Brazil Savings Accounts Post Record September Outflow of R$15 Billion

Overview

• The Central Bank reported a net withdrawal of R$15.0 billion in September, the largest negative balance for any September since the series began in 1995.
• Net outflows reached R$78.5 billion from January to September, already surpassing the full‑year 2024 drain of R$15.5 billion.
• The savings stock stood near R$1.01 trillion, down 0.84% from August and 0.91% year over year, with R$6.4 billion in credited returns softening the decline.
• September saw R$356.6 billion in deposits and R$371.6 billion in withdrawals, marking a third consecutive monthly deficit after brief inflows in May and June.
• Analysts cite the high policy rate favoring Tesouro Direto, CDBs and CDI, and the Central Bank has signaled work on alternatives as savings become a less stable base for housing credit.