Based on the provided color ( #5046E5 ), I have created a complementary color palette that balances well with this shade, ensuring it is web-friendly and meets WCAG 2.1 color contrast guidelines.

 <Color Palette Name: "Vibrant Indigo Harmony">
1. Background - 
                            
                            #F4F4F4
                         - A soft, light gray that serves as a neutral backdrop, promoting readability and a clean aesthetic.
2. Text - 
                            
                            #333333
                         - A dark charcoal color that ensures high contrast against the background for easy reading.
3. Primary Action - 
                            
                            #5046E5
                         - The vibrant indigo color used for primary buttons and actions, creating a strong focal point.
4. Secondary Action - 
                            
                            #E5E046
                         - A complementary lime yellow that provides a cheerful contrast for secondary buttons and actions.
5. Accent - 
                            
                            #E5466E
                         - A soft coral pink that adds warmth and can be used for highlights or notifications.

Color Palette Description:

This palette features a vibrant indigo as the primary action color, which is modern and engaging. The light gray background promotes readability and creates a calm interface. Dark charcoal text ensures legibility, while the lime yellow secondary action provides a lively contrast, drawing attention without overwhelming. The coral pink accent adds a touch of warmth and can be utilized for alerts or important notifications, ensuring a harmonious and inviting user experience.

Follow-up Questions:

1. What type of application or website are you designing?
2. Do you have any specific branding guidelines or themes to consider?
3. Are there any additional colors or elements you would like to incorporate into this palette?