Savings account

Top & Best Savings account Review 2022- How to Select Ultimate Buyer’s Guide

Savings account: How to choose the best one for you in 2022

If you want to collect and save money, the savings account may be one of the best alternatives. Although this modality is not ideal for those with an eye on profitability, it is in fact one of the safest.

But how does the savings account work and how do you choose the best bank to save your money?  in today’s article, we will explain everything about the savings account and show you how to choose the best one for you.

First, the most important

  • The savings account is ideal for those who want to save money safely.
  • Since it does not charge fees for basic transactions, the savings account has numerous advantages.
  • But, before opening a savings account, it is important to analyze some factors.

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Hiring Guide: What you need to know about the savings account

Saving money may not be a simple process for everyone, but it is in fact the best way for you to accomplish some goals. Whether to buy a good, such as a car or even a home, or to make the dream trip, cash payment is always more advantageous.

Not to mention that having an extra amount available can be the lifeline in an emergency. Hence the importance of the savings account which, as we will see later in this Guide, is one of the safest and most practical ways to save and save your money.

What is a savings account and how does it work?

The savings account, also called a savings account, is a type of bank account that allows you to invest your money in order to save either to buy a good or service, or to always have an extra in case of unforeseen circumstances.

Thus, in addition to helping to save money, the savings account has some advantages, including annual income and the fact that you can withdraw money at any time.

And the fact is that this does not happen in other types of applications in which it is necessary to follow certain rules and deadlines to use the money invested.

In addition, the savings account is a type of account offered by all banks and has other basic features. Are they:

    • It has a low income .
    • It is low risk .
    • It does not have an opening or maintenance fee .
    • It is exempt from income tax and tax on financial transactions.
    • It has a card to make authorized movements.


With the savings account card it is possible to make payments, withdrawals and transfers without charging fees.

However, as this type of bank account is not geared towards constant financial transactions, these operations are often very limited.

If you exceed the limit of financial transactions allowed there, yes, you will have to pay extra fees.

Therefore, you can only perform the following operations without paying any fee:

  • Make two withdrawals per month;
  • Make two monthly transfers to accounts with the same CPF;
  • Print two statements with movements for the last 30 days.

What is the difference between a savings account and a checking account?

There are many differences between the savings account and the current account. The main one is that, while the savings account serves, primarily, to keep your money at rest, the current account is geared towards an intense financial movement.

Therefore, the savings account has income and free of charge for few transactions. Not to mention that, unlike the checking account, with savings it is not possible to take loans or have a checkbook.

Consequently, there is also no limit on the overdraft in the savings account, as in the current account.

This is because the current account is used to receive wages, make automatic debit payments, in addition to issuing check sheets.

As in the savings account, there are also services that the Central Bank considers essential and should be made available free of charge in the current account.

This is the case with the provision of the card, in addition to four withdrawals and the supply of 10 check sheets per month, among others.

But as a negative point of the current account is the fact that this type of account has credit that can generate debt, since you end up spending more than you have.

Even so, the current account and savings are complementary and, therefore, tend to be linked to each other. And there are some advantages to this as we will see later in the Procurement Criteria .

But, below, you can summarize the main differences between these two types of accounts:

Can you make purchases with your savings debit card?

As we have seen, it is indeed possible to carry out financial transactions with the savings account, including purchases, as long as the card has the flags such as Visa Electron, MasterCard, Elo etc.


Some banks authorize the use of the savings account card for withdrawals only.

However, this is not a rule. In some cases, it is not possible to make purchases with the savings account card. This is because some banks authorize the use of the savings account card only for withdrawals, for example.

This will depend on the financial institution in which you have a savings account, as some banks only allow you to use the card to move money into the savings account.

Can I receive payments in savings?

This will depend on who makes the deposit in your savings account. For example, you can actually receive deposits into your account as long as they are made by you or someone else.

But if you intend to receive your salary in your savings account, you must first check this possibility with your employer. This is because, in general, the salary is deposited in a checking account.

How much does the savings account earn?

As we have seen, one of the characteristics of the savings account is that it generates income. It works like this: The balances of your savings account that remain stopped for more than 30 days will receive the increase of an income.

This savings account yield is defined by the Central Bank. Therefore, all banks are required to practice the same correction that occurs in two ways:

    • When the basic interest rate (Selic) reaches up to 8.5%, savings will yield 70% of Selic + the variation of the Reference Rate (TR) .
    • When the Selic is above 8.5%, the yield will be 0.5% per month (6.17% per year) + variation in TR .


It is worth noting that the savings account yield is monthly and the update always takes place on the anniversary of opening the account.

Did you know that the Referential Rate (TR) is a basic interest rate released monthly by the Central Bank, and calculated from the average monthly income of the Bank Deposit Certificate (CDB) and Bank Deposit Receipt (RDB)?

TR is used to correct savings account applications and loan installments.

How to increase the income of your savings account?

Although it depends on a correction that is defined by the Central Bank, the savings account yield can be optimized depending on how you save your money.

