Discovering banks that allow for a fully online Livret Épargne Populaire (LEP) opening is uncommon, with only a few options available. As of February 1st, the LEP interest rate will decrease to 3.5%, yet remains competitive. To qualify, specific income criteria must be met. While many French banks offer LEP accounts, only a select few online banks have embraced the fully digital process. Despite improvements in eligibility checks, the outreach to eligible individuals remains inadequate, highlighting the need for banks to enhance their services.
Discover the Few Banks Offering 100% Online LEP Opening
Finding banks that let you open a Livret Épargne Populaire (LEP) entirely online is quite a rarity; there are only a handful that provide this convenience. However, a digital interface now streamlines the eligibility checks, making the process much simpler. Let’s explore the three online banks that stand out from the rest.
LEP Rate Changes and Eligibility Requirements
Starting February 1st, the LEP interest rate will drop from 4% to 3.5%. Fortunately, this adjustment is not as severe as it could have been, as the original formula suggested a rate of only 2.9%. The Minister of Economy, following the recommendation of the Bank of France’s Governor, decided to raise the rate to ensure it remains competitive compared to the Livret A, which will decrease from 3% to 2.5%.
The popular savings account remains an excellent option for those looking to save securely. To take advantage of this account, you must meet specific income criteria. Here’s how you can determine if you qualify.
Looking ahead to 2025, here are the income thresholds you must not exceed to open an LEP.
If you meet the eligibility requirements and wish to open a LEP, you’re in luck! This account is available at most French banks. However, only a select few online banks, such as Axa Bank, Fortuneo, BforBank, N26, and Revolut, along with a few traditional banks like Milleis Bank and Allianz Bank, offer this option.
The Limited Availability of 100% Online LEP Openings
Opening a LEP from the comfort of your home is still relatively uncommon, especially compared to other savings accounts. Hello Bank, the online arm of BNP Paribas, was the pioneer in this area and has recently been joined by BoursoBank and Monabanq. Together, they represent just three banks out of nearly 130 operating in the market.
For those relying on branch networks, consulting a bank advisor is still necessary. Currently, no branch banks allow for a 100% online LEP setup, despite offering this for accounts like Livret A or Livret Jeune. Only BNP Paribas and Crédit Agricole explicitly mention the option to open a LEP remotely via phone on their websites.
Despite the ease of the eligibility check, which has been greatly simplified since 2021 with a digital tool provided by the Directorate General of Public Finances (DGFiP), not all banks are taking full advantage of it. François Villeroy de Galhau, Governor of the Bank of France, has urged banks to enhance their efforts. “The number of LEPs has surged to 11.7 million by the end of October,” he noted on January 15, emphasizing that banks can and must improve their outreach to the nearly 7 million eligible individuals who still do not have a LEP.
It’s worth noting that there’s a significant benefit associated with LEPs that most banks, with few exceptions, are currently not offering.