It is a welcome recall bite addressed by the Banque de France in its annual regulated savings report, published on July 17. It is better to be informed when one of its savings products will be automatically closed in a few months. However, this is what will happen to the holders of a housing savings plan (PEL) opened since March 1, 2011. Indeed, from this date “All open PELs are automatically closed after 15 years”recalls the Banque de France.
Of course, not all PELs open after 2011 will not be affected at the same time. But the very first plans opened after this change of rule will be gradually closed from March 1, 2026. A PEL opened for example on March 10, 2011 will be closed on March 10, 2026. And the number of closures promises to be significant: “The automatic PEL fences over the period 2026-2030 (for PEL open between 2011 and 2015) will be particularly important due to the dynamism of the openings made during the period 2013-2016”note the Banque de France. Indeed, 36% of all PELs (more than a third) will be affected by an automatic fence between 2026 and 2030. As there are 9 million PEL in 2024, this represents 3.2 million of them!
A PEL open after 2011 can continue to generate interests for 15 years
As a reminder, the PEL is subscribed for a minimum duration of four years, a period at the end of which it is possible to use the preferential borrowing rate known at the time of opening, or to withdraw its capital. Two outcomes that lead to the closing of the plan. After four years, if it has not been closed, the PEL can be extended from year to year until reaching the maximum duration of 10 years. After this anniversary, you can no longer make payments, but your PEL continues to produce interest for five years, still at the rate that had been set at the opening. Then, after these five years (therefore 15 years in all) your PEL is automatically transformed into a classic savings book.
Here is the fate that awaits you if your PEL is concerned and you do nothing from March 1: the capital held on your plan will be transferred to a conventional savings book which will continue to produce interest, but at the rate set by the bank and not that of the PEL. However, the difference in remuneration can be significant. Indeed, if so many PELs were subscribed between 2013 and 2016, it is that their yield was then 2.5% then 2%, better than the booklet A, whose rate went from 1.75% to 0.75% over the same period.
Thus, a PEL opened for example on March 1, 2011 continued to bring you 2.5%. But this yield will fall suddenly on March 1, 2026 in the event of transformation into a bank book: according to the Banque de France, the rate of remuneration for these booklets – which is fixed freely by banks – was on average about 0.8% last May. It will therefore be more judicious, if you are concerned, to anticipate this fence, and to think of redirecting your savings to a more remunerative medium.
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