The housing savings plan is a totally separate investment. With a double rate, 2%, in 2023, it is once again attracting attention… and questions. Hence the question from Michel, who admits that he does not understand how his interest will be calculated in the event of the early closure of his PEL.
Question from Michel, January 9, 2023
I opened a PEL in July 2021 with 50,000 euros. I want to cancel it and open a new one to take advantage of the new rate. I understand that interest is forfeited and recalculated at the CEL rate. I don’t quite understand.
Your misunderstanding is completely legitimate, Michel, since the operation of the PEL is anything but instinctive… Unlike almost all other consumer bank savings products, the rate that applies throughout the life of the plan is that which appears in the contract, the opening.
If you keep it, your housing savings plan opened in July 2021 will be remunerated at 1% gross (0.70% after flat tax) throughout its lifespan. Your desire to close it to open one that pays 2% gross (1.40% after flat tax) is logical, even if we must not omit the aspects linked to the home savings loan, which MoneyVox develops in the following article . That being said, let’s now tackle the question of interest in the event of a release…
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A very unusual windfall effect with the rise in the CEL rate
Regarding your interests, despite your apparent incomprehension, Michel, you have finally understood the principle. By breaking your PEL now, you will not reach the 2 years of detention. Your interests won’t be lost but well and truly recalculations at CEL rate, today paid 1.25% (i.e. 0.88% after flat tax). In fact, something unusual, the rate of the housing savings account is currently higher than that of your PEL.
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So is it such a bad operation? No… Especially if you wait a bit before breaking your CEL. As MoneyVox explains in the article below, the interests of the PEL broken before its 2 years will be recalculated at the rate of the CEL… in force at the time of the release.
However, it is a certainty, the rate of the CEL will go up in February 2023 following the Livret A rate. The future CEL rate will be known next week but it will be most likely greater than 2%. Clearly: breaking, in February, a recent PEL will not make you lose interest. On the contrary. Your interest will be recalculated at the future CEL rate, i.e. 2% gross (1.40% net) or 2.25% gross (about 1.58% net).
In a very unusual way, there is indeed a windfall effect with this future rise in the CEL rate for those who opened a PEL in 2021 or 2022.
Housing savings plan: are you interested in opening the new 2% PEL?