The Mauve Square is the commercial name of the Home Savings Plan (PEL) distributed by Crédit Agricole. Since January 1, 2026, the regulatory savings rate for new PELs is set at 2.00% gross annual, which directly conditions the rate of the associated home savings loan. Understanding the calculation mechanism of this rate allows for a precise evaluation of the cost of a future real estate loan.
Calculation formula for the Mauve Square loan rate: the margin of 1.20%
The home savings loan rate linked to a Mauve Square follows a simple regulatory formula for PELs opened since February 1, 2015:
Loan rate = PEL savings rate + 1.20% commission
For a Mauve Square subscribed from January 1, 2026, the calculation gives: 2.00% + 1.20% = 3.20% excluding insurance. This loan rate is guaranteed from the subscription and remains the same throughout the duration of the plan, regardless of future market rate changes.
We observe that this formula is neither detailed in the Mauve Square memos from Crédit Agricole nor in the product sheets provided at regional branches. Most documents simply mention the result (3.20%) without exposing the margin mechanism. Yet, it is this breakdown that allows for a comparison of the Mauve Square rate at Crédit Agricole with that of a traditional mortgage negotiated on the market.
Savings rate and loan rate of the Mauve Square: two distinct logics
Confusing the savings remuneration rate and the loan rate is the most common mistake. The savings rate (2.00% gross for the 2026 PELs) determines the remuneration of the amounts deposited in the Mauve Square. The loan rate (3.20%) is the rate at which the bank will grant a mortgage if the holder decides to exercise their loan rights.
The 1.20% commission constitutes the remuneration of the lending institution. It is set by regulation and not by the regional branch. No negotiation is possible on this point, unlike the banking margins applicable to traditional mortgages.
Impact of taxation on real yield
The gross savings rate of 2.00% does not correspond to the net yield received by the saver. The interest on PELs opened since January 1, 2018, is subject to the flat tax (PFU) of 30%, which brings the net yield to about 1.40%. This figure deserves to be compared with the loan rate of 3.20% to assess the overall relevance of the Mauve Square as a real estate financing tool.
Mauve Square loan rights: conditions and ceiling
The amount borrowable through a Mauve Square home savings loan depends on the interest accrued during the savings phase. The maximum loan ceiling is set at 92,000 euros, but the actual amount obtained will depend on the duration of savings, the capital accumulated, and the capitalized interest.
Several constraints frame the use of this loan:
- The Mauve Square home savings loan exclusively finances the primary residence: purchase, construction, or certain works. Secondary residences and rental investments are excluded for recent generations of PELs.
- The minimum savings duration is 4 years before being able to exercise loan rights. Closure before 3 years results in the permanent loss of loan rights.
- The state bonus, when applicable, is conditioned on subscribing to a home savings loan of at least 5,000 euros. Without an actual loan, no bonus is paid.
Mandatory payments and ceiling of the Mauve Square
The minimum initial deposit is 225 euros. Regular payments must reach at least 540 euros per year, or 45 euros per month, 135 euros per quarter, or 270 euros per semester. The deposit ceiling is set at 61,200 euros excluding interest capitalization. Partial withdrawals are not possible: any withdrawal results in the closure of the plan.
Compare the Mauve Square rate with market mortgage rates
A loan rate of 3.20% guaranteed at subscription may seem attractive or penalizing depending on market conditions. We recommend reasoning in terms of total credit cost rather than nominal rate.
When traditional mortgage rates are below 3.20%, exercising Mauve Square loan rights has no financial interest. The plan then retains only its savings function (at a modest net yield after taxation). Conversely, if market rates exceed 3.20%, the Mauve Square becomes a competitive financing lever, as the rate is fixed at the time of plan opening.
The real calculation to be made is that of the opportunity cost over the mandatory savings duration. Locking in capital for a minimum of four years on a support yielding 1.40% net, to obtain a loan at 3.20%, is only justified if the gap with market rates at the time of borrowing is sufficient to compensate for the lost earnings during the savings phase.
The regulatory formula of the Mauve Square (savings rate + 1.20%) sets a transparent framework. The difficulty lies in anticipating the interest rate environment at the time the loan will actually be requested, which transforms the Mauve Square into a bet on the evolution of real estate financing conditions in the medium term.