Many savers hold several books, accounts or regulated savings plans of the same type, sometimes unknowingly (e.g. long-term opening of a young book by parents, change of bank), although this is forbidden.

Decree issued on 12 March 2021 requires banks to check duplicates. It is expected to come into force by 2026.

Which booklets are concerned?

The decree obliges banks to verify that a saver who requests the opening of a regulated savings product does not hold a similar one in another institution.

The scheme covers all accounts, schemes and regulated savings books:

• booklet A;
• Popular savings booklet (SMP);
• Sustainable and inclusive development booklet (LDDS);
• Housing Savings Plan (PEL);
• home savings accounts (CEL);
• young booklet.

Banks will be required to comply with this new verification requirement and “question the tax authority to verify whether the individual already holds a regulated savings product of the same class.”

What are the controls?

The planned control measures are as follows:

• inquire of the tax authorities about information on other savings products identical to the one being processed;
• refuse to open the savings book if the customer objects to the tax authorities communicating the information;
• refuse the opening, if the tax authority confirms that the customer already holds one or more identical savings books. This is until the holder closes one of the two accounts.