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Is the “rate effect” running out of steam? The growth in the outstanding amount of Livrets A and LDDS was divided by four in September over one year and compared to the previous month, falling to its lowest since October 2022. Savers deposited last month on their Livrets A and their Sustainable and Solidarity Development Accounts (LDDS) almost 730 million euros more than they withdrew, the Caisse des Dépôts (CDC) announced on Monday.
This amount is four times lower than the previous month (3.02 billion euros), the month of July (3.13 billion) or even the month of September 2022 (3.14 billion), a clear slowdown which may explain by a fading of the windfall effect of a rate of 3%, maintained at this level for 18 months since August 1st.
“The French who could fill out their A booklets filled them,” observes the founder of the Facts firm
Competition from products with guaranteed capital such as term accounts as well as the persistence of inflation, which reduces the saving capacity of households, are also factors explaining this slowdown. The net collection, however, remains higher than that of euro life insurance funds, other savings products with guaranteed capital but less remunerative, whose slow hemorrhage began at the end of 2019.
The Livret A (approximately 450 million euros last month) is for the first time outstripped this year by the Livret d'épargne populaire (LEP), which grew by 800 million euros last month, again according to the CDC which publishes monthly data on this product for the first time. The LEP, reserved for the most modest households, is supported by its remuneration rate of 6% net. October promises to be even more favorable for him since the LEP ceiling will be raised from 7,700 euros to 10,000 euros.
Nearly 10 million people held a LEP as of July 31, and the total outstanding amount as of September 30 was 59 billion euros (11.1 billion euros since the start of the year), according to the latest available figures. The cumulative outstanding amount of Livret A and LDDS has reached the record level of 551.1 billion euros, swelling by 41.4 billion euros since the start of the year.
