Capitalization bonds are a kind of programmed savings regulated by the Superintendence of private insurance (SUSEP). By acquiring one, you make one or more payments for the purpose of receiving them back after a certain period. In this interval, if you have paid the parcels in a day, you compete for cash prizes. To say that capitalization title is investment is a mistaken way to see the product. In practice, the income of the bonds is almost nil and is still subject to the collection of the income tax. Some experts often compare them to the old practice of saving money under the mattress. "The capitalization title has a very low income (less than savings) and is only advantageous if the person is drawn. For this reason it should be considered as a game, in the same way as those that occur through the Federal lottery. Every month you pay a predetermined amount, which may be just over R $30, and compete for cash prizes, "explains Marcela Kawauti, chief economist at SPC Brazil. It is worth remembering that a significant portion of what you pay goes to the reservation call that the bank constitutes to pay the prizes. Thus, if you withdraw your money before the grace period, you cease to participate in the Sweepstakes and you will still lose a portion of the amount invested.

What are capitalization title quotas?

When you read the purchase agreement for capitalization securities, you are in three types of quotas. Understand:

• Capitalization quotas: It is the percentage that is monetized and that, in fact, will be destined to the formation of capital to be redeemed by you at the expiration of the title.

• Draw quotas: It is the percentage that costs the sweepstakes. The sweepstakes are not giveaways or pleasantries of the issuer of the bonds, they are made with a percentage withdrawn from the amount that you and other people pay monthly. Therefore, the higher the value of the prizes, the larger the parcels to be paid.

• Loading quotas: This is another discounted percentage of each paid amount to cover operating costs and expenses, such as administration fees and customer service services.

Title of capitalization worth?

Many people who are committed to making monthly payments when acquiring a product of this type believe that capitalization is investment – and understand that this is a way to create the discipline needed to save. But stay tuned: Your income is almost nil. "The managers of the bank agencies usually offer this product, but they are not only investment consultants, but sellers. Capitalization bonds end up conquering many consumers under the argument of being a ' forced savings ', since if you withdraw the money before the shortfall, you will lose a portion of the total and the right to participate in the sweepstakes. That encourages people to keep their money in the bank. Its big problem, however, is that it yields very little and it would be worth much more to allocate its financial reserve in investments, even if it were the traditional savings, "says Marcela. You want to replace them? If the idea is to invest in some product that cannot be redeemed before maturity, so that your money is applied without you being able to move, opt for fixed income securities with grace period. If the problem is the risk of forgetting to save monthly, there are some brokers that make automatic application in actions of interest to you. There are also investment modalities in which you can program by automatic debit, such as the direct treasury papers or the savings booklet, which even if you do not have the best market performance, is more advantageous than capitalization bonds.

I already have a capitalization title. Now what?

Unless you've been drawn at some point, if you put everything on the tip of your pencil, you'll probably realize there's been a loss. Still, trying to withdraw money before the end of the plan is not a good idea, as quota charges will make the redemption value less than the amount initially applied. The way is to wait for maturity and never get into it. And in case of problems, it's always worth looking for SUSEP's guidance.   With my happy pocket