You may have seen this name on a bank statement or in a brochure from your bank advisor: the Carré Mauve. Behind this colorful name lies a well-known regulated savings product. The Carré Mauve is the commercial name that Crédit Agricole gives to the Plan Épargne Logement (PEL). Its operating rules, rates, and ceilings are exactly those of the PEL set by the State.
The confusion arises when calculating the associated loan rate. The savings rate displayed at the opening does not correspond to the rate at which you will be able to borrow later. Understanding this mechanism avoids unpleasant surprises when planning a real estate project.
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Savings rate of the Carré Mauve: what changes depending on the year of opening
The remuneration rate of a PEL (and therefore of a Carré Mauve) is definitively set on the day of opening. It does not change afterwards, even if the regulatory rates evolve the following year. This is a point that many savers discover afterwards.
Recent variations illustrate this mechanism well. A Carré Mauve opened in 2024 offers a gross rate of 2.25%. For an opening in 2025, this rate drops to 1.75% gross. And for plans opened from January 1, 2026, the rate rises to 2.00% gross.
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You understand the stakes: two people who open their Carré Mauve one year apart do not receive the same remuneration, and especially not the same future loan rate. To understand the Carré Mauve at Crédit Agricole, one must reason from this opening date, not from the rate in effect at the time one considers borrowing.
Calculating the housing savings loan rate: the concrete formula
Have you noticed that the loan rate almost never appears on Crédit Agricole’s public documents? There is, however, a simple rule. The PEL loan rate equals the savings rate plus a regulatory margin, usually set at 1.20 points.
Let’s take a concrete example. You opened your Carré Mauve in 2024 with a savings rate of 2.25% gross. The rate of your future housing savings loan will be 2.25% + 1.20% = 3.45%.
With an opening in 2026 at 2.00% gross, the loan will be offered at 3.20%. The difference may seem modest, but on a loan of several tens of thousands of euros repaid over ten or fifteen years, it impacts the total cost.
Why the loan amount depends on accrued interest
The right to a loan is not automatic. The borrowable amount directly depends on the capitalized interest during the savings phase. The longer and more regularly you save, the more your loan rights increase. The ceiling is set at 92,000 euros, but few savers reach it.
The calculation is based on a conversion coefficient applied to the accrued interest. In practice, this means that a Carré Mauve funded at the strict minimum (540 euros per year) generates significantly lower loan rights than a plan funded with higher contributions.
Social contributions and taxation: the real net rate of the Carré Mauve
The gross rate displayed is not the one you actually receive. The interest from the PEL is subject to social contributions of 17.2% from the first year. For plans opened since 2018, the flat tax of 30% (including social contributions) also applies to the interest.
Here’s how the taxation breaks down for a recent Carré Mauve:
- Single flat-rate withholding (PFU) of 12.8% for income tax
- Social contributions of 17.2% (CSG, CRDS, solidarity levy)
- Total: 30% withheld on annual gross interest
A gross rate of 2.00% in 2026 therefore yields a net return of about 1.40% after taxation. This figure remains guaranteed and without capital risk, distinguishing it from other more lucrative but volatile investments.
Mandatory contributions and ceiling: constraints to know before subscribing
The Carré Mauve imposes a strict framework for contributions, often underestimated at subscription. The minimum initial contribution is 225 euros, followed by an annual obligation of at least 540 euros.
You can choose the frequency that suits you:
- Minimum of 45 euros per month
- Minimum of 135 euros per quarter
- Minimum of 270 euros per semester
The investment ceiling is set at 61,200 euros (excluding interest capitalization). Note: no withdrawals are possible without closing the plan. This is the trade-off for the guaranteed rate. A withdrawal before four years results in the loss of loan rights and, depending on the date, a revision of the remuneration rate.
Duration of the plan and renewal
The minimum duration of the PEL is four years. It can then be extended year by year, up to a maximum duration of ten years for contributions. Beyond that, the plan continues to generate interest for an additional five years, but you can no longer fund the account.
A Carré Mauve kept beyond its tenth year no longer generates additional loan rights. If your goal is real estate financing, it is better to use these rights within the first ten years.
The Carré Mauve remains a savings tool oriented towards real estate projects, not a yield investment. Its true value lies in the guaranteed loan rate from the opening, in a context where market rates fluctuate. Before subscribing, check the applicable regulatory rate and calculate the corresponding loan rate: it is this figure, and not the savings rate alone, that determines the real interest of the product for your project.