The deposits seen by individuals are close to 550 billion euros, a record. On average, each family has more than 18,400 euros in their current account. A colossal sum that raises many questions.
It is an investment that is a success and on which the French have always placed almost 30 billion euros since the beginning of the year: the current account. According to the latest data published by the Banque de France, the deposits seen represent a bonanza of almost 544 billion euros. This is much more than the 491.8 billion euros deposited in the Livret A and the Livret de Développement Durable et Solidaire (LDDS), according to the figures of the Caisse des depots et consignations stopped at the end of July.
And above all, this represents an average of 18430 euros on the current accounts of each of the 29.5 million French families, compared to less than 7,000 euros just 15 years ago. An amazing amount. And also. On the MoneyVox forum, an Internet user reported that his 70-year-old mother left 160,000 euros of money in her checking account.
Inflation eats money from the current account
Another example: in his last statement of assets, published in December 2021, the Head of State, Emmanuel Macron, indicated that he had 166,685.90 euros in his joint Crdit Mutuel current account, the equivalent of almost one year of his salary. Well beyond 3 to 6 months of precautionary income which is recommended to keep in case of a hard blow. And a very bad deal for those concerned at a time when inflation is flirting with 6%. Indeed, apart from Macif or Groupama, no bank remunerates seen deposits. Leaving too much money in your current account is the guarantee of lose even more purchasing power.
Preventive savings: how much, on which account or passbook?
The bank advisor, by virtue of his advisory duty, must guide the client towards products that prevent them from devaluing their assets too much, especially in this context of high inflation. This starts with risk-free regulated savings (Livret A, LDDS, PEL, etc.). But I have noticed that some types of families, especially among the elderly, even with average wealth, prefer one side to the other. have a foot worth several tens of thousands, even several hundreds of thousands of euros. They prefer a current account very well full rather than putting their savings elsewhere even on products with very little or no risk, explains Aurlien Soustre, representative of the CGT-banks and insurance in the Advisory Committee of the Financial Sector.
A series of crises
An increase in bank deposits that has intensified since the financial crisis of 2008, then from that of sovereign debt, the coronavirus and now inflation. In times of crisis, there is a very strong desire save money, explains economist Philippe Crevel. The Covid crisis has, for example, led to additional French savings valued at 175 billion euros between 2020 and 2021, according to the Banque de France.
In 2008, the pending deposits seen by families weighed 18% of their disposable income. This number is still increasing 37.4% in 2021. If until now families kept so much money in their current accounts, it was linked to the lack of interest in investing their money in savings products such as Livret A, banking products or insurance of life of the euro funds, whose overall returns were depressed. , explains Cyril Blesson, macroeconomist and co-founder of savings notebooks.
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According to this specialist, the massive use of sight deposits should be stopped with the increase in interest rates. Indeed, Livret A, whose remuneration rose to 2% on August 1st, could thus be raised beyond 3% during his next review on February 1. In addition, yields on life insurance funds in euros should also pick up. And the best could even exceed the rate of Livret A. In this context, individuals have more interest in depositing their money on products that bring a little more.
A double risk on his current account
According to our calculations, current accounts should see their balance increase by 32 billion euros this year and by 5.6 billion euros in 2023 alone. Then, from 2024, there should be the beginning of a dcollection on view deposits. But the move could materialize even faster! underlines Cyril Blesson.
Meanwhile, keeping as much money as possible available in your checking account is a doubly risky practice. On the one hand, the guarantee of deposits on bank accounts in case of bank failure is 100000euros maximum, advises Aurlien Soustre. On the other hand, in case of bank account fraud, this may be more difficult for the client to detect. It is more complicated to notice a fraud of 1000euros in your bank account that contains 50000euros instead of 5000euros for example.