CEL for english customer

marché english-speaking-customer

Save up for a property purchase or home improvements without locking your money away. You’ll also benefit from a favourable interest rate on your home loan.

A guaranteed rate of 1,25% and a government bonus

With the Compte Epargne Logement (Home Savings Account – CEL), you can save up to € 15,300 . Make deposits of at least € 75 at any time you choose and earn interest at 1,25% (1). As long as you have held your CEL for at least 18 months, you will receive a government bonus when you take out a home loan.

Available savings, any time

With a CEL, you can access your savings whenever you like. You are free to withdraw money at any time without having to close your account.

A mortgage or home loan at a guaranteed rate

After just 18 months, you can take out a mortgage or home loan at a preferential rate. The size of the loan (maximum €23,000) depends on the rights acquired during the savings phase.

Tax-free capital

Both interest payments and the government bonus are exempt from income tax (excluding social security contributions).

Good to know : combine the advantages of the CEL and the Compte epargne Logement (CEL) to build up a bigger nest-egg for your property investments and gain access to additional preferential borrowing rights.

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 Note that money withdrawn between the 1st and the 15th only earns interest up to the last day of the previous month and that sums withdrawn between the 16th and the last day of the month earn interest up to the 15th of that month.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!

Crédit Agricole en ligne

Your CEL on line
With Credit Agricole Online, you can:

  • view your account balance and transaction history
  • view the borrowing rights you have acquired during the savings phase
  • make one-off or regular transfers
    • from your current account to your CEL
    • from your CEL to your current account
  • download your CEL account statement

(1) Gross annual rate at 01/08/2011, subject to change
Detailed description

Who is it for ?

Anyone who does not already hold a CEL (Compte Epargne Logement) or PEL (Plan Epargne Logement) with another bank.

What is a CEL ?

The CEL is an interest-bearing, accessible savings account. You can withdraw your money at any time. The CEL gives access to a property loan at a preferential rate and is particularly suitable for funding renovations and home improvements.

Le conseil du Crédit Agricole

CEL and PEL: the winning combination to finance your property projects

The CEL allows you to build up savings and borrow up to €23,000 (depending on the borrowing rights your acquire). Combine it with a PEL to save even more for your property project and extend your right to borrow at preferential rates.

> Learn more about the PEL

The accessible savings account that suits your needs

  • Save up to € 15,300 .
  • Open your account with a minimum payment of just € 300 . Make regular or occasional deposits as you wish (at least € 75 per deposit).
  • Interest is paid at 1,25% 1. Once you’ve held your CEL for at least 18 months, you can take out a prêt épargne logement (home savings loan) and benefit from a government bonus equal to 50% of the interest earned and used for the loan.
  • Your money is available at any time and you can withdraw as much as you want. Your CEL remains open as long as the account contains at least € 300 .

Tax advantages

Both interest payments and the government bonus are exempt from income tax. The only charges are social contributions, which are deducted from your interest payments every year.

Benefit from a property loan at a guaranteed rate

Use your CEL to finance renovation and improvement work in your home. You can apply for a home savings loan just 18 months after opening your CEL!You can borrow up to €23,000 depending on the borrowing rights you have acquired while saving. The interest rate for your loan is the CEL savings rate + 1.5%.

Good to know : you can transfer your borrowing rights to a family member as long as they also hold a CEL or PEL and have already acquired borrowing rights.

For example

  • You open a CEL with an initial deposit of € 3,000 and make monthly instalments of € 75. After 18 months, you have built up a capital of € 4,419.88 including interest (excluding social contributions).
  • You decide to take out a loan of €4,000 over 4 years to pay for renovations in your new home2. The Annual Percentage Rate (APR) is 3.54%. You pay 48 monthly instalments of €89.40 (obligatory life/invalidity insurance included, no arrangement fees). The total cost of the loan is €291.20.
(1) Gross annual rate at 01/08/2011, subject to change
(2) For property acquisitions excluding SCPI or for building works of a value greater than €21,500, you have a period of 10 days to decide whether or not to accept the loan offer. The sale is subject to a loan being obtained. If a loan is not granted, the vendor must reimburse all sums paid. For building work worth less than €21,500, the loan is subject to article L. 311-1 and following of the Consumer Code. In this case, you can retract your agreement within the 7 days following the day the contract is signed.
Subject to your application being accepted by the regional office of Crédit Agricole, lender.
Questions & answers

How much does it cost to open a CEL ?

No fees or commission charges are levied for holding or opening this type of account.

Can I open a CEL for my 15-year-old son ?

Yes. The CEL is available to everyone, both adults and minors, provided that they do not already hold a CEL (Compte Epargne Logement) or PEL (Plan Epargne Logement) with another bank.

I have a CEL but I don’t have any plans to invest in property. What should I do ?

You can choose to transfer your borrowing rights to a member of family (as long as they also hold a CEL or PEL and have already acquired borrowing rights). Any ensuing government bonus will be paid to the borrower.

The basics