Opening bonuses and rate boosts on booklets have multiplied in recent months. And it can be tempting to close your newly opened savings account to subscribe to another elsewhere in the crowd and receive a new bonus or improved rate. Is there a risk if you close your booklet too quickly?
Question from Marc, received in July 2023
Can I withdraw money placed on a boost rate savings account for a maximum of 3 months, and repeat the same operation with another establishment?.
Marc, like many savers, you have seized the opportunity offered by certain establishments to open a savings account with a boost rate for the first few months. Indeed, all means are good to attract new customers and banks have been competing with welcome offers and boosted rates since the beginning of the year.
At the moment, for example, the BforBank passbook rate is increased by 3.50% for 3 months. The Ramify savings account, for its part, displays a boost rate 4% for 2 months, while the Cashbee passbook account also yields 4%, but this time for the first 3 months. Attractive rates, which are on a hard generally not exceeding 6 months. Once the period of the promotional offer has expired, the basic nominal rate is applied. And this one is often less attractive. On our comparator of the best booklets, it is at maximum of 2.75% gross. It is important to note that these are also tax booklets. They are therefore subject to the single flat-rate levy (flat tax).
Welcome offers under conditions
It is possible to open several bank savings books, in different financial institutions. In theory, therefore, you can completely close your recently subscribed booklet to open another elsewhere if you wish. Nevertheless, be sure to check the conditions mentioned in your contract so as not to have any unpleasant surprises.
Because whether it’s welcome bonuses, sponsorship offers or boost rates, they are often reserved for new customers, and subject to conditions. The latter thus vary from one establishment to another, since they are free to apply their own methods concerning the savings accounts. To take advantage of a reduced rate, you may be required to comply with a minimum holding periodnot to already hold a savings account within the same establishment, or to open a bank account within the bank which markets the savings account.
For example, the current offer for the Livret + at Fortuneo requires the new customer to hold a deposit account with the online bank. Thus, he can benefit from a bonus of 4% gross for the first 4 months, within the limit of 100,000 euros. Beyond this amount and after expiry of the promotion, the savings are remunerated at the gross nominal rate. In addition, the subsidized rate is also conditional on the maintenance of the Livret + until December 31, 2023.
During a promotional offer valid until July 15, 2023, Renault Bank not only offered a welcome bonus of 80 euros for any first opening of a Zesto Savings Account, but also a 3% boost rate for 4 months, within the limit of 75,000 euros deposited. Beyond that, the standard rate of pay applied. If the offer expired today, Renault Bank was asking what the booklet remains open until the end of the year 2023. Similarly, the outstanding balance had to have been maintained at a minimum of 50,000 euros between July 31 and December 31, 2023 to retain the benefits of the offer.
Same observation at Distingo Bank during the last promotional offer offered last May on the occasion of its 10 years of existence. To take advantage of the 4% bonus rate for 3 months (up to the limit of the first 100,000 euros paid) on the Distingo savings account, the establishment asked the customer what keeps its booklet until December 31, 2023.
Online banking: When is the welcome bonus paid?
The advantages of the savings account
One of the main advantages of the livret fiscalis lies in its capping. When the ceiling for the Livret A is set at 22,950 euros, the amount of the maximum deposit authorized for the bank savings account can reach several million euros. At Boursorama Banque and Monabanq, it is even unlimited. On the other hand, the money paid into the account has the advantage of remaining available.
Furthermore, it is a risk-free investment. There is no risk of losing money, even if the bank in which the passbook is opened goes bankrupt. The deposit guarantee and resolution fund covers savers up to a certain amount. Regarding the opening or closing of the booklet, there is no no fees charged. Finally, for management, everything happens online. You can easily make your deposits and withdrawals on a ddi personal space.
Comparator of offers on the best bank books