CEL in 2026: Rate, Ceiling, How It Works and Eligibility

Introduction: The CEL, the PEL's Little Brother

The Compte Epargne Logement (CEL), or Housing Savings Account, is a regulated savings product less well-known than the Livret A or the PEL, yet it offers some interesting features. More flexible than the PEL (Plan Epargne Logement), it combines accessible savings with the right to a subsidized housing loan. In 2026, with a rate of 1.50% gross, does the CEL deserve a place in your savings strategy?

For English-speaking expats in France, the CEL is one of several government-regulated savings products ("livrets reglementés") where rates and conditions are set by law, not by individual banks.

CEL Rate and Return in 2026

The Current Rate

The CEL rate is set at 1.50% gross since February 1, 2025. It corresponds to two-thirds of the Livret A rate (rounded to the nearest quarter point): 2.40% x 2/3 = 1.60%, rounded down to 1.50%.

Net Return After Tax

For CEL accounts opened since January 1, 2018, interest is subject to the 30% flat tax (known as the "prelevement forfaitaire unique" or PFU):

1.50% x (1 - 0.30) = 1.05% net

Comparison with other savings products:

The CEL is the lowest-yielding of all regulated savings accounts. Its appeal therefore lies not in its return but in its other features.

How the CEL Works

Ceiling and Deposits

• Deposit ceiling: 15,300 euros (excluding capitalized interest)
• Minimum opening deposit: 300 euros
• Subsequent deposits: minimum 75 euros
• No mandatory deposits: unlike the PEL, you can fund your CEL whenever you wish

Fund Availability

This is the CEL's major advantage over the PEL: your savings are available at any time, without penalty. You can make withdrawals freely, provided you maintain a minimum balance of 300 euros.

Lucie, 33, a freelance graphic designer in Nantes, values this flexibility. With irregular income, she could not commit to the PEL's mandatory deposits. The CEL lets her save at her own pace while maintaining the right to a housing loan.

Interest Calculation

CEL interest is calculated in fortnightly periods ("quinzaines"), just like the Livret A, and credited on December 31 of each year.

The CEL's Housing Loan Entitlement

Loan Conditions

After a minimum holding period of 18 months, the CEL grants the right to a housing loan:

• Maximum amount: 23,000 euros
• Duration: 2 to 15 years
• Loan rate: CEL savings rate + 1.50 percentage points, i.e., 3.00% for CEL accounts opened in 2025-2026
• Purpose: financing a primary residence (purchase, construction, improvement or extension works)

Combining CEL + PEL

You can combine CEL and PEL loan entitlements to obtain a larger combined loan, up to a maximum of 92,000 euros in total.

Example: Romain, 30, a technician in Grenoble, has a PEL (loan entitlement of 45,000 euros) and a CEL (loan entitlement of 23,000 euros). He can borrow a total of 68,000 euros at a preferential rate to finance the purchase of his primary residence.

CEL and Home Improvement

The CEL is one of the few savings products that can finance energy efficiency improvement works at a preferential rate. If you are a homeowner planning renovations, the CEL loan can be a useful supplement.

CEL Taxation

CEL Accounts Opened Since January 1, 2018

• 30% flat tax on interest (12.8% income tax + 17.2% social contributions)
• Option to choose the progressive income tax scale instead

CEL Accounts Opened Before January 1, 2018

• Income tax exemption (interest remains subject to 17.2% social contributions)
• Net return of 1.50% x (1 - 0.172) = 1.24% net

State Bonus (Abolished)

The State bonus ("prime d'Etat"), which used to supplement CEL interest when the housing loan was taken out, has been abolished for CEL accounts opened since January 1, 2018.

CEL vs PEL: Which One to Choose?

When to Choose the CEL

• You have a small renovation project requiring a modest loan
• You want flexible, accessible savings with a loan entitlement
• You cannot commit to the PEL's mandatory deposits
• You already have a PEL and want to top up your loan entitlement

When to Choose the PEL

• You have a significant property project (purchase, construction)
• You want a higher loan amount (up to 92,000 euros)
• You are disciplined with regular deposits

Strategies for Using the CEL in 2026

1. Supplementary Housing Loan

The CEL comes into its own as a supplement to a PEL. A couple can open 2 PELs + 2 CELs to maximize their loan entitlement:

• 2 PELs: 2 x 92,000 = 184,000 euros maximum loan
• 2 CELs: 2 x 23,000 = 46,000 euros maximum loan
• Total: 230,000 euros in preferential-rate loans

2. Do Not Use the CEL as a Pure Savings Product

With a net return of 1.05%, the CEL is far outperformed by the Livret A (2.40% net) and even by the Livret Jeune (variable, often higher than the Livret A). Only open a CEL if you plan to use the housing loan entitlement.

Delphine, 38, an HR manager in Tours, had 8,000 euros in a CEL opened in 2020. With no property project in sight, she transferred these funds to her LDDS (2.40% net), earning 108 euros more per year (192 euros vs 84 euros in net interest).

3. Financing Energy Efficiency Improvements

If you are a homeowner planning renovation works (insulation, heat pump, windows), the CEL loan at 3.00% can be competitive, especially when combined with government grants (MaPrimeRenov', eco-PTZ -- France's zero-interest green loan).

Conclusion

The CEL is a niche savings product in 2026. Its net return of 1.05% makes it unappealing as a straightforward investment. Its value lies in the housing loan entitlement it provides, particularly for home improvements or as a complement to a PEL. If you have no property project, your savings will be far better placed in a Livret A, LDDS, or LEP.

Disclaimer

The information presented in this article is provided for informational and educational purposes only. It does not constitute personalized investment advice. The rates and conditions mentioned are those in effect at the time of writing and are subject to change. Consult your bank for the exact CEL terms and conditions.