Updated 1 day ago by Melchior Duc

About the remunerated savings account on Lydia

Lydia users can open, in minutes, an interest-bearing savings account and then fund and track it directly from the app.

  • It's a free account. There are no fees for opening, managing, transactions... or even closing.
  • The savings limit for this account is 1 million euros.
  • The savings are remunerated at 2%.
We have negotiated the remuneration to be 3% for the first five months 🤑 (up to €75,000 then the standard rate 2% is applied), for any account opening.
To receive this bonus, your remunerated account needs to still be open on December 31st of the opening year. Moreover, the maximum bonus is 300 euros per year and per user. If you reach this limits, the remaining bonus will be paid the next year.
Starting March 9th 2023, the interest rates went from 1.45% to 2%
  • The funds placed in this account are guaranteed by the Deposit Guarantee Fund (FGDR) in case of default of the bank, up to 100,000 euros.

Open a remunerated savings account on Lydia

The remunerated savings account can only be opened by French tax residents. The first transfer must be of €1,000 or more.

Head to the "Accounts" tab then:

  1. Hit "Open a remunerated savings account",
  2. Fill in the personal information required to open an account in France,
  3. Sign the contract allowing the creation of the account,
  4. Make a first transfer to validate the account opening.

Note that it can take up to 7 or 8 business days for the first transfer to be credited on the account and appear on Lydia.

In collaboration with Cashbee and My Money Bank

Cashbee is a banking broker that simplifies the opening of a My Money Bank interest-bearing savings account. It is approved by the main supervisory institutions - by the ACPR as a payment institution, and by the ORIAS as a bank and insurance broker (more information).

My Money Bank is the partner bank of Cashbee. It makes its customers' savings grow by financing private projects, in France only.

Operations and remuneration

The balance appears on the user's account screen. It is updated at each consultation.

Coming soon: The user will be able to see the amount of interest earned on their savings.

This account has the same attributes as a regular Lydia account, namely:

  • The user can set up a recurring transaction to save regularly.
  • The remunerated savings account is drag-and-drop compatible, to and from the user's main Lydia account.
  • Transfers to and from the interest-bearing savings account are available 24 hours a day, 7 days a week. They are subject to traditional bank delays and can take up to 4 or 5 business days to appear on the account.
  • At the beginning of each year, in January, the user receives the after-tax interest payment for the previous year's investments.
Key point: the balance of the remunerated savings account should always be above €10. Moroever, it is not possible to withdraw less than €10 or to add less than €10.

Reporting and taxation

The interest you receive is subject to capital gains tax (flat tax - 30%, more details here). At the beginning of the year, you will receive the interest already net of tax. You do not need to declare it.

If your reference tax income is less than €25,000 (single) or €50,000 (joint taxation), you can choose to be exempt from the tax contribution on interest. Only the 17.20% social security contributions will be deducted. To choose this option, more information here.

Who to contact?

If you have any questions, you can contact Lydia support directly and only. To do so, go to the "Infos" tab, press the chat bubble on the top right to ask us your question.

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