The rates of savings books are rising sharply. This is the case of Livret A and bank books in particular. But not only. There is another product which now yields up to 3.15%: the term account.
The remuneration of savings products continues to increase. This is particularly the case for the investment preferred by the French, the Livret A, whose rate set by the State is drop from 0.5% in January 2022 2% net on August 1st.
To attract money from individuals, banks do not hesitate to raise the rates of their house bank books. This is the case, for example, of Boursorama with its new booklet: Bourso+, with a 2% gross remunerationthe most attractive on the market (excluding exceptional promotional rates).
But, unlike regulated savings books, bank books are taxed. The flat tax of 30% must be deducted from the amount of interest, i.e. a net remuneration of 1.4% for example for the Bourso + booklet.
An alternative to place your precautionary savings once you have reached the ceiling of your Livret A and your Livret de développement durable et solidaire (LDDS) for example. Indeed, instead of leaving your money in an unpaid current account, or even for some under the mattress, it is more interesting to put it in a bank book, especially when inflation will peak in January 7 % over one year.
The new interest of the term account
But banks also have another risk-free taxable product to attract deposits from their customers. Its rate is even potentially more interesting than a classic bank book: the term account (CAT). To take advantage of it, you must accept that your savings are blocked between 3 months and 5 years mainly. The interest rate, which increases according to the duration of the immobilization of the funds, is fixed at the time of subscription. It is then guaranteed, except in the event of early withdrawal.
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And CAT rates are also rising sharply. As of January 2, the one offered by Distingo, distributed by PSA Banque, will go up to 1.65% for a 3-year CAT against 1.30% so far, for example. But there is even better on the market: 3.05% for a 3-year CAT offered by Younited Credit via the Raisin broker’s platform, or even 3.15% for a CAT over a period of 60 months within the same establishment.
In the current context, bank books and CATs are therefore regaining interest, especially for wealthy households. Once the Livret A and the LDDS are full, they can invest their cash before allocating it to longer-term and potentially even more profitable investments. According to the Banque de France, at the end of October, households accumulated more than 528 billion euros in their current accounts: 9430euros per person aged 15 and over on average!
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