The Mauve Square is the commercial name for the Home Savings Plan (PEL) at Crédit Agricole. Its loan rate is not subject to traditional bank negotiation: it is mechanically derived from the savings rate set at the contract’s opening, to which a regulatory margin is added. Understanding this mechanism allows for a quick assessment of the relevance of a Mauve Square compared to a traditional mortgage.
Regulatory Margin and Calculation Formula for PEL Loan Rate
The loan rate associated with the Mauve Square is based on a simple addition. Finance for All documents this formula: PEL loan rate = savings rate + 1.50% management fee. This mechanism is identical for all PELs, regardless of the regional Crédit Agricole branch.
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Specifically, if your PEL was opened with a savings rate of 2.25%, the guaranteed loan rate will be 3.75%. There is no room for negotiation on this point: the margin of 1.50% is regulatory and not adjustable by the banking institution.
We recommend systematically checking the savings rate listed on the Mauve Square opening contract. It is the only necessary variable. The loan rate automatically follows from it, and this information, often detailed by the Mauve Square at Crédit Agricole on Buzzarium, remains stable throughout the life of the PEL.
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Recent Changes in PEL Rates: What Impact on the Mauve Square
The savings rates of the PEL have undergone several adjustments during the 2023-2026 period. The applicable scale depends exclusively on the date of opening of the plan. A PEL opened in 2023 benefits from a savings rate of 2%, the one from 2024 rises to 2.25%, then drops to 1.75% for openings in 2025, before rising again to 2% in 2026.
By applying the formula, here are the corresponding loan rates:
| Year of Opening | Savings Rate | Guaranteed Loan Rate |
|---|---|---|
| 2023 | 2% | 3.20% |
| 2024 | 2.25% | 3.45% |
| 2025 | 1.75% | 2.95% |
| 2026 | 2% | 3.20% |
The lowest loan rate applies to PELs opened in 2025, at 2.95%. The “Mauve Square” product sheets distributed by the regional branches of Crédit Agricole do not always reflect these recent changes. We often observe a discrepancy between the current scale and the documentation available at the agency.
Comparing the Mauve Square Rate to Market Mortgage Rates
Calculating the Mauve Square loan rate is not enough. Its real usefulness depends on the gap with the mortgage rates practiced at the time you wish to borrow. A PEL opened in 2024 guarantees a loan at 3.45%. If market rates fall below this threshold, the borrowing right of the Mauve Square loses its financial interest.
Three criteria determine whether using the PEL loan is worthwhile:
- The rate gap between the PEL loan and traditional bank offers at the time of the real estate project. A gap of less than 0.30 points makes the PEL loan marginal.
- The amount of accumulated borrowing rights, which directly depends on the capitalized interest during the savings phase. The longer the savings duration and the higher the contributions, the greater the borrowable capital.
- The remaining duration before closure: a Mauve Square closed before 3 years loses all borrowing rights. Between 3 and 4 years, the savings rate is recalculated at the CEL rate, which is significantly less favorable.
The contribution ceiling for the PEL remains set at €61,200. Only the capitalization of interest can push the balance beyond this. For a high-value real estate project, the PEL loan will only cover a fraction of the financing.
Mandatory Contributions and Consequences on Borrowing Rights Calculation
The Mauve Square requires a minimum annual contribution of €540, which can be broken down into monthly payments of €45, quarterly payments of €135, or semi-annual payments of €270. The initial contribution at opening is €225. These amounts directly condition future borrowing rights.
Borrowing rights are calculated based on the interest earned during the savings phase, multiplied by a coefficient that varies according to the duration of the requested loan. The more regular the contributions and the closer they are to the ceiling, the more the capitalized interest increases the borrowable amount.
A PEL funded at the strict minimum (€540 per year) for four years generates modest borrowing rights. We recommend maximizing contributions from the first years if the goal is to utilize the borrowing right, as compound interest plays a crucial role in the final calculation.
Taxation of Mauve Square Interest: What Changes After 12 Years
The interest from the PEL is subject to a flat tax of 30% from the first year for plans opened since 2018. This fact is often overlooked in calculating the real net yield of the Mauve Square.
After 12 years, the PEL can no longer receive contributions. Interest continues to accrue for a few more years, but the plan eventually gets converted into a traditional savings account by the regional branch, with a generally less competitive rate.
Thus, the calculation of the Mauve Square rate at Crédit Agricole boils down to an arithmetic operation on the savings rate. The real complexity lies in the trade-off between this guaranteed rate and market conditions at the time of the real estate project, a trade-off that depends on a context that no one can predict at the opening of the plan.