To prepare financially for your future or face life’s ups and downs, you may have a precious sum of money. But have you positioned it well enough to get the most out of it for your needs?
In partnership with Hello bank!
Despite or because of an inflationary context, the French have never saved so much. In 2023, nearly one in two French people will put money aside every month, 86% say they put aside once a year and 35%, several times a year. This craze for savings solutions justifies the need to protect oneself financially in the event of a hard hit, to anticipate the future and in particular one’s retirement, to pass on assets or simply to have capital to finance a major project ( marriage, travel, real estate purchase, etc.). Among all the products available, regulated savings remain the preferred and reassuring investment for French people, especially the youngest. But between a Livret A, a youth libretto, an LEP or an LDDS, it is difficult to find your way in the face of so many solutions. Discover their specific features and how to open a savings account easily.
What savings solutions before age 30?
Obviously, saving from a young age allows you to put a larger sum aside, but also to protect yourself financially with a savings account. Depending on your profile and your income, you can choose the most appropriate product or even combine them. Among all the regulated booklets, here are the main ones:
A booklet
Livret A is aimed at any natural person, adult or minor, who is looking for a simple and flexible savings solution. After a first payment of €10 when opening your account, this savings book is completely free and even offers remuneration with a revalued rate set at 3%(1). Exempt from taxes and social security contributions, it can be funded at your own pace. If its ceiling is set at €22,950, the Livret A can continue to generate interest as long as it is not released.
Popular Savings Booklet (LEP)
Just as secure and better paid, the LEP presents itself as a particularly attractive savings product, also exempt from taxes and social security contributions. However, although it displays a high interest rate of 6% (1), the LEP ceiling remains capped at €10,000. This may be a preferred savings solution if you are over 18 years old, are tax domiciled in France and have a reference tax income for the year 2022 of less than €22,419 (1 share) .
Sustainable and solidarity development booklet (LDDS)
Formerly known as Covedi, the LDDS is a savings account in which it is possible to deposit up to €12,000 and which allows you to benefit from interest-bearing savings of up to 3%(1) net of taxes. Your funds are available at any time and can be used to make a donation to a company that participates in the social and solidarity economy. Any adult with a tax domicile in France can open a Sustainable and Solidarity Development Account, as can a minor if they have their own tax household and income.
Youth booklet
As its name indicates, the youth booklet is reserved for 12 – 25 year olds who reside in France. Unlike other savings accounts, the interest rate for the youth savings account is freely set by each banking establishment. If the ceiling of this booklet is set at €1,600, it is an excellent way for parents to make their children responsible while maintaining control since until the age of 18, withdrawals are subject to validation from a legal representative.
Opening a savings account: where to start? How to do it ?
As with a bank account, opening a savings account requires turning to a bank, whether it is established on the street or online if you prefer to access 100% dematerialized services. So you can manage the movements of your savings accounts and your current accounts in just a few clicks. To prepare for opening your savings account online, simply remember to gather all the requested documents (birth certificate, sworn certificate, etc.) and contact the chosen bank to find out how to do this. follow and proceed to create your booklet.
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