LEP: The interest rate of the popular savings book at less than 1% on August 1?

While inflation continues to reflect, the yield of the popular savings book (LEP) is expected to receive significantly on August 1, during its next revision. But how far can it tumble?

Soon the end of the golden age of the popular savings book? THE THE Pwhich serves its holders a net tax remuneration of 3.5% since February 1, 2025, will become much less interesting from August 1. On this date, the interest rate of this savings product reserved for households with modest income should indeed fall. In question: an inflation that remains on the floor, as confirmed by the latest provisional statistics of INSEE, which expressed Wednesday April 30 with an increase in prices limited to 0.8% for the past month.

However, it is precisely inflation excluding tobacco observed between the months of January and June 2025 which will be used to calculate the yield of the LEP from August 1. After 1.6% in January, then 0.7% in February and March, the price increase should therefore be of the same order in April. At this rate, it could stand out on average at 0.85% in the first half. Should we then deduce that The interest rate of the popular savings book will be divided by four In just six months, to go from 3.5% to 0.9%?

The interest rate of the LEP protected by that of the booklet A

If you are one of the 12.5 million LEP holders, be reassured! Such a decrease in yield served on your booklet is simply impossible. First of all because as the decree of January 27, 2021 specifies to the interest rates of regulated savings products specifies, the LEP rate cannot be lower than that of Livret A “Made of half a point”. And this one will not descend not below 1.70% August 1st. Thus, the remuneration of the popular savings book will not logically be able to go under the 2.20% threshold (1.7% + 0.5%).

What is more, the governor of the Banque de France, François Villeroy de Galhau, as well as the Minister of Economy and Finance, Eric Lombard, will have the opportunity to derogate from the mathematical formula of the LEP interest rate. A Faculty that the Governor and Bercy have already exercised during the last revisions of the performance of the popular savings book, whose return, for example, had to fall from 4% to 2.9% on February 1. This last boost had been granted once again to protect the purchasing power of savings from the most modest, according to the government. And it is very likely that it is the same this summer.