Lydia users can take advantage of a 2.8% savings account operated by Cashbee.
Funds placed in this account are guaranteed by the "Fonds de Garantie des Dépôts" (FGDR) up to 100,000 euros in the event of bank default.
Deposits and withdrawals are free of charge.
Recent interest history
- Since September 1st, 2023: 2.8%
- Between June 8th, 2023 and September 1st, 2023: 2.5%
- Before June 8th, 2023: 2%
Open a savings account
Exceptional interest of 4% for the first 2 months after opening.
Up to a maximum deposit of €150,000, provided the savings account is still open on December 31st of the opening year.
This remuneration is made up of the boosted and basic interest rate paid by My Money Bank, plus a bonus offered by Lydia and Cashbee.
Let's take the example of a "2 months at 4%" welcome offer (current offer): the user benefits from the first 2 months at 4% interest, then 2.8% interest (based on the current prime rate) for the following months (from the third).
The account is opened from the "Account" tab of the application, in the "Savings account" section.
The interest-bearing savings account is reserved for French tax residents with a telephone number starting with +33.
Users must deposit a minimum of €1,000 (in one transfer or more) to finalize the opening of their savings account.
It takes 7 to 8 business days for the first deposit to appear on the account.
Important: you must keep a minimum of €10 in your savings account to keep it open.
In collaboration with Cashbee and My Money Bank
Lydia works with Cashbee, an institution approved by the ACPR of the Banque de France (REGAFI 77488) for its payment and account aggregation activities, and registered with the ORIAS (N° 19002094) as an insurance broker and intermediary in banking operations.
My Money Bank is behind Cashbee's savings offer. It is a credit institution in France that makes its customers' savings grow by financing individual projects.
Operations and remuneration
The savings account can be credited either :
- from the Lydia application
- by bank transfer to the savings account IBAN (displayed in the application). In this case, the transfer must come from a bank account held by the user (in their first and last name).
It can be debited from the Lydia application at any time.
Cashbee estimates the delay for standard operations (adding or withdrawing savings) at between 2 and 3 business days. When users make a transfer to their savings account, they can see the amount waiting to be received on their account from the Lydia application.
The previous year's interest is paid net each January, directly into the savings account. At the beginning of each year, the user also receives an account statement by email from Cashbee.
Interest calculation
As with most French banks, interest is calculated on a bi-weekly basis. Every two weeks, the bank records the amount of money deposited in your account and the corresponding interest. The formula is the same for all banks.
(Balance_Start_Period - Withdrawals_Period) * Rate * Number_Days_Period / 365
Reporting and taxation
Interest income is subject to taxation in France.
Interest payments are net. Cashbee takes care of the withholding tax (single flat-rate deduction of 12.8% income tax and 17.2% social security contributions) and the pre-declaration to the tax authorities.
No action is required on the user's part. The interest received will automatically appear on their tax declaration, for confirmation.
Closing a savings account
Users can send their request via the Lydia application message system, or contact Lydia customer service by email.
The request is then forwarded to Cashbee, and processed within 1 to 5 business days.
Finally, any funds remaining in the savings account are transferred to the user's Lydia balance once the account has been closed.