The Mauve Square is the commercial name of the Home Savings Plan (PEL) at Crédit Agricole. Its interest rate is not calculated: it is set by regulation at the opening of the plan and remains constant throughout its duration. The confusion arises from the fact that the net yield depends on several parameters that we detail here.
Gross rate of the Mauve Square: the generation of the plan determines everything
The rate of the Mauve Square never fluctuates after the opening. It is the subscription date that sets the applicable scale, not the date on which one checks their statement. A plan opened during a given period will retain its initial rate even if the regulatory conditions change later for new subscribers.
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We regularly observe savers who confuse the rate displayed on the Crédit Agricole website (applicable to new openings) with that of their own Mauve Square. To find your rate, the only reliable source remains your original contract or the historical rates of PEL by opening period, which can be consulted on the La Finance pour Tous website.
For those looking for an opinion on the Crédit Agricole Mauve Square and a clear calculation method, the approach relies on three data points: the gross rate of your PEL generation, the applicable taxation, and the amount actually invested.
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Net yield of the Mauve Square PEL after flat-rate withholding tax
The displayed gross rate never corresponds to the yield actually received. The interest from a recently opened Mauve Square is subject to the flat-rate withholding tax (PFU), also known as flat tax. This withholding consists of income tax and social contributions.
The calculation of the net yield follows a simple logic: apply the PFU to the gross rate. If your Mauve Square shows a gross rate of 2.25%, for example, the net yield after flat tax drops significantly lower. The difference between gross and net rates can represent nearly a third of the yield.
We recommend never comparing a Mauve Square with a Livret A solely based on the gross rate. The Livret A is exempt from tax and social contributions, which skews any direct comparison.
Step-by-step calculation method
Here is the procedure to estimate the net yield of your Mauve Square:
- Identify the gross rate applicable to your PEL generation by checking the opening date on your contract
- Apply the PFU rate (social contributions + income tax) to the amount of annual gross interest
- Subtract the result to obtain the net interest actually credited to your plan
- Multiply the invested capital by the net rate obtained to know your actual annual gain
The interest from the Mauve Square is capitalized each year, meaning they generate interest themselves the following year. Over the minimum duration of four years, this capitalization effect slightly improves the overall yield compared to a linear calculation.
Home savings loan rate: a parameter often overlooked
The Mauve Square is not only for saving. It potentially opens rights to a guaranteed rate mortgage loan. This loan rate is also set at the opening of the plan and depends on the same generational scale as the savings rate.
The home savings loan from a PEL only finances the primary residence. Neither a secondary residence nor a rental investment is eligible. This regulatory restriction radically changes the interest of the guaranteed rate: an attractive loan rate on paper has no value if your project does not concern your primary residence.
The maximum loan amount depends on the accumulated loan rights during the savings phase. These rights are calculated based on the interest earned and the duration of the plan. The more interest the Mauve Square generates, the higher the borrowable capital increases, within the regulatory ceiling.
When the PEL loan rate becomes competitive
Comparing the loan rate guaranteed by the Mauve Square to market mortgage rates at the time of unlocking is the only way to judge its usefulness. If market rates are lower than the guaranteed rate from your PEL, using the home savings loan has no financial interest. The loan right does not obligate you to use it.
Mandatory contributions and Mauve Square ceiling: impact on final calculation
The actual yield of the Mauve Square also depends on the funding rhythm of the plan. A minimum initial deposit of 225 euros is required at opening, followed by mandatory regular contributions of at least 540 euros per year. This obligation can be spread monthly (45 euros), quarterly (135 euros), or semi-annually (270 euros).
The contribution ceiling of the Mauve Square is set at 61,200 euros, excluding interest capitalization. Only the capitalized interest can push the balance beyond this ceiling. This mechanism means that the yield in euros mechanically increases over time, even without new contributions once the ceiling is reached.
- Minimum monthly contribution: 45 euros, which is the threshold to keep the plan active
- Maximum cumulative contribution: 61,200 euros excluding capitalized interest
- Minimum duration before closure without loss of loan rights: 4 years
A partial withdrawal is impossible on a Mauve Square. Any withdrawal results in the definitive closure of the plan. If this closure occurs before three years, the loan rights are lost. The illiquid nature of the Mauve Square weighs as much as its rate in the overall assessment.
The calculation of the Mauve Square rate at Crédit Agricole thus boils down to identifying its PEL generation, applying the applicable taxation, and integrating the effect of annual capitalization. The gross rate is just a starting point: without considering the PFU and the contribution constraints, any estimate remains misleading.