Livret A, LDDS, LEP in 2026: Rates, Ceilings and the 1 August Review Explained

The essentials in 30 seconds

As of 16 June 2026, here are the rates in force for France's regulated savings accounts (épargne réglementée), set at the review of 1 February 2026:

• Livret A: 1.5% (down from 1.7% before)^[1], ceiling of €22,950^[7].
• LDDS: 1.5%, the same rate as the Livret A^[1], ceiling of €12,000^[8].
• LEP: 2.5% (down from 2.7% before)^[2], ceiling of €10,000^[9], subject to income limits.

The interest from these three accounts is exempt from income tax and from social levies (prélèvements sociaux)^[7][8][9]. The next rate update is 1 August 2026, with an announcement expected in mid-July.

What is the Livret A rate in 2026?

The Livret A rate has been 1.5% since 1 February 2026^[1]. It was previously 1.7%, so the return has gone down. According to the government, this rate still sits above inflation: the change in the consumer price index excluding tobacco in December 2025 was +0.8%^[1].

The CPI is the consumer price index calculated by INSEE (France's national statistics office): it measures how much more expensive life has become over a year. As long as the passbook rate beats inflation, your savings keep (a little) of their purchasing power.

The LDDS follows the Livret A

The LDDS (Livret de développement durable et solidaire) pays exactly the same rate as the Livret A: 1.5% since 1 February 2026^[1]. The difference is in the ceiling: you can put up to €12,000 into it^[8], versus €22,950 on the Livret A^[7]. Many people use both together as a single large safety cushion.

Deposit ceilings and taxation

Here are the three accounts side by side. The ceilings apply before capitalised interest: your interest can push you over the ceiling, which is normal and allowed.

Account	Rate (since 1 February 2026)	Deposit ceiling	Taxation
Livret A	1.5%[1]	€22,950[7]	Tax-exempt[7]
LDDS	1.5%[1]	€12,000[8]	Tax-exempt[8]
LEP	2.5%[2]	€10,000[9]	Tax-exempt[9]

"Tax-exempt" means you receive the full interest, with no income tax and no social levies^[7]. No box to tick on your tax return, no 17.2% evaporating. That's what makes these accounts so handy for parking your emergency fund.

How is the Livret A rate set?

The rate isn't decided on a hunch. It comes from a regulatory formula, calculated by the Banque de France (France's central bank), then validated (or adjusted) by the Minister for the Economy.

The formula: inflation, the €STR and a floor

The Livret A rate equals the higher of two candidates^[3]:

1. The average of inflation (the six-month average of INSEE's CPI excluding tobacco) and the €STR rate (a euro-area benchmark interbank rate, calculated from banks' overnight borrowing).
2. A floor of 0.5%, below which the rate cannot fall, introduced by the order (arrêté) of 14 June 2018^[10].

The result is rounded to one decimal place. In practice, for the February 2026 review: the six-month average of the CPI excluding tobacco came out at 0.88%, the average €STR at 1.93%, which gave a formula rate of 1.4%^[5]. The Banque de France proposed limiting the drop to 1.5%^[5].

Who really decides

The Banque de France calculates and recommends the rates, but the final decision lies with the Minister for the Economy^[2]. This leeway explains the occasional "boosts": for the LEP in February 2026, the regulatory formula gave 1.9%, and the Minister raised it to 2.5% on the recommendation of the Governor of the Banque de France^[2]. A boost remains a one-off decision, not a rule set in stone for the following reviews.

The calendar: two updates a year

The rates on regulated savings are reviewed twice a year, on 1 February and 1 August, with the Banque de France calculating and proposing the rates each half-year^[3]. Between two reviews, your rate doesn't move, even if inflation climbs or falls.

The 1 August 2026 review: what we know (and don't yet)

The direct answer: as of 16 June 2026, no rate is official for 1 August. The recommendation from the Governor of the Banque de France is expected in mid-July, then the Minister decides, and the new rate only applies from 1 August^[3].

Why we're not giving you a number

You'll find "forecasts" all over the web, but they contradict each other and aren't official. Until the decision is published, announcing a rate would be a gamble at best. What we can do is understand the levers.

The variables that will move the rate

Two ingredients drive the formula: inflation (CPI excluding tobacco, six-month average) and the €STR. If inflation keeps slowing and euro-area rates fall, the formula pushes downward. If either one rises, it rises. And the 0.5% floor remains the absolute safety net^[10]. The rest depends on the political call.

The LEP: the best-paying passbook that many 18-to-30-year-olds overlook

If you take only one thing away from this article: check whether you're eligible for the LEP. It's the Livret d'épargne populaire (people's savings passbook), and it's currently the best-paying regulated savings account.

2.5% and tax-exempt: why it beats the Livret A

The LEP pays 2.5% since 1 February 2026^[2], versus 1.5% for the Livret A^[1], and its interest is also exempt from tax and social levies^[9]. For an equal amount, it therefore pays noticeably more. The downside: it's capped at €10,000^[9] and reserved subject to income limits. It isn't "always" better in absolute terms, but on the rate alone, yes.

Am I eligible? The reference taxable income condition

Access to the LEP depends on your reference taxable income (revenu fiscal de référence, or RFR), the figure that appears on your tax notice. To open an LEP in 2026 in mainland France, your RFR must not exceed^[15]:

• €23,028 for 1 household share (part) (versus €22,823 last year);
• €35,326 for 2 shares;
• €47,624 for 3 shares.

The ceiling rises by €6,149 per additional half-share^[16]. This is where many 18-to-30-year-olds miss out: a student, an apprentice or a young worker on a modest first salary, attached to 1 share, is often below €23,028 of RFR^[15] without knowing it.

How to open one, and the rules to know

To open an LEP in 2026, the bank checks your 2024 RFR (2025 tax notice), or your 2025 RFR once the notice becomes available from summer 2026^[17]. Three practical points:

• You can only hold one LEP; a married or civil-partnered (pacsé) couple can have one each^[18].
• If your income exceeds the ceiling one year, you keep your LEP; it is only after two consecutive years over the limit that it must be closed^[17].
• Interest is calculated by fortnight (the 1st and 16th of each month) and capitalised on 31 December, just like the Livret A and the LDDS^[19].

In practice, what does this give on €1,000 and €5,000?

Here are illustrative examples, calculated over a full year at a constant rate. The real calculation goes through the fortnight rule and capitalisation on 31 December^[19], so take these figures as rough orders of magnitude.

Amount invested	Livret A / LDDS (1.5%)	LEP (2.5%)
€1,000	≈ €15/year	≈ €25/year
€5,000	≈ €75/year	≈ €125/year

And because this interest is tax-exempt^[9], what you see is what you get. On €5,000, the LEP earns you about €50 more per year than the Livret A, simply because it pays better.

Should you shift money between the Livret A, LDDS and LEP?

A simple logic, with no personalised advice: if you're eligible for the LEP, it's often the first to fill, up to its €10,000 ceiling^[9], because it's the best-paying^[2]. Beyond that, or if you're not eligible, the Livret A and the LDDS take over with their higher ceilings^[7][8]. The point isn't to optimise everything to the cent, but to avoid leaving money idle in a lower-paying account when a better-paying one is open to you. If you're just starting out, this fits neatly into a broader routine: see our guide to managing your budget when starting out.