The Livret d’épargne populaire (LEP) savings account is designed for individuals with limited financial means and has an annual income cap. Its interest rate is adjusted twice a year and, as of 1st August 2024, is set at 4%.
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LEP Interest Rates
| Dates | Interest Rates |
1st Aug 2024 to 31st Jan 2025 | 4% |
| Until 31st July 2024 | 5% |
Summary of LEP Savings Account
| Whom | Low-income households based on RFR (Revenu fiscal de référence) available in their French tax declarations |
| Where | Banks in France |
| Minimum Balance | 30 € |
| Contract Duration | None |
| Maximum Balance | 10,000 € excluding interests earned |
| Interest Rate | 4% from 1st Aug 2024 to 31st Jan 2025. It was 5% until 31st July 2024. |
| Interest Payment | Calculated every 15 days on 1st & 16th day of the month. Paid annually on 31st December |
| Withdrawal | Anytime of the year |
| Taxation | Exempt from taxes and social charges |
Income Limits for 2024
To open a LEP savings account in 2024, your 2022 reference tax income (mentioned on your 2023 tax notice) or your 2023 reference tax income (2024 tax notice) must not exceed the below limits. Check the revenu fiscal de référence value available on your French income tax notice.
| Quotient Familial | Income Limit (RFR) |
| 1 part | 22 419 € |
| 1.5 part | 28 406 € |
| 2 parts | 34 393 € |
| 2.5 parts | 40 380 € |
| 3 parts | 46 367 € |
| 3.5 parts | 52 354 € |
| 4 parts | 58 341 € |
| Additional half parts | 5 987 € |
To know more about Quotient Familial, Tax brackets, etc in France, please refer to French Income tax brackets and tax rates in 2024.
Sources & References 📕
- Qu’est-ce que le revenu fiscal de référence ?
- Livret d’épargne populaire (LEP)
Disclaimer
- Any finance-related information shared is not professional legal, tax, or investment advice.
- The information provided is of an educational and general nature and is not investment advice within the meaning of Articles L. 321-1 and D. 321-1 of the French Monetary and Financial Code.
- Investment carries risks of loss and past performance does not guarantee future performance.
