deposits to that program.
High policy rates (Selic ~14.5%) and the regulated poupança return formula (0.5% monthly plus TR when Selic > 8.5%) make fixed-income instruments more attractive and keep pressure on the savings product.