Months after month, the scenario of a new fall in the rate of the popular savings book (LEP) is becoming clearer. This savings book, paid at 3.5% since February 1, 2025, risks losing its appeal this summer. In question: inflation that remains extremely contained since the start of the year. According to final data published by INSEE this Thursday, May 15, consumer prices excluding tobacco have increased only on 0.8% over one year in April (after 0.7% in February and March, and 1.6% in January).
However, it is the average inflation outside tobacco between January and June 2025 that will determine the next LEP interest rate, from August 1. For the time being, the first four months of the year are therefore known, and there is a good chance that average annual inflation is therefore less than 1% on this first half. In other words, the LEP rate could theoretically fall below 1%. More than three times less than its current remuneration!
A floor rate thanks to the rate of booklet A
But do not panic for the 12.5 million holders of a LEP: such a severe drop cannot take place. A decree dated January 27, 2021 fixes a clear rule: the LEP rate cannot be lower than that of booklet A, increased by 0.5 points. However, the rate of the latter should be lowered to 1.7% on August 1. This means that, even in the event of inflation less than 1%, the LEP cannot fall below 2.2%. This floor rate could even be noted even more. The governor of the Banque de France, François Villeroy de Galhau, and the Minister of the Economy, Bruno Le Maire, can indeed derogate from the calculation formula. This was the case in the previous four revisions, especially last February, when the LEP rate was maintained at 3.5% while the formula resulted at a rate of 2.9%.
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