For you to know how to get the most out of your savings account, check out the following tips from experts:

    • Birthday : This is the day you deposited the savings account. For example, if you made the deposit on the 5th of January, that amount will always have the yield on the 5th of each month.
    • Withdrawal day : Since the income from what you have deposited will only be added in the following month, any amount you redeem before this date will cause the total income to fall. So, whenever possible, withdraw the money only after the anniversary of the savings account.
    • Programmed Savings : If you have a checking account at the same bank as the savings account, you can use the Programmed Savings service, through which you can program current deposits to the savings account.


What is the difference between a savings account and a digital account?

The digital account is, in general, a current account offered by digital banks, in which there are no fees charged for services performed digitally. But the fact is that some digital accounts also make money pay, as well as a savings account.

However, the savings account yields are always the same, regardless of the bank chosen. Digital bank accounts, on the other hand, can offer higher and more varied earnings depending on the bank chosen.

How to open a savings account?

To open a savings account, you still need to go to a bank branch of your choice.

However, if you already have a checking account, contact your bank as it is more likely that there is already a savings account linked to your checking account.

Another option is to open a checking account online, through the bank’s website or app, and then use the linked savings account.

To open a savings account, you just need to present the following documents: Identity document, CPF and proof of residence.

It is worth remembering that there is no charge for opening a savings account and it is also not necessary to present any proof of income.

In addition, anyone over 18 can open a savings account. For minors, in most cases, the presence and authorization of a guardian is sufficient.

What are the advantages and disadvantages of the savings account?

There are positive and negative points when it comes to the savings account, although, in general, the advantages are greater.

One of the positive aspects of the savings account is its liquidity, that is, you can withdraw your income at any time.

In addition, as we have seen, savings account earnings are the same in all banks and are exempt from income tax.

Another advantage is that the savings account has no fees, if you limit yourself to authorized operations, and still allow purchases, withdrawals and payments.

On the other hand, one of the disadvantages of keeping resources in the savings account is that, if the balance has not completed its next birthday, you will not receive the expected income.

In addition, if we consider other types of investment, the savings account has a low yield and charges fees if you exceed the permitted transaction limit.

Check out the main advantages and disadvantages of the savings account below:

What is the risk of the savings account?

Although it is a low risk modality, the savings account is not without problems. The main thing is that the bank where the money is invested can go bankrupt.

However, in cases like these, the Credit Guarantee Fund (FGC) guarantees the investor an amount of up to R $ 250 thousand.

That is, if you have R $ 40 thousand in a savings account and, perhaps, the bank goes bankrupt, the FGC helps you to recover all your money invested.

But if you saved R $ 300 thousand in your savings account, for example, you would lose R $ 50 thousand in a bankruptcy situation.


Hiring Criteria: How to Compare Savings Accounts

As we have seen, all banks have the same rate of return. That is, this is one less point with which you should be concerned when choosing the best savings account.

But there are criteria that differentiate one account from another and it is important to consider them if you want to invest your money well. Are they:

  • Best bank
  • Account holder or not
  • Types
  • Fees

Next, we’ll explain how you should analyze each of these topics.

Best bank

The first factor that you should consider before opening a savings account is the bank that will be responsible for saving your money.

In a way, all banks could be considered equal, since they are obliged to grant the same rate of return.

However, it is worth remembering that each bank has different operating procedures, especially with regard to customer service. And that can both facilitate and hinder your routine.

Therefore, we recommend that before choosing a bank to open your savings account, be sure to take into account the proximity of the branch to your home or work, the quality of service and, above all, the scope of national action.

Account holder or not

In addition, it is worth considering that, in most cases, it is more advantageous to open your savings account at the same bank where you have a checking account. As we have seen, the savings account is often already linked to the existence of the current.

The advantage of having a savings account linked to the current account is that, in this way, it is possible to double the limits of transactions, for example, the daily withdrawal limit. And still facilitate the transfer and deposits.

Remembering that, to activate your savings account linked to the current, just make a deposit in it.


Although the rules and fees are the same, each bank has some types of savings account. In general, they differ between accounts made available to account holders and non-account holders.

But while some banks work with only one type of savings account, in others there are different types, see an example:

  • Common savings: Open automatically with the first deposit.
  • Savings Salary: Just authorize your credits to be made directly in your savings account. However, you will only be able to redeem using a checking account.
  • Poupex Savings: In this modality you can still claim the dream of owning your home, as the funds raised are invested in real estate financing and managed by the Savings and Loan Association (Poupex).


Be sure to also analyze how much the extra fees charged by the bank cost. According to CMN Resolution 3,919 ( 1 ) , banks cannot charge fees on services considered essential to the savings account.

However, in transactions that exceed the free limits provided, banks may still charge additional fees. So check out the lowest rates.



The savings account has pros and cons. It is still one of the safest ways to save money, even if it has low income.

But since, in general, it is linked to the current account and does not charge fees for basic services, the savings account is very popular.

To choose the best savings account, it is worth considering the quality of service provided by the banks and the type of account that is offered.


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