Tesouro Direto 2026: Complete Guide for Beginners and Experienced Investors
Tesouro Direto is the Brazilian federal government program that allows individuals to buy public bonds directly over the internet, starting at just $30.00. It is considered the safest investment in Brazil — guaranteed by the federal government itself — and at the same time accessible to any investor.
With the Selic rate at high levels in 2026, Tesouro Direto offers competitive returns with excellent liquidity. But there are different types of titles, each suitable for different purposes. This guide explains everything.
Use our Treasury Direct Calculator to simulate the net yield of any bond.
Why is Tesouro Direto considered the safest investment?
Treasury Direct is issued by the Brazilian Federal Government. When you buy a Treasury bond, you are lending money to the government, which promises to return the principal at the agreed interest upon maturity (or when you sell).
Guarantee: As the risk of default by the federal government is practically zero (a possible government insolvency would be a systemic collapse that would affect all investments), Tesouro Direto is considered the zero-risk reference asset in Brazil.
Comparison with savings: Savings are guaranteed by the FGC (Credit Guarantee Fund) up to $250,000 per CPF per institution. The Treasury Direct is guaranteed directly by the federal government — without limit.
The Three Main Types of Treasury Direct Bonds in 2026
1. Selic Treasury (LFT)
What it is: Yields 100% of the Selic rate (the basic interest rate defined by COPOM). Yield rises and falls as the Selic changes.
Features:
- Daily liquidity (can redeem at any time without risk of loss)
- Does not suffer mark-to-market with significant negative variation
- Ideal as an emergency reserve or short-term application
When to use: For emergency reserves, short-term goals (up to 2 years) or when the Selic rate is high.
Estimated income 2026: ~14.75% gross per year (Selic 2026)
2. Treasury IPCA+ (NTN-B)
What it is: Yields accumulated inflation (IPCA) + a fixed real interest rate agreed upon purchase. Guarantees real purchasing power over time.
Features:
- Real income protected from inflation
- Mark-to-market — may present negative profitability if sold before maturity
- Ideal for long-term goals (retirement, property, education)
When to use: For long-term goals where you won't need the money before maturity.
Estimated income 2026: IPCA + 6.5% per year (approximate real rate, varies by maturity)
With coupon (NTN-B): Pays interest every six months — recommended for those who want periodic income (e.g. retirees). No coupon (NTN-B Main): Pays no coupon — accumulates all income at maturity. Better for those who reinvest.
3. Prefixed Treasury (LTN / NTN-F)
What it is: Fixed rate defined at the time of purchase — you already know exactly how much you will receive if you load until maturity.
Features:
- Fixed and predictable income if maintained until maturity
- Subject to mark-to-market — may have negative profitability if sold in advance in a high interest rate scenario
- Ideal when rates are high and you believe they will fall in the future
When to use: When you want to lock in a high rate with certainty of return until maturity.
Estimated income 2026: ~14% per year gross (fixed rate)
Comparative Table of Treasury Direct Bonds 2026
| Criterion | Selic Treasury | Treasury IPCA+ | Prefixed Treasury |
|---|---|---|---|
| Indexing | Selic (post-fixed) | IPCA + fixed rate | Fixed rate (prefixed) |
| Risk of loss before maturity | Minimum | Medium | Medium to High |
| Liquidity | Daily | Daily (but with variation) | Daily (but with variation) |
| Ideal for | Reservation + short term | Long term | Medium/long term |
| Inflation protection | Indirect (Selic ≥ inflation in most years) | Direct (IPCA + real interest) | No |
| Estimated current income | ~14.75% p.a. | ~IPCA + 6.5% p.a. | ~14% p.a. |
Income Simulation: How much does $10,000 yield in Tesouro Direto?
Considering: Investment of $10,000.00 in January 2026, Selic at 14.75%, estimated IPCA of 5%, IPCA+ rate of 6.5% and Prefixed at 14%.
Selic Treasury (14.75% gross p.a.)
| Deadline | Gross Value | IR (20%) | B3 rate (0.2%/year) | Net Value |
|---|---|---|---|---|
| 1 year | $ 11.475,00 | −$ 295.00 | −$ 23,00 | $ 11,157.00 |
| 2 years | $ 13.167,81 | −$ 516.78 | −$ 47,00 | $ 12,604.03 |
| 5 years | $ 20.000,73 | −$ 1,600.15 | −$ 120,00 | $ 18,280.58 |
Treasury IPCA+ (IPCA 5% + 6.5% real ≈ 11.8% real; gross ~17.5%)
| Deadline | Gross Value | IR (15% after 2 years) | Net Value |
|---|---|---|---|
| 2 years | $ 13.530,25 | −$ 529.54 | $ 13.000,71 |
| 5 anos | $ 22,710.00 | −$ 1.906,50 | $ 20,803.50 |
| 10 years | $ 51.582,00 | −$ 6,237.30 | $ 45,344.70 |
(Approximate values — real income depends on accumulated inflation)
Direct Treasury Taxation
Income Tax (IR)
The IR at Tesouro Direto follows the regressive table — the longer the money is invested, the lower the rate:
| Application Deadline | IR rate |
|---|---|
| Up to 180 days | 22.5% |
| From 181 to 360 days | 20% |
| From 361 to 720 days | 17.5% |
| Over 720 days | 15% |
IR is only applied to income — not to the principal invested.
