From August 1st, this account will bring in much less income for millions of savers

For many years, people who want to secure their money and make it grow without taking big risks have entrusted their savings to their bank. The bank then offers them different financial products, each of which has its advantages. Among them, there are savings accounts which are generally very popular with the French. Indeed, the funds deposited are guaranteed by the State, the money can be withdrawn at any time without penalty, and above all, they are quite attractive thanks to interest rates that are very often tax-free. These rates are set by the public authorities, which sometimes turn into a tidy sum. Some savings plans are therefore more advantageous than others.

One of them had the most attractive rate of return just a few months ago. It had been set at 6% since August 1, 2023. With a ceiling of 10,000 euros, it could earn its holder up to 600 euros in interest at the end of the year. But since February 1, 2024, its rate has dropped to 5% and this will happen again this summer. From August 1, 2024, this savings product will lose its value again…

This is the popular savings account (LEP), which is held by 10 million French people with modest incomes. Indeed, the yield of the LEP will go from 5% to 4% this summer. A decision taken by Bercy and which was at the very least predictable given that the rate is revised on average twice a year. “depending on the level of inflation” observed over the last six months, indicates the Public Service website.

“The minister decided, in conjunction with the governor of the Bank of France, to set the LEP rate at 4%” And this “while the calculation formula gives a rate of 3.6%”indicated Bruno Le Maire’s office. A measure which “allows households holding [d’un LEP, ndlr] to continue to benefit from a very protective return on their savings”, judges the BdF in a press release. However, in the end, the interests will not be as fruitful for savers compared to previous years.