Twice.
Thursday, the Ministry of Economy and Finance announced that the rate of remuneration of housing savings plans, known as PEL, signed from January 1, 2023, will double.
Currently set at 1%, the return on this savings account has been revalued by 2%.
“This is new support for French savings after the rise in Livret A rates” to 2% since August 1, explains the Minister of Economy and Finance Bruno Le Maire.
As a reminder, the PEL is a hybrid product: it is used to build up savings intended for the purchase of real estate or the carrying out of work, then to finance this project.
It therefore displays two rates: a first defining the remuneration of the savings deposited there and a second blocking a borrowing rate for its projects at 2.20% over 15 years.
"First increase in the PEL rate for twenty-two years"
At the end of 2021, the number of PELs stood at 12.2 million, according to data from the Banque de France, for a total outstanding amount of 296.1 billion euros.
It is also “the first increase in the rate of the PEL for twenty-two years”, specifies the ministry.
The new rate will only concern PELs opened in 2023. Unlike other regulated products such as the Livret A, the rates of a PEL remain those in force on the day of signature, allowing the holder to "block" a rate.
Due to their borrowing rate locked at 2.20%, PELs are attractive for financing medium-term credit.
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