Other Costs
- B3 Rate: 0.20% per year on the amount invested (charged on the total, not on the income)
- Broker custody fee: Most exempt brokers (XP, Nubank, Itaú, BTG) already charge 0% — check before opening an account
- IOF: Applies to the first 30 days of application (regressive table from 96% to 0%)
How to Buy Direct Treasury Bonds
Step by step
- Open an account with a qualified broker: Nubank, XP, BTG, Itaú, Bradesco, Banco do Brasil, Rico, Clear, among others
- Access Tesouro Direto through the broker's website or through the portal Tesourodireto.com.br
- Choose the title: Selic, IPCA+ or Prefixed, with the maturity that best suits your objective
- Define the value: From $30.00 (or 1% of the bond's face value, whichever is greater)
- Confirm purchase: The title is registered with B3 (Brazilian stock exchange) in the name of your CPF
Purchase Channels:
- Tesouro Direto Portal (tesourodireto.com.br): free, but requires an account with a qualified broker
- Your broker's application (more practical for everyday life)
- Banco do Brasil branches (if you have a bank account)
When to Sell a Bond Before Maturity?
Tesouro Direto guarantees daily repurchase of bonds by the government. But the buyback price is calculated by market value (mark-to-market) — not necessarily the amount you paid.
Situations where selling before expiration may be problematic:
- Prefixed Treasury or IPCA+: If interest rates rise after your purchase, the market price of the bond falls. Selling in this scenario can generate lower-than-expected profitability or even a loss.
- Selic Treasury: Practically no risk of loss when selling early — monitors the Selic daily.
Rule of thumb: Only invest in IPCA+ or Prefixed Treasury money that you are sure you will not need before maturity.
Frequently Asked Questions (FAQ)
1. Is Tesouro Direto safe for emergency reserves? The Selic Treasury is excellent for an emergency reserve — it has daily liquidity, profitability close to the Selic and practically zero risk. The only caveat is that the redemption takes 1 business day to reach the account (unlike savings, which are immediate). For urgent emergencies, keep a minimum amount accessible on a daily basis.
2. Which security yields more in the long term? In the long term, the IPCA+ Treasury tends to offer the best real returns (above inflation), especially in times of rising real interest rates (such as in 2026). The Prefixed Treasury can be more advantageous if you buy at high rates and they fall — capital gain on mark-to-market. The Selic Treasury has a more predictable return but a lower risk premium.
3. What is mark-to-market and why does it matter? Mark-to-market is the daily update of the security's price based on current interest rates. When rates rise, prefixed and IPCA+ bonds fall in price (you would sell for less than you paid). When rates fall, these bonds rise. The Selic Treasury does not suffer this effect significantly.
4. Is there any risk of losing money in Tesouro Direto? The risk of default by the Brazilian federal government is extremely low. The main risk for the investor is mark-to-market (selling before maturity at unfavorable rates). If you carry any bond to maturity, you will receive exactly the agreed yield.
5. Can I reinvest IPCA+ Treasury interest with a coupon? Yes, but manually. The IPCA+ Treasury with coupon pays interest every six months to the brokerage account. To reinvest, you must buy bonds at that interest again. There is income tax on each coupon payment, which reduces the efficiency of compound reinvestment. For those who want to maximize the effect of compound interest, the IPCA+ Treasury without coupon (Principal) is better.
6. What does the Treasury Direct look like in the Income Tax declaration? The IR at Tesouro Direto is deducted at source (withheld by B3) at the time of redemption. In the annual IRPF declaration, you must inform the Treasury Direct income in the "Income Subject to Exclusive/Definitive Taxation" form — the IR already withheld does not need to be paid again.
7. Does Treasury Direct have quotas like investment funds? No. Tesouro Direto does not have quotas — the semi-annual advance of IR that occurs in investment funds does not apply to Tesouro Direto. IR is only charged upon redemption or maturity, which makes the Treasury's net income more efficient than funds taxed semi-annually.
8. Can I inherit a Treasury Direct bond? Yes. In the event of the holder's death, the titles go through the inventory process and are transferred to the heirs. B3 provides specific procedures for transfer of causes of death. It is also possible to designate an attorney via registered power of attorney to manage the securities in case of incapacity.
Simulate Your Income at Tesouro Direto
Before investing, simulate the net income after IR and fees for the security and term you are considering.
Access the Treasury Direct Simulator — compare the three types of bonds for your specific objective and deadline.
Related calculators:
- Compound Interest Calculator — understand the effect of interest over time
- CDB, LCI and LCA calculator — compare the Treasury with private fixed income
- CAGR Calculator — calculate the compound annual growth of your investments
- Retirement Simulator — use the IPCA+ Treasury to plan your retirement