Compte Sur Livret for English customers
If you want to save and access your money with no limits, the Compte sur Livret (Savings Account – CSL) is for you!
Build up your savings at your own pace with regular or occasional deposits. There’s no limit on the amount you can save.
Every year, you’ll receive interest on your savings (1.50% (1)). Watch your account go from strength to strength as your interest starts to earn interest!
Your savings are guaranteed. You can find out how much interest you’ve earned at any time.
Withdraw money whenever you need it: your savings are always available.
Good to know: Interest payments on savings accounts (both regulated and unregulated) are subject to the “règle de la quinzaine” (“fortnight rule”). Deposits made between the 1st and the 15th of the month start bearing interest from the 16th. Equally, money deposited between the 16th and the last day of the month starts bearing interest from the 1st of the following month. Note that money withdrawn between the 1st and the 15th only earns interest up to the last day of the previous month and that sums withdrawn between the 16th and the last day of the month earn interest up to the 15th of that month. Remember this rule when you’re making withdrawals and deposits. If not, money left in your account for short periods might end up earning absolutely no interest at all!
Your Compte sur Livret on line
With Crédit Agricole Online, you can :
- view your account balance and transaction history
- make regular or one-off transfers
- from your CSL to your current account
- from your current account to your CSL
- download your CSL account statement
Anyone can open a Compte sur Livret (CSL). There are no restriction. You can open a CSL for your children (2) if they are minors or for any non-profit organisation (an association, for example).
The interest rate for the CSL is 1.50%(1) This rate is subject to change at any time. Interest is paid at the end of the year. It increases your capital and your ability to earn interest. For non-profit organisations, interest is paid gross and is subject to company tax.
- You need just €15 to open a CSL.
- You can make regular or occasional deposits in cash, by cheque or by transfer from your current account. The minimum amount per deposit is €15.
- You can save as much as you like: there’s no ceiling on your account.
Your savings are available at all times so you can access your money, in cash or by transfer, whenever you need it.
There’s just one condition: for your account to stay open, the balance must not drop below €15.
Tax is payable on the interest you earn on your CSL.
You can choose to:
- declare the interest when you complete your annual income statement and pay tax according to the sliding income tax scale,
- opt to pay the Prélèvement Forfaitaire Libératoire (a flat-rate withholding tax; 18% on January 1, 2008). Interest are also subject to social and contribution, 12.1 % on 01/01/2009.
For advice on choosing the right tax regime, consult the Questions/Answers section.
Yes! There are 2 options:
- open a “joint account” CSL: each account holder has the right to conduct transactions,
- open an “indivis account” CSL: all account holders need to approve and sign for all transactions.
How can I choose between prélèvement forfaitaire libératoire (flat rate withholding tax – PFL) and standard taxation?
If you opt for PFL, any interest you earn will be taxed at 16% (plus 11% for social security contributions)1. If you declare your interest alongside your other income, it will be taxed at the same rate as your other income. Our advice: if your income is taxed at less than 16%, opt for standard taxation. If not, the PFL is probably better suited to your needs.
Good to know :your Crédit Agricole advisor will ask you to select a tax option when you open your Compte sur Livret. You can change your mind at a later date if you wish. Note that the bank is responsible for deducting PFL and social security contributions on behalf of the State.
Can I hold both a Livret de Développement Durable (Sustainable Development Account) and a Compte sur Livret?
Yes! There are no conditions attached to the Compte sur Livret. You can open one even if you hold a Livret de Développement Durable or Livret d’Epargne Populaire. You can also hold several Comptes sur Livret at the same time.
No fees or commission charges are levied for holding or opening this type of savings account.
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