How much does 500,000 earn in savings?

Want to find out how much 500 thousand in savings yields? Read this text until the end!

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Savings is one of our first investments. Although it is referred to as an investment, many experts do not consider it as one.

One of the reasons is its low profitability, as it does not maintain the investor's purchasing power.

Despite this, it can be a good tool for those who want to start saving. Read the text and find out how much your money earns in savings account, taking as an example a contribution of R$500 thousand.

How does the savings account work?

The savings account is a product offered by all banks. The yield offered is the same, regardless of the bank you choose to save your money.

This is because the rate is pre-established by the government itself, and it is defined from the Selic rate, therefore, no bank is authorized to touch savings income.

The amount invested receives interest on each anniversary, in short, this date is the same as the date you made the contribution.

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In other words, when you complete a month of investing in savings, the amount will receive an increase.

If you withdraw the invested amount before the anniversary date, you will not receive the income.

How is the savings account yield calculated?

As already mentioned, savings income is linked to the Selic rate, this rate is determined by Copom in a meeting that takes place every 45 days.

This means that giving a response of How much does 500 thousand yield in savings? may vary depending on the moment.

In addition to be directly linked to the Selic rate, the yield on the savings account also depends on the TR (Reference Rate).

However, the Reference Rate has been zero since 2017.

Since 2012, savings accounts have been following a new rule, with the following two scenarios making up the new rule. Please note:

When the Selic rate starts at 8.5% per year, savings will yield 0.5% per month + TR.
When the same rate is below or equal to 8.5% per year, the savings account will yield 70% of the value of the Selic rate + TR.

Of course, the basic market interest rate is what influences the yield. However, the amount deposited and the redemption time are also major influencers.

The greater your contribution and the longer it remains invested, the greater the returns will be.

What is the best date to deposit money into savings?

If you plan deposit money into the savings account, did you know that there is an ideal date for this?

The best day to deposit into savings is always the 1st of each month. Generally, amounts deposited on the last days of the month, for example, the 29th, 30th and 32nd, will also have their anniversary on the 1st.

How much does 500,000 earn in savings?

The current Selic rate is 13.75% per year, if you leave R$500 thousand in the savings account for 1 year, you would redeem approximately R$530,850.00.

See the table below:

Initial contribution value	Profitability	Ransom value
R$500 thousand	6.17% per year (0.5% per month +TR)	R$530,850.00

Which digital accounts have integrated savings?

Traditional banks offer savings accounts to their customers, however, digital accounts typically do not offer this product to their customers.

However, they offer income accounts with a higher yield than savings.

Despite this, there are some banks that offer savings integrated into the current or digital account.

This means customers can save money and still enjoy the benefits of a checking account.

Furthermore, you don't need to open two accounts, the savings and checking accounts have the same number.

Take advantage and also read 👉 Nubank Simulator: find out how much your money earns in the Nu Account

1. Woop Sicredi

The Sicredi credit union offers a digital account to its customers. In their digital account, customers have access to many services.

There are two plan alternatives, one free and another that costs R$1,400,90 per month, but offers more advantages.

A Woop opening is done through the app and offers services such as:

Free and unlimited transfers between Wopp and Sicredi accounts;
Investments;
Loyalty Program;
International credit card with no annual fee;
Personal credit.

One of the differences of this bank is that the amount invested in Sicredi Savings is always invested in the bank in your region.

2. Next

Next bank is the first digital bank to offer a savings account. This service is integrated with the current account and is available to customers who sign up for the unlimited package for R$$9.90 per month.

In addition to saving your money, you also enjoy the advantages offered by Banco Next.

In the app, you have access to many services and features that help you manage your finances.

Among the main services and features found in your digital account, we highlight, for example:

Investments;
Credit card;
Loans;
Next Joy;
Pix;
Next Shop;
Insurance;
Transfers via WhatsApp;
Open Finance;
Cashback;
Discounts and offers at partner stores.

So far, Next and Woop Sicredi are the only digital banks with savings integrated into the checking account. But we have another traditional bank option where the account is controlled via an app.

Check it out!

3. Caixa Integrated Savings

Caixa also offers a savings account linked to a checking account. To open a savings account, you must be a Caixa customer and already have an account with the bank.

The application process must be completed at a Caixa branch or Caixa Aqui correspondent. However, to activate the integrated savings account, the customer must make the first application through the app.

When you apply for integrated savings membership, you do not need to open a new savings account.

Conclusion

Did you enjoy discovering? How much does 500 thousand yield in savings??

In addition to being a form of fixed income investment, the savings account is one of the most traditional and safe products on the market.

It even has a Credit Guarantee Fund guarantee.

With savings integrated into your checking account, you save money and still enjoy the benefits of a checking account.

Discover also how to calculate the CDI to invest better.

Written by Nara Updated on July 6, 2023

Financial Education