Glossary search

Passbook savings account

Passbook savings accounts can be opened in banks for depositing cash over the short term, in preparation for an investment or purchase. The bank is free to determine their interest rate.

Passbook savings account for low-income households (LEP)

Regulated passbook savings account, exempt from tax and social security contributions. The LEP was created to help low-income households deposit their savings under conditions enabling them to maintain their purchasing power.