THE P. The popular savings account rate will decrease from August 1, 2023. Explanations.
LEP will yield less, that’s for sure. The popular savings account will be less interesting than at present in the coming weeks since from August 1, 2023, its rate will only be 5.6%, against 6.1% today. The decision will be formalized by Bruno Le Maire, Minister of the Economy, this Thursday, July 13, 2023, in the 1 p.m. newspaper of TF1. For households that can benefit from this savings scheme, the return will therefore decrease. A mechanical calculation and not a political decision: the rate of pay corresponds to the average inflation over the last six months.
Since February 1, 2023the LEP rate reached 6.1% as announced by the Minister of Economy Bruno the Mayor, during January. But that will vary. With such a rate, here is the interest you can expect to earn at the end of the year:
- Savings of 1,000 euros: 61 euros interest
- Savings of 2,000 euros: 122 euros interest
- Savings of 3,000 euros: 183 euros interest
- Savings of 5,000 euros: 305 euros interest
- Savings of 7,700 euros: €469.70 interest
It is possible to place up to 7,700 euros on a LEP, excluding capitalized interest. It is therefore possible to continue to capitalize interest once the ceiling has been reached. No operation can have the effect of making the account debit. The minimum down payment on LEP is set at 30 euros. Also, the reference tax income must not exceed certain limits, which are fixed according to the composition of your household. Here are the limits that apply this year:
- 1 slice: €21,393
- 1.5 slices: €27,106
- 2 slices: €32,818
- 2.5 servings: €38,530
- 3 slices: €44,243
- 3.5 servings: €49,955
- 4 slices: €55,668
- Per additional half share: €5,712
When the investor’s income exceed these limits over the course of a year, he can keep his THE P if his income for the following year goes back under the eligibility limit.
Only persons whose tax residence is located in France can request the opening of a LEP. Only one LEP can be subscribed per person, within the limit of two booklets per tax household. Opening a popular passbook is then conditional on the level of income of the subscriber. It is also necessary to be major and of no longer be attached to the tax household of his parents.
In order to facilitate access to this savings product, Bruno Le Maire had announced a simplification of the opening conditions. “The presentation to his bank of a tax notice at the opening of a LEP will no longer be mandatory“, he explained. “Same for the annual audits. It will be up to the bank to check the eligibility of the saver with the tax authorities”. Since March 15, 2021a bank can directly take care of contacting the tax authorities to verify that you meet the conditions for opening and holding a LEP.
The role of A booklet may look like a precautionary savings. It is advisable to place two to three months’ salary on this savings product. Revalued up to 3% At 1er February 2023THE A booklet benefits from a higher ceiling than the LEP, €22,950 for an individual. Only one booklet A per person is authorized.
However, the LEP remains more than interesting for low incomes. Its rate is more than twice as profitable as that of the Livret A, with 6.1% remuneration since February 1, 2023. “It is a product with a capital guarantee and total liquidity which is extremely attractive. There is no equivalent in terms of remuneration on short-term savings” , analysis Philippe CrevelDirector of the Cercle de l’Epargne.
The taxation of THE P is modeled on that of A booklet. This savings product is totally tax-exempt. In other words, the THE P is not subject toincome taxto social contributions, whose generalized social contribution (CSG) and the contribution to the repayment of the social debt (CRDS), nor to the flat tax To 30% on capital income. Thus, the interest received is not to be mentioned in the annual tax return.
It is possible to request at any time and free of charge the closure of a LEP according to the terms set out in the contract. single letter, registered letter with acknowledgment of receipt or form are conceivable. THE THE P remains open as long as the eligibility conditions related to income tax are met. For this, it is necessary to send an annual tax notice to the bank, unless it decides or proposes to approach the tax authorities directly to check herself that detention conditions of this savings product. are well respected.