Depositing your money in a bank book has become more and more interesting. Several offers stand out and allow savers to limit the effects of inflation.
The increase is impressive. This summer, between the months of July and August, the average remuneration of bank books almost doubled, according to data published on Tuesday 4 October by the Bank of France. It’s passed from 0.09% to 0.17% gross. It is not yet the Prou, but the evolution is clear. And it owes nothing to chance.
Banks are raising the remuneration of bank books following the increase in monetary rates driven by the recent decisions of the European Central Bank to raise policy rates. But also for the increase in the salary of Livret A which is now 2%. The latter, which is ultimately the main key rate for the savings market in France, explains Cyril Blesson, partner of the Pair Conseil company and editor of the savings books.
Unlike regulated savings accounts such as the Livret A, the Livret de développement durvole et solidire or the Livret d’epargne populaire, each institution is free to offer the remuneration of its choice. To attract customers, some displays particularly attractive rates the opening.
Call rates up to 3.5%
This is the case with HSBC which is currently displaying an increment rate of 3.5% on new payments made by November 30, up to the limit of 100,000 euros deposited. In addition to this, the remuneration decreases 0.10%. The Cashbee booklet also offers a return of 3% for 4 months, but within the limit of 75,000 euros paid. Thereafter, it is the usual rate 0.8% who takes over.
Another example with I distinguish booklet of PSA Banque, the bank branch of the Peugeot SA group which, like Cashbee, has always been one of the most interesting savings accounts on the market. Indeed, PSA Banque uses its resources to lend money to people who wish to purchase a vehicle. In this context, it has every interest in rewarding its savings account better in order to attract deposits from individuals. Currently, the Distingo booklet has a bonus rate of 3% for 3 monthson the first 75,000 euros paid with the possibility of also obtaining a bonus of 40 euros. Beyond that, once again, the basic rate of 0.70% and also applies 1% from 16 October.
The big banks are also raising rates
By offering our customers some of the highest rates on the market, our products have always stood out for their performance. Regularly, our “Excellent booklet” is enriched thanks to promotional offers, such as the one currently valid until the end of October 2022. We reinvest this savings in the real, French economy, without speculation on the stock markets, by financing the purchase of vehicles of the brands of the Stellantis Group (who owns PSA, ed), emphasizes Sarah Zamoun, head of Distingo.
But the big banks are gradually increasing the remuneration of their passbooks. They must remain competitive to prevent their customers from putting their money elsewhere. In fact, banks must preserve their regulatory ratios by having sufficient balance sheet resources. And therefore keep a large stock of savings of their customers in the balance in order to then be able to grant loans, analyzes Cyril Blesson.
According to the statement made by MoneyVox, the remuneration of the Book account of the Banque Populaire Rives de Paris a for example t multiplied by 10 from 0.10% 1.05% from 1 September The same for Agricultural Credit: your passbook account has been increased by 0.05% 0.5% on 1 August. Special mention for the account in the Sociétaire booklet whose remuneration depends on each of the funds. He reached 1.25% for example for Credit Agricole Center France.
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If the remuneration of the bank books is increasing, they still remain well below the 2% net currently offered by Livret A. Especially since the published rate is gross. These passbooks are taxed and therefore the flat tax of 30% must be deducted. In this context, what is the point of depositing money there?
Who was interested in opening a banking book?
Our savings account does not compete with regulated bank accounts. Our customers generally sign up when the maximum limit of their livret A is reached. The latter is limited to 22,950 euros for individuals where that of the Livret Distingo is almost unlimited (maximum 10,000,000 euros), says Sarah Zamoun. Once the regulated savings accounts have been filled in, bank current accounts are therefore an interesting solution to deposit your money there instead of leaving it in your unpaid current account.
As the rates of return on passbooks increase, it is to be expected that passbooks will always attract a lot of money.
However, today, deposits seen by private individuals have reached 550 billion euros, a record. On average, each family owns more than 18400 euros in his current account. This is much more than the 3-4 month precautionary annuity to keep in the event of a major blow. And a bad deal when inflation is expected to hit 5.2% in the year 2022.
With increasing rates of return on passbooks, it is to be expected that passbooks will always attract a lot of money, even though A passbooks and LDDS will drain huge volumes. All the more so in a context in which the stock markets are troubled and which could alienate some savers who prefer to play the safety card, believes Cyril Blesson.
According to the latest data from the Banque de France, the residual amount of the bank books has been reached 280 billion euros end of August, or € 15 billion more than in January. By way of comparison, private individuals filed at the end of August 497 billion euros on their brochures Livret A and LDDS.
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