All signals were leading to a 2.50% increase in the remuneration rate for PELs opened from January 1, 2024. But it will be 2.25%: the rate was published in the Official Journal on Friday December 15.
The annual nominal interest rate of remuneration for home savings plans is set from January 1, 2024 at 2.25%: the notice relating to the remuneration rate for PELs was published in Official newspaper.
Consequently, in 2024, opening a housing savings plan (PEL) will guarantee you a remuneration rate of 2.25% medium or long term, for 15 years at best if you keep your PEL as long as possible. After income tax and social security contributions (30% in total, the famous flat tax on savings products), the net remuneration rate for the new PELs will therefore be 1.575%. And if you keep your plan for at least 3 years, the rate of the home savings loan will be 3.45%.
For comparison, currently, a PEL opened in 2023 yields 2% gross, or 1.4% after tax. And the PEL loan for plans opened in 2023 will be 3.20%. Important reminder: if you already have a PEL, the rate applied since the opening of your plan does not change. The new rate of 2.25% only concerns future plans, opened from January 1.
A rate slightly lower than expected
Bercy had announced that the suspense on the rate of the new PELs would be lifted by December 15. It is RMC who revealed the information on Thursday December 14, which was then confirmed to the press by the Minister of Economy and Finance: the new rate is indeed 2.25%, by application of the calculation formula, the result having been communicated at the beginning of December by the Banque de France Bercy. This is the rate calculated by the Bank of France on the basis of the evolution of long-term interest rates (planned mathematical formula), affirms Bercy Invest-Les Echos.
In fact, doubt has been allowed for several months, between 2.50% and 2.25%. But the recent trend unambiguously led to a rate of 2.50%, as confirmed by the economist specializing in savings issues Philippe Crevel, MoneyVox, at the beginning of December. Because the complex calculation formula based on the rates swap (money market rates) brought 2.297% at the end of October. Missing the result at the end of November… or the rates swap did not fall in November. And the rule provides for rounding up to the next quarter point. They have not updated it to a quarter of a point higher, judge Philippe Crevel, who mentions a minimum increase in yield and recalls that the Court of Auditors had criticized this savings product because of its previous high rates.
Contacted by MoneyVox to explain this result, which was surprisingly lower than expected, the Banque de France did not comment and Bercy has not yet responded.
At 2.25%, the PEL will remain an investment for a real estate project
In fact, whether the rate is 2.50% or 2.25% does not change the situation: the Livret A will do better, 3% net of tax, over the entire year 2024! At 2.25%, the PEL remains less attractive than the Livret A or the LDDS. It is also less than term deposits or euro life insurance funds, comments Philippe Crevel, director of the Savings Circle. On the other hand, in the face of high real estate rates, home savings loan rights acquired through a PEL can be advantageous.
New ELP: remember
- Yield: 2.25% from January, rate potentially blocked for 15 years if you open a plan in 2024
- Loan duty rate: 1.20 points higher, 3.45%. Please note: the scope of housing savings plans (PEL) has changed significantly this year, with an expansion to the financing of energy renovation work on buildings.
At the end of 2022, the number of PELs stood at 11.3 million, according to data from the Banque de France, for a total outstanding amount of 288 billion euros.