With a savings rate of French households remaining around 17% of disposable income, the question is no longer whether to save money, but where to invest it so that it does not lose value. The trade-off between loans, regulated savings accounts, and medium or long-term investment solutions determines the actual trajectory of wealth over ten or twenty years.
Withdrawal from savings accounts and reallocation to life insurance: the flows reshaping savings
For several quarters, French households have been massively withdrawing their funds from regulated savings accounts to redirect them towards life insurance, retirement savings, and equity investments.
The data is clear. The net withdrawal from regulated savings exceeded 10 billion euros in the first quarter of 2026, reaching 16 billion over the year. This transfer directly feeds into multi-support life insurance and the PER, which are becoming the main recipients of these flows.
This shift is explained by the gradual decline in the remuneration of the Livret A. At the same time, euro funds in life insurance are showing yields higher than those of regulated savings accounts. The remuneration gap, once almost negligible, has reversed.
A comparator like creditsetplacements.fr allows users to compare these different envelopes based on net yield, applicable taxation, and immobilization duration, three criteria that most savers underestimate when balancing liquidity and performance.
Net yield of main investments in 2025-2026: comparison table
Comparing investments without standardizing the calculation base (gross yield, taxation, horizon) amounts to comparing incompatible quantities. The table below gathers data from the research context to establish a factual framework.
| Support | Indicative yield | Taxation | Recommended horizon | Liquidity |
|---|---|---|---|---|
| Livret A | 1.7% | Exempt | Short term | Immediate |
| Euro funds in life insurance | Higher than Livret A (variable depending on contracts) | PFU or scale after allowance (8 years) | Medium-long term | Few days |
| PEA (European stocks) | Variable, historically higher over the long term | Exempt from income tax after 5 years | Long term | Medium |
| PER | Variable depending on supports | Deductible at entry, taxed at exit | Retirement | Locked except for legal cases |
| SCPI | Variable, indirect rental yield | Real estate income | Long term | Low |
The horizontal reading of the table reveals a point often overlooked: taxation radically alters the ranking of net yields. A euro fund, after social contributions and taxation, can fall below the net yield of the Livret A for a highly taxed taxpayer who withdraws before eight years.
Real estate credit and interest rates: recalculating the leverage effect
The European Central Bank’s key rates have been lowered several times since 2024. This downward trajectory has mechanically reduced the cost of new real estate loans, altering the wealth calculation for borrowers.
For a borrower, this window changes the calculation. If the nominal interest rate of the loan approaches the net yield of a secure investment (euro funds, for example), the interest in repaying early decreases. Conversely, if the gap widens in favor of the investment, keeping the loan and investing the available capital can generate a positive differential over time.
Two variables to monitor before making a decision
- The overall effective rate (TEG) of the loan, which includes insurance and processing fees, and not just the nominal rate displayed by the bank.
- The net yield after taxation of the alternative investment, calculated over the same horizon as the remaining duration of the loan.
- The actual monthly savings capacity, after fixed charges, which determines whether a regular investment (scheduled payments into life insurance or PEA) is feasible without compromising repayment.
Multi-support life insurance and PER: balancing between guaranteed capital and units of account
The massive reallocation towards life insurance and the PER does not mean that all savers benefit equally from these envelopes. The choice between euro funds (guaranteed capital) and units of account (UC, exposed to markets) profoundly alters the risk profile and expected return.
On euro funds, the yield now exceeds that of the Livret A, but remains below inflation during certain periods. Units of account, linked to stocks, real estate (SCPI), or bonds, offer a higher potential yield with greater volatility.
The investment horizon determines the relevant share of UC. On a life insurance contract intended to finance a project in three years, a strong exposure to stocks carries a risk of capital loss at the time of withdrawal. On a PER locked until retirement, the duration smooths volatility and justifies a higher share of UC.
Managed or self-directed management
Managed (or mandate) management delegates the trade-offs between euro funds and UC to a professional manager. It