booklet a (Credits: Adobe Stock)
Here we are! The rates of the main regulated savings products are trending downward. From February 1, the Livret A and LDDS increase to 1.5%, compared to 1.7% previously.
In a context of inflation falling to 0.8% (according to INSEE), the message is intended to be reassuring. The return would be higher than the cost of living, thus protecting purchasing power. But behind these figures lies a more complex reality, which deserves to be looked at differently than just through the prism of rates…
Reduction in the Livret A rate in 2026: a political decision as much as a technical one
Table of Contents
If the Banque de France had scrupulously followed the formula for calculating the livret A, it would have had a rate of 1.4%. However, the Minister of the Economy, Roland Lescure, decided to follow the recommendations of the Banque de France by rounding the rate upwards, i.e. 1.5%. By this choice, the Government hopes to reassure the millions of passbook holders.
And it must be said that they need it! Since August 2023, the trajectory has been clear: 3% until January 2025, then 2.4%, 1.7%, and now 1.5%. In less than three years, the yield was halved. Inflation has not always been below this rate, which clearly endangered the purchasing power of the French.
The drop also concerns the LDDS, indexed to the same rate. The CEL, Housing Savings Account, increases to 1%. Youth savings accounts, for their part, remain forced to display a rate higher than 1.5%, with no real guarantee of an attractive return.
LEP, PEL, CEL: differentiated adjustments depending on savers profiles
The Popular Savings Booklet (LEP) maintains a separate status. Its rate also drops, but goes from 2.7% to 2.5% on February 1, 2026. Again, if the state had chosen to strictly follow the formula, the rate would have ended up at 1.9%. Through this choice, the Government in place sees it as a way of continuing to protect the poorest households, who are more exposed to inflation, even if yields also decline.
As for housing savings, any PEL opened in 2025 will maintain a rate of 2%. A stable return, but which, once taxes are taken into account, struggles to compete with other long-term investments.
What real impact on your savings in 2026?
If the announcement of the rate cut may seem very moderate to some, it is especially felt when translated into euros. For the year 2026, if we combine the 1.7% for the month of January, and the 1.5% from February, the equivalent annual rate is approximately 1.52% for constant capital.
In other words, this represents approximately 7.6 euros of interest for 500 euros, 15.2 euros for 1,000 euros, and almost 349 euros for a Livret A filled to its ceiling of 22,950 euros.
These figures are very far from promising a serene future. So, yes, the savings are still there, but they could surely be greater by being placed elsewhere… Sometimes it’s worth it to look at the neighbor’s grass.
In conclusion
To say that the Livret A “protects purchasing power” because its rate remains higher than inflation is a… partial truth. Indeed, we must not forget that for months, this was not the case! On the contrary, past inflation has already been absorbed by households. Not to mention the opportunity cost of low-income savings.
With more than 438 billion euros placed in the Livret A and nearly 550 billion still dormant in current accounts, a significant part of French savings remains confined to unproductive sources.
By confusing security with lasting protection of purchasing power, savers accept the silent deterioration of their ability to finance long-term projects. Although the Livret A remains essential as a safety net in 2026, you should not bet everything on it. Putting aside in case of unforeseen circumstances is good, but thinking that Livret A will make you rich is fiction!
Because ultimately, protecting your purchasing power is not only about avoiding losses, it is also about implementing solutions and learning to do things differently.
Completed writing on January 30, 2026 by Amélie Yem, Communication and Marketing Manager at
BFG Capital
date: 2026-02-07 22:34:00