Home Savings Plan

From 1 Jan. 2023

PEL: the rate of pay increases to 2% for plans opened on 1 January 2023

Publié le null - Directorate for Legal and Administrative Information (Prime Minister)

From 1er January 2023, if you open a home savings plan (HSP), you will benefit from a rate of 2%, compared to 1% currently. Service-Public.fr takes stock of the arrangements for opening an ELP.

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On 8 December, the Minister of the Economy announced an increase in the rate of the housing savings plan (PEL) to 2% gross, from 1% at present. “This is a new support for French savings after the increase in the rates of Livret A and Livret de développement durable et solidarité, to 2%, and Livret d’Spares populaire, to 4.6%,” he said. This increase only applies to plans newly opened from 1er January 2023.

Please note

The rate of pay for the home savings plan is set at the time it opens. His remuneration is guaranteed throughout his life, unlike a savings book whose rate can be revised several times a year. Thus the planes open before the 1er January 2023 will keep their rate at 1%.

This increase from 2023 is based on a recommendation by the Governor of the Banque de France, which bases its calculation on the evolution of market rates.

The housing savings plan allows its holders to build up savings but also to obtain a home loan at a rate guaranteed in advance. This lending rate has risen to 3.20% since the 1er January 2023.

The minimum initial payment required to open an ELP is €225 and subsequent payments must reach a minimum of €540 per year (i.e. €45 per month). The minimum duration of the ELP is 4 years. Any earlier withdrawal shall result in its closure. The maximum duration is 10 years.

FYI  

Any person, even a minor, can open a PEL. If you already have a home savings account (CEL), you can also open a PEL, as long as you do it at the same bank.

It is also possible to combine a PEL and a Livret A.

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