Brazil Investment Comparison
Compare the net return of CDB, LCI/LCA, the savings account (poupança) and Tesouro Direto over the same amount and term, after income tax, IOF and fees.
Brazil — income tax table of Lei 11.033/2004, IOF of Decreto 6.306/2007, savings rule of Lei 12.703/2012 and the B3 custody fee, as checked on 10/24/2026.
Estimate for guidance only: check the official sources or a licensed professional before relying on it.
Frequently asked questions
When is an LCI or LCA better than a CDB?
When its percentage of CDI is higher than the CDB percentage multiplied by (1 − income-tax rate). For a term of 361 to 720 days, an LCI at 90% of CDI matches a CDB at about 109% of CDI.
Why does the savings account show no yield for short terms?
The savings account pays only on each monthly anniversary of the deposit. Money withdrawn before the anniversary earns nothing for that month.
Where do the CDI, Selic, IPCA and TR values come from?
From the public time series (SGS) of the Banco Central do Brasil, refreshed every six hours. If the service is unavailable, the page uses the latest reference values shown in the table.
Is the Tesouro Direto result guaranteed?
Only if you hold the bond to maturity at the contracted rate. Selling before maturity uses the market price of the day, which can be higher or lower.
Related calculators: Compound Interest · Annual vs Monthly Interest
How the investment comparison works
This calculator is made for Brazilian investors who want to know where the same money earns more over the same term. It compares six options side by side: a CDB paying a percentage of the CDI, an LCI or LCA (exempt from income tax for individuals), the savings account (poupança), Tesouro Selic, Tesouro Prefixado and Tesouro IPCA+. You enter the amount, the investment date and the term in calendar days, plus the rate each product pays. The CDI, Selic, IPCA and TR fields come prefilled with the latest values published by the Banco Central do Brasil, and you can overwrite any of them to test another scenario.
Business days are estimated as the calendar days times 252 divided by 365. CDB and LCI follow the daily CDI factor multiplied by the contracted percentage; the Tesouro bonds compound their annual rate over the same business days. The result is reduced by the regressive income tax of Lei 11.033/2004 (22.5% to 15%), by the IOF of Decreto 6.306/2007 on redemptions within 30 days, and by the B3 custody fee of 0.20% a year, with Tesouro Selic exempt up to R$ 10,000. The savings account follows Lei 12.703/2012 (0.5% a month plus TR, or 70% of the Selic) and pays only on each monthly anniversary.
Example: R$ 10,000 for 365 days with the CDI at 13.65%. A CDB at 100% of the CDI grows to R$ 11,365.00 gross and nets R$ 11,126.12 after 17.5% income tax. An LCI at 90% of the CDI nets R$ 11,220.54 with no tax, ahead of the CDB. The savings account ends at R$ 10,778.55 and Tesouro Selic at R$ 11,133.24. Limitations: rates change over time, the business-day count ignores holidays, Tesouro prices before maturity vary with the market, and banks may charge fees that are not included here.