The French who see their woolen socks eroded by inflation are not without resources. Indeed, some products protect better than others from rising prices. This is the case of the popular savings account (LEP) reserved for low-income households, which today yields 6.1%. What to do much better than the booklet A and its rate of 3%. The French who are entitled to it are not insensitive to it. 9.6 million of them held an LEP at the end of June, i.e. 1.3 million more than at the end of 2021. A great success for this placement, which was largely unknown just a few months ago.
But it is possible to do even better, estimates the Banque de France, which wants to reach 12.5 million holders by 2024. “This objective is equivalent to 2/3 of eligible households (18.6 million Editor’s note). With 3 million net openings by 2024, the number of LEPs will have almost doubled in two years. I believe that this is an excellent thing for the protection of savers”, indicated François Villeroy de Galhau, the Governor of the Banque de France, on the occasion, this Tuesday, of the publication of the annual report of regulated savings. .
To achieve this, LEP will benefit from two boosts. First, the rate, which depends on inflation, will be set at 6%. It’s better than expected. Strict application of the usual formula would have resulted in a yield of 5.6%. A good point for savers, especially since, conversely, the Livret A account will see its rate stagnate at 3% on August 1, so as not to penalize social housing as the money placed inside these financial booklets.
But that’s not all. The LEP ceiling will also drop from 7,600 euros to 10,000 euros. What have a strong impact on deposits. Indeed, nearly one out of two households holding a LEP is at the ceiling of this booklet.
Finally, the Banque de France will also put pressure on the banks to disseminate this popular placement more widely. “Half of the people eligible for this product have a booklet A, but no LEP. It is not logical given the levels of remuneration of these two booklets”, pointed out François Villeroy de Galhau. “This placement suffers from a lack of notoriety. We must remedy this, with the mobilization of the banks.
Since 2021, bank advisors have the possibility, in connection with the tax authorities, to immediately know the eligibility of their clients. The DGFIP sent a letter to taxpayers eligible for LEP to notify them. Enough to allow the French who are entitled to it to be sure not to miss out on this product.
