The LEP finally escaped the decline. From August 1, 2026its rate will remain fixed at 2.5%, while that of the Livret A will increase from 1.5% to 1.7%. How can we explain these opposing trajectories? Booklet A and the LEP have two different calculation mechanisms: the increase in the Livret A results from the application of its regulatory formula, while the maintenance of the LEP is a choice of the public authorities. Without intervention, his remuneration could even have fallen, to 2.2%.
The Banque de France calculates the Livret A rate based on inflation excluding tobacco and short-term interbank rates. Between January and June 2026, inflation excluding tobacco averaged 1.52% and the short-term interbank rate in euros, called €STR, at 1.95%, leading to a rate of 1.7% for Livret A. For the LEP, the formula uses the highest level between inflation and the Livret A rate increased by 0.5 points. It therefore resulted in 2.2%but the Banque de France recommended preserving the current rate.
Why the LEP finally escapes the decline
Maintaining the rate at 2.5% owes nothing to the regulatory formula. This should have reduced the remuneration of the LEP to 2.2%. For avoid this decline for low-income householdsthe government followed the recommendation of the Banque de France and granted an improvement of 0.3 points. The gap with Livret A is nevertheless narrowing: it will go from one point to 0.8 points on August 1st.
This is not the first time that public authorities have deviated from theoretical calculation. In February 2026, the formula should have reduce the LEP to 1.9%. However, its rate had been set at 2.5%, or 0.6 additional points. The decision taken for August therefore extends this protection, but it does not guarantee that the rate will be maintained over time.
LEP remuneration will be reviewed again in six months. It can then change depending on inflation, the Livret A rate and possible new government intervention.
Up to 250 euros of interest over twelve months
At 2.5%, the LEP remains more profitable than the Livret A and the LDDSboth set at 1.7%. “It’s still better than having 1.7% for those who are eligible for LEP. If they have the capacity to save, I would rather advise going towards the LEP”underlines Julien Ansquer, wealth management advisor.
With a payment limit set at 10,000 eurosa completed LEP could produce 250 euros of net interest over a full twelve months, provided that its rate remains unchanged throughout this period. The same sum placed in a Livret A earning 1.7% would bring in 170 eurosor 80 euros less. The interest on these two products is exempt from income tax and social security contributions.
These amounts remain theoretical: the remuneration depends on the duration of the placement and the fortnight rule. The rise in Livret A from 1.5% to 1.7% represents, for 10,000 euros placed for an entire year, an additional gain of only 20 euros. It therefore does not disrupt the strategy of savers eligible for LEP.
The priority generally consists of first supplying the LEP, within the limit of its ceiling and the amount necessary to constitute an immediately available reserve. THE surplus can then be placed on a Livret Acapped at 22,950 euros, or on an LDDS, capped at 12,000 euros.
An investment to be reserved for unforeseen expenses
For Julien Ansquer, these booklets must above all serve as safety mattress. “It should only be what we call precautionary savings”he explains. He recommends keeping the equivalent of approximately six months of essential expensesparticularly for housing, food and transportation. This mattress can be strengthened depending on the income stability and prudence level of each household.
Beyond this reserve, other investments can be considered depending on the horizon, projects and acceptance of risk. However, these supports do not have the same availability nor the same level of risk: units of account and real estate investments in particular do not offer any capital guarantee. Maintaining the LEP at 2.5% thus reinforces its interest in short-term savings, without making it an investment intended to finance long-term objectives.
