Still not very interesting with its current rate of return of 2% gross, the housing savings account (CEL) will soon become more advantageous because its rate of return evolves with that of the Livret A. Unlike the Housing Savings Plan (PE)L whose the rates of remuneration and right to loan are fixed once and for all at subscription, the rate of the CEL can indeed change during the savings period.
The rate of the CEL corresponds to two thirds of that of the Livret A, rounded to the nearest quarter point. According to our calculations, the Livret A rate is likely to be increased to 4% on August 1, 2023. The CEL would thus increase to 2.75% gross, which would still leave 1.925% net after tax at 30 % (income tax and social security contributions). Persons who are not taxable or in the first bracket at 11% can always opt for taxation at the scale of their interest, which is more advantageous.
Even assuming that the Livret A rate would only increase to just under 4% this summer, the CEL rate would rise to at least 2.5% (1.75% net).
Savings is available
Levels of return which are not great but which can make it possible to supplement a short-term cash investment or precautionary savings, in particular with a view to buying real estate. Because unlike its cousin the PEL, withdrawals from a CEL are possible without closing the account.
Ceiling of €15,300
You can also hold both a CEL and a PEL provided that these two media are opened in the same banking establishment. The ceiling of the CEL is limited to €15,300.
Like the PEL, the CEL can make it possible, under certain conditions, to obtain a home loan (housing savings loan) at a regulated rate over a period of 2 to 15 years. The amount of this loan is limited to €23,000 compared to €92,000 with the PEL. The borrowing rate of the CEL, which is calculated by adding a margin of 1.5 points to its gross remuneration rate, would increase from 3.5% currently to 4.25% or 4% from August 1. These rates would therefore remain a priori unattractive compared to bank offers.
Taxation
For CELs opened before 2018, interest and the state bonus are exempt from income tax but are subject to social security contributions. CELs opened from 2018 are subject to social security contributions and a flat-rate deduction of 12.8%, i.e. an overall tax of 30%.