PEL: what strategy to adopt in 2023 if the rate increases?

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When it comes to savings, the French have their little habits. If life insurance regularly occupies first place in the ranking, the booklet A and the PEL are not far behind. According to the latest survey by the Circle of Savers, unveiled on February 7, savers do not take big risks since they always prefer low-risk investments. It is therefore not a surprise if the PEL (Home Savings Plan) climbs to the second step of the podium in 2022, despite a gross rate of 1%, far from the 2% of those who opened it before February. 2016.

Those who have a PEL opened before March 2011 know that it is not in their interest to close it, since it has no end date and continues, despite the stoppage of payments, to produce interest according to the rate set by your contract. Those who opened it after March 2011 know that it will be automatically transformed into a classic savings account from 2026, i.e. when it turns 15: it will continue to produce interest, but at a rate of remuneration set by your bank. .

It is for these different reasons that many French people let their old PEL vegetate, without trying to open a new one, since the rate is less attractive, as are the conditions to be respected. However, things could change in a few weeks… Indeed, as MoneyVox explains, the PEL rate should rise from January 1, 2023.

To calculate it, the Banque de France relies on “swap rates”, defined by the site as “financial rates indirectly financed by rate increases by the European Central Bank”. On November 3, the theoretical rate of the PEL was therefore 1.90% according to these calculations, at the highest level for 10 years. Good news for those who have an ELP? Not really, because if you already have this type of booklet, you will not necessarily benefit from it… To take advantage of it, you will have to be a strategist.

One thing is certain, the PEL will increase from the start of 2023, but we do not yet know by how much. MoneyVox estimates the new crude rate at 2%, stating that this scenario “holds the rope”. While this is good news for future savers, not everyone will be affected. Indeed, the rate set in December will only apply to new PELs, which will be open from 1 January. If you opened yours last year, then you will remain “locked in” at the rate in effect at the time of subscription, i.e. 1%.

To be able to benefit from this new rate, you will have to open a PEL, but is it worth it if you already have one? It all depends on how long it has been open, explains the Public Service website:

So think carefully before acting if your PEL is less than four years old or just four years old. For those who have an “old” PEL, is it worth closing it (finally) to open a new one in 2023?

Do you have an open PEL since 2016 and before? Closing it to open another may not be worth it, depending on the interest rates still applied to yours.

If you opened your PEL after February 2016, then closing it to open a new one can be interesting, if we only look at the current remuneration rates. It all really depends on your project: if you want to apply for a home savings loan from your bank, then don’t close your PEL!

Indeed, those that were opened from 2016 until the end of 2018 will be able to benefit from the home savings loan in 2023, at an interest rate of 2.20%. An interesting solution as the rise in credit rates continues… It’s up to you. For those open until January 2016, the question does not even arise since the rate of pay is equal to or greater than 2%… Maybe wait until January 2024 because the rate of pay could still increase, who knows?