The Livret A is not the only investment to seduce savers looking for good returns. The popular savings account (LEP), reserved for French people with modest incomes, but now attractive remuneration (6.1% since February 1), has also seen its collection jump in recent months. The number of LEPs increased from 8.2 million to 9.6 million between November 2022 and March last year, according to the Bank of France. The popular savings account "finally takes off", welcomed the governor of the Bank of France, François Villeroy de Galhau, this Wednesday, on the occasion of the publication of the annual report of the Autorité de contrôle prudentiel et de résolution (ACPR). From November to the end of March, nearly 300,000 booklets were opened each month in financial institutions. A high pace. "I invite the banks to continue this progress," said François Villeroy de Galhau.
This old investment, born in 1982, has long been neglected. It regains some of its superb with the rise in rates. And for good reason. It is now the only regulated savings product to outperform inflation (5.9% in April 2023 year-on-year). In fact, the remuneration of this booklet is directly related to the rise in prices. As a result, it has only risen in recent months (2.1% in February 2022, 4.6% in August 2022, then 6.1% now).
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But that's not all. Like the Livret A, it is a liquid investment, guaranteed, free of charge and totally tax-free. "The French who are eligible for it are not idiots. They see that this investment is unbeatable. This explains the increase in collection. It's common sense," says Cyril Chartier-Kastler, founder of the specialized site Good Value For Money. The progression of this product has been constant for two years. The number of open LEPs increased from 6.9 million at the end of December 2021 to 8.3 million at the end of December 2022 and 9.6 million at the end of March 2023. Outstandings increased from €41.2 billion in March 2022 to €55.14 billion in March 2023. The next figures from the collection are expected on June 6. "I hope this trend will continue," said François Villeroy de Galhau.
Facilitated adoption
Eighteen million French people now meet the income criteria of the LEP (21,893 euros per year for a single person, 32,818 euros for a couple). "The potential for progress seems important to me. It is the best product to protect the savings of the less privileged French against inflation, "says the governor of the Bank of France. Moreover, the tax administration has spared no effort in recent months to inform taxpayers of the existence of this savings product. An information campaign was launched last year, and millions of emails were sent to eligible French people to raise awareness. The last one took place last February. The conditions for opening a SARA have also been simplified since 2020. It is no longer necessary to present a tax notice when opening an account or to justify compliance with income limits. This will make it even easier to adopt.
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