Soaring inflation would mathematically lead to an increase in the yield of the preferred savings account of the French. Bruno Le Maire announced his doubling.
This is good news for the 56 million holders of a booklet A. The rate of this flagship savings investment will double. As of February 1, compensation “will go from 0.5 to 1%”, announced Bruno Le Maire, the Minister of the Economy, this Friday on TF1. A first for ten years. The new booklet A rate will also apply to its little brother, the sustainable development booklet (LDDS).
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The feverish surge in consumer prices at the end of the year explains the increase in the remuneration of these savings products (+ 2.8% at the end of December over one year, according to INSEE). The app strictly speaking of the formula for calculating the livret A, modeled only in part on the inflation of the last six months, would have led “at a passbook A rate of 0.8%”, indicated the Banque de France, which chose “in view of inflation in the second half of 2021” to round the proposed increase to 1%. “It is also a gesture in the run-up to the elections”, notes Philippe Crevel, director of the Circle of savings.
A safe haven investment
However, the announced increase will not fully cover inflation (1.6% in 2021), especially since it accelerated sharply at the end of the year. But the big winner from these rate changes is undoubtedly the popular savings account (LEP), which will yield 2.2% from February 1, because its formula is more closely linked to inflation. Nearly 7 million French people hold a LEP, accessible subject to income conditions. 15 million French people would be eligible.
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These compensation levels may not last. Regulated savings rates are reviewed twice a year. In its latest forecasts, the Banque de France predicted a drop in inflation below 2% by the end of 2022. The calculation of the Livret A rate will change accordingly in 2023. Despite low remuneration, this savings product has become a safe haven investment during the health crisis which has seen its outstandings jump. It was at the end of November 343.4 billion euros, according to the Caisse des dépôts.
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