The yield will double. The Banque de France is preparing to formalize by Monday December 5 the rate that will apply to home savings plans opened from January 2023. It will probably be 2%, maybe more. But the PEL has a particularity: once opened, your rate does not move, just like the rate of the loan to which it gives right. Should we seize the opportunity? Or close your PEL to open a new one?
2% gross, i.e. 1.40% net of flat tax. This will be, except surprise, the rate of the new housing savings plans (PEL) opened from January 1, 2023. Stuck at 1% for 6 and a half years, the PEL rate will benefit from the rise in monetary rates, used as a reference in the calculation formula.
PEL: what rate for the housing savings plan in 2023?
Obviously, this probable doubling of the return on one of the most popular savings products will change the situation on the savings market. HAS 2%the PEL will automatically regain some of the attractiveness it lost after the drop in its rate to 1% in August 2016, followed by the taxation of its interests and the disappearance of the State bonus, in January 2018.
As a savings product, in any case, because at the same time, the future rate of the PEL loan will also increase, 3.20%moving away from the current standards of the credit market… whereas the current plan can make it possible to obtain a mortgage or works 2.20%. A blocked borrowing rate, which could on the contrary look like a bargain in a few months if real estate rates continue to rise.
Housing savings plan: who is entitled to this rate of 2.20% for a PEL loan?
Are you one of those who wonder about the opportunity to open a PEL in 2023, or even to close your current PEL to reopen one next year? Let’s be clear: the case is not simple! Here’s what to help you decide, avoiding losing more than you hoped to win.
What to do… if you don’t have a PEL?
You had chosen, so far, not to open a PEL? It’s hard to blame yourself. In its current state, it no longer has any interest as a savings product. Not only is its remuneration much lower than that of the Livret A, but it has also been exceeded by that of the housing savings account (CEL), which is unprecedented.
As for the PEL loan, accessible after at least 3 years of savings efforts, its rate of 2.20% is just beginning to become competitive again, thanks to the general rise in property rates. We will come back to it. Finally, its only strong point is its payment ceiling (61,200 euros), much higher than that of the Livret A (22,950 euros).
Without making the ELP a martingale, the coming doubling of its rate of pay will be a game-changer. At 2%, it will become attractive again for those who do not hold it, analyzes the economist Philippe Crevel, from the Cercle de l’Epargne. More so for the housing side than for the savings side.
At 2%, it will become interesting again for those who do not hold it
On the savings side, the PEL 2023 2%, without reaching peaks, will find a acceptable return for a medium-term product. Especially since this rate is fixed, and therefore guaranteed over time: enough to offer a certain peace of mind in a more than uncertain economic climate.
On the credit side, this new, better paid PEL will make it possible to generate more rights ready, since the latter are indexed to the amount of interest capitalized over time. Certainly, 3.20%, the rate of this “loan PEL” is not competitive today. But, at the rate at which market rates are currently rising, it should, sooner or later, become so again.
For Philippe Crevel, the PEL 2023 will thus regain its primary vocation: that of a precious product in the preparation of a medium-term real estate project. A vision to which Patrick Cuvilliers, head of real estate credit at LCL, fully subscribes. Philippe Crevel insists: The ELP imposes a savings disciplinewhich makes it possible to constitute a contribution initially, then to assume the monthly payments of the credit once owners.
However, benefiting from a good contribution is becoming more and more important in the hope of obtaining credit. When it comes to choosing whether or not to lend, banks are paying more and more attention to this criterion. In this context, the current payment ceiling (61,200 euros) is even a little low, compared to real estate prices. For the PEL to become really attractive again, this ceiling could be revised upwards, 150,000 euros for example, believes Philippe Crevel.
Verdict: why not
If you have a medium-term real estate project (more than 4 years), the PEL 2023 is once again becoming a savings product to consider. It remains less well remunerated than the Livret A, but it benefits from a higher payment ceiling, and therefore more suited to the constitution of a contribution worthy of the name. Through these constraints, it also imposes on you a savings discipline that is increasingly essential to becoming a homeowner. He finally the advantage of readability: its rate of return is fixed and guaranteed for its entire lifespan, like the rate of the loan that you will be able to benefit from in the long term. This makes it simpler and more reassuring, for example, than life insurance.
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What to do… if you already have one?
Already have an ELP? Impossible to draw up a general advice, as confirmed by Patrick Cuvilliers, of LCL. For housing savings, both for the aspect of remuneration and credit, it is always case by case: The PEL rate has changed several times over the years, which generates many scenarios. Staff review of existing PELs…
It’s always case by case.
If you opened it since January 2018
Let’s be clear: if you opened a PEL after January 1, 2018, your investment is not a godsend. Since the entry into force of the flat tax (12.8% income tax + 17.2% social contributions), the housing savings plan is subject to tax from its first year of existence, whereas He had previously benefited from a 12-year exemption. Worse: the state bonus, accessible until now in the event of obtaining a PEL loan, has been abolished for this entire generation of plans.
