2023-07-14 05:00:01
3% for Livret A and LDDS, 6% for LEP. Here are the new rates that will apply as of August 1st. While inflation is still high, it is important to adopt the right reflexes to optimize your deposits and withdrawals.
3% for Livret A and LDDS, 6% for LEP. Here are the new rates that will apply from August 1st. In 2022, an average Livret A, pledged to 5,800 euros, brought in nearly 80 euros in interest. This figure will approach 180 euros in 2023. But it could have brought you 58 euros more again this year if the government had followed the calculation formula which increased the rate of the Livret to 4%.
However, with continuing high inflation, these savings books are an essential refuge for protecting your cash against rising prices. A word of advice: only keep in your current account what is strictly necessary to meet day-to-day expenses.
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But that’s not all. With such rates, making the effort to maximize interest generation becomes interesting again. To achieve this, you need to look under the hood and understand how your interests are calculated.
The rule of fortnights
The mention appears systematically in the descriptions of the savings books, and more generally of all the savings books: Interest calculated per fortnight.
To understand this mention, let us start by recalling that each operation, payment or withdrawal, on a bank book has two reference dates:
the actual date of the operation; value datethat is to say the one from which the sum paid (or withdrawn) begins (or ceases) to generate interest.
With the system of fortnights, there are only 2 value dates each month: the 1st and 16th of the month. More concretely, this means that the interest calculation begins:
the 16th of the month for any payment made between the 1st and the 15th; the 1st of the following month for any payment made between the 16th or after.
Conversely, the sums withdrawn cease to produce interest:
the 1st of the month for any withdrawal made between the 1st and the 15th; the 16th of the month for a withdrawal made on the 16th or after.
Let’s be clear: this rule is unfavorable to the saver. In other countries, the value date corresponds to the date of the transaction, interest is calculated on a day-to-day basis and paid at the end of the month, which makes it possible not to have to wait until the end of the year to generate new interest on capitalized interest. Not in France, where the fortnightly rule applies not only to all regulated savings books, but more generally to all savings books.
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Consequence of this particularity: any transfer between two booklets inevitably entails the loss of about fifteen interests. Including if the two passbooks are held in the same bank. In effect, regulations prohibit direct savings account transfers: the money must necessarily pass through a current account.
On the other hand, there is a parry to minimize losses in case of movement from your savings account to a current account. Is your current account balance approaching zero? Are you expecting the debit of a large sum? In this case, it is, in fact, advisable to dip into your savings account to fund your account and avoid overdraft and the costs that go with it.
Do it wisely, however: delaying the transfer by a day or two can save you from losing about fifteen interests. As far as possible, do not make your withdrawals just before the 1st or the 16th of the month: prefer the 2nd or the 17th. interest on a withdrawal of 1000 euros.
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