first summer decollect in ten years

In July 2025, the Livret A experienced a net decollect of 70 million euros. Meanwhile, This decline, described as rare by analysts, contrasts with positive collections observed in previous years. Moreover, The overall dynamics of regulated savings remain slightly positive thanks to the LDDS. Nevertheless, but the episode illustrates how much the decollect becomes a reality when interest rates decrease.

A month marked by an unprecedented discollet of booklet A. Furthermore, a collection of LDDS

After six consecutive months of positive flows, the booklet A suffered in July 2025 a clear decollect of 70 million euros. Moreover, The deposits were therefore not enough to compensate for withdrawals. Meanwhile, This situation contrasts with the Sustainable. Similarly, Solidarity Development Booklet (LDDS), which recorded a collection of 340 million euros over the same period, according to figures published by the Caisse des Dépôts on August first summer decollect ten years 21, 2025. Moreover, The outstanding booklet A still amounts to 445.4 billion euros at the end of July, while that of the LDDS reaches 164 billion euros.

Overall. the couple booklet A-LDDS remains slightly positive with a net collection of 270 million euros in July 2025, bringing the outstanding combined with 609.4 billion euros. However, this performance remains much lower than the levels usually observed during this period. Philippe Crevel. director of the Savings Circle, sums up the situation: “The announcement of the drop in the rate of booklet A from 2.4% to 1.7% in July [2025] cooled the ardor of savers, causing a second decline in 2025 ”.

A decollect in July. unheard of since 2015

You have to go back ten years, in July 2015, to find a decollet on the booklet A, which then reached 970 million euros. Since 2020, each month of July has been first summer decollect ten years sold in a collection of more than 1 billion euros. Even last year, in July 2024, it amounted to 1.57 billion, while the average over the period 2015-2024 reached 1.25 billion. Current decollect therefore constitutes a real break in the trend.

In cumulation since the start of the year, the booklet A has only garnered 2.9 billion euros, against 11.71 billion over the same period in 2024. The LDDS also experienced a slowdown, with 3.4 billion collection cumulative from January to July 2025, against 5.61 billion a year earlier. As for the Popular Savings Booklet (LEP). it turned slightly in July with 450 million euros in deposits, but its cumulation over seven months remains negative at – 1.97 billion euros, far from the + 4.98 billion observed over the same period in 2024. These figures highlight the general breath of net collection.

The reasons behind the decollect of July first summer decollect ten years 2025

The main explanation put forward by observers lies in the drop in rates. Since August 1, 2025, the yield of booklet A has increased from 2.4% to 1.7%, aligned with that of the LDDS. The LEP, which benefits from a derogation intended for modest households, saw its rate fall from 3.5% to 2.7%. This drop in yields logically encouraged some savers to withdraw part of their funds. reducing the attractiveness of the A booklet.

Other factors have however played. The savings circle stresses that the LDDS benefited from tax reimbursements of more than 10 million taxpayers. often fired directly on this product. The LEP. for its part, resisted thanks to its tax advantage and a rate higher than that of the booklet A, despite an even negative cumulative decollect. Finally. the perception of insufficient remuneration in the face of inflation and other investments has weighed on the confidence of first summer decollect ten years households.