Under these conditions, some may be tempted to close their existing PEL at 1% to open a new one at 2% in 2023. a subtlety to anticipate: if you close your plan less than 2 years after openingthem interests will be recalculations at the home savings account rate. An unfavorable rule in theory… which is very unusually favorable at present, since the CEL is remunerated at 1.25% gross (ie 0.88% net after flat tax). Attention: index on the Livret A, the rate of the CEL is also very likely to rise 2% on 1 February. If you choose to close your recently opened PEL to open a new one, you might as well wait until February… for the interest on your PEL to be closed to be recalculated at the rate of 2% (ie 1.40% net).
Verdict: close to reopen? The existing ELPs are the least interesting. Closing it to open a new one is an option to study.
| Open plan… | Social contributions (17.2%) | Income tax (12.8%) | Total deducted from your interest in 2022 |
|---|---|---|---|
| … after 2018 | 30% | ||
| … between 2011 and 2017 | 17.2% | ||
| … before 2011 | 30% |
Beware of misunderstandings: for simplicity, we quote the year 2011 but it is the course of 12 years of the PEL which subjects it to income tax. This year, in 2022, PELs opened in 2011 are not yet taxed, but they will be partly next year.
Housing savings plan: when will I pay taxes?
If you have opened it since August 2016
It all depends on how you intend to use your ELP. On the savings side, let’s be clear, the interest is low: 1% gross, admittedly exempt from income tax for 12 years but still subject to social security contributions. That is 0.83% net each year. There are more attractive on the savings market.
On the credit side, on the other hand, this 2.20% PEL loan is recovering. Not only does this maximum borrowing rate become competitive again, and could be even more so in a few months or years, but it opens the right to the state bonus. Potentially 1,000 euros or even 1,525 euros maximum in the case of green housing: these amounts, however, remain ceilings, the amount of the state bonus being calculated according to the interest earned during the savings phase.
Verdict: keep for the PEL loan and the state bonus? To be kept if you have a real estate project or short or medium term works, in order to benefit from a PEL loan of 2.20% and the State bonus.
Housing savings plan: can I get the 1000 euros bonus again?
If you opened it in early 2016
A generation of transition… PELs opened between February 1, 2016 and July 31, 2016 are remunerated at 1.50% gross (i.e. 1.24% net of social security contributions) and open the right to a housing savings loan rate of 2. 70%, with the key to the prospect of a possible state bonus. It all depends on your project…
Verdict: a bet for a PEL loan? To date, a borrowing rate of 2.70% for the home savings loan is high, especially since the cost of borrower insurance must be added. The savings rate being modest, talking about this PEL is a medium-term bet, if property rates go up.
If you opened it in 2015
Another generation of transition but more interesting from the point of view of savings: the plans open from February 2015 until January 2016 are remunerated at 2%. White cap and white cap with the new PEL 2023? Nope! The 2015 PELs have two additional advantages: the interest is exempt from income tax for 12 years (thus until 2027), which gives a net rate of social security contributions of around 1.66%, which is more attractive than the new PELs! Second additional advantage: the prospect of a state bonus, if ever borrowing rates go up and the prospect of a 3.20% PEL loan becomes clearer.
Verdict: more interesting than the new PELs. Closing this tax-exempt 2% PEL to reopen a 2023 version 2% PEL is not appropriate.
If you opened it before February 1, 2015
Your PEL is paid 2.50% gross, and interest is still exempt from income tax. That is 2.07% net. Even if the Livret A rate will rise to 3%, this generation of PEL remains a rare opportunity for a risk-free investment.
What about the PEL loan? At 4.20%, the rate remains very high… and the prospect of the state bonus very distant.
Verdict: more interesting than the new PELs. Move on, nothing new.
If you opened it before March 1, 2011
2.50% gross. But most of these plans are over 12 years old. A birthday synonymous with income tax. After flat tax, these PELs are therefore remunerated at 1.75%.
However, all plans opened before March 2011 have an invaluable advantage: you can keep your PEL as long as you want. A boon.
Verdict: keep. You are one of the lucky ones who have a PEL rmunr 2.50% gross, or 1.75% net… with no expiry date. Unless you need short-term money, breaking your PEL is obviously not in your interest.
Housing savings plan: can my bank close my PEL without my consent?
If you opened it before 2003
Your PEL is out of category. The gross rate is hovering around 3%, 4% or even more. Unbeatable for a guaranteed capital investment.
Verdict: a treasure. Unblocking an old PEL which brings you more than 3% each year after tax and social security contributions is obviously not in your interest. Unless you need this savings.
How banks hope to break the rate of your old PEL