Closed PEL Accounts Starting March 1: Are You Affected?

Rule Introduced by the 2011 Reform

The home savings plan can no longer be kept indefinitely if it was opened after March 1, 2011. The reform that came into effect on that date established a maximum duration of fifteen years for these contracts.

Specifically, the first PELs opened in the spring of 2011 will reach this limit in 2026. On their anniversary date, banks must automatically close the plan. The accumulated savings—both principal and interest—are transferred to a regular bank account with an interest rate freely set by the institution.

However, plans subscribed to before March 2011 are exempt from this rule: their duration remains unlimited.

Practical Implications for Savers

For holders of Home Savings Plans (PEL) opened in 2011, the conversion will occur gradually from March to December 2026, depending on the exact opening date of the plan.

The change is not inconsequential. The PEL interest rate depends on its year of opening; for a plan subscribed in 2011, it is set at 2.5%. Once transformed into a savings account, the interest becomes variable and depends on the bank's commercial policy.

Another significant difference is taxation. The interest from the new savings account will be subject to taxes and social contributions as soon as it is earned, unlike the specific regime of the PEL during its initial years.

A product gradually losing its appeal

This deadline comes at a time when interest in the home savings plan has decreased in recent years. The decline in interest rates offered on new plans and the taxation applied have made it less attractive compared to other regulated products like the Livret A or the LDDS.

According to estimates from the Bank of France, the gradual transformation of PELs opened after 2011 could affect a significant portion of holdings by the end of the decade, representing several tens of billions of euros.

For affected savers, the year 2026 marks the beginning of a transition: the gradual disappearance of a generation of PELs that have reached their maximum duration.