The cleaver fell. From August 1, 2025, the interest rate of booklet A – except political intervention – will be lowered at 1.7%, compared to 2.4% currently. After 18 months of frost at a rate of 3% (between August 1, 2023 and February 1, 2025), the favorite savings book of the French continues to see its remuneration decrease. The final inflation figures excluding tobacco, published this Friday, July 11, by INSEE, are final: the price increase was limited to 0.9% over one year And in June, after 0.6% in May 0.8% in April, 0.7% in February and March, and 1.6% in January. On average, over the last six months, annual inflation therefore stands at 0.88 %, far from the average observed over the same period a year ago: 2.3 %.
Inflation excluding tobacco on the first six months of the year stands at 1.7%
However, the calculation of the yield of the booklet has always rests on the same equation: the average between inflation excluding tobacco over six months and the average of interbank rates (€ STR) over the same period. These rates – to which banks exchange money between them – are also downward oriented, from 2.92% in early January to 1.919% on July 9. On average, they should be established 2.44% In the first half of 2025. Thus, applying the formula: (0.9 % + 2.44 %) / 2, 1.7 %is obtained.
Does this mean that the 56 million holders of a booklet A will see the remuneration of their booklet fall by 0.7 points on August 1, and this, until February 1, 2026? It would seem that yes, even if, as had been the case when freezing the rate of booklet A at 3%, the governor of the Banque de France, François Villeroy de Galhau, could recommend in the coming days to the Minister of Economy and Finance, Eric Lombard, to derogate from the calculation rule. The decision would then return to Bercy to act or not an “boost” at the rate of booklet A, which had not been done during the last revision on February 1. Answer in the next few days, but one thing is certain: your booklet A will report less to the second half of the year, it remains to be seen how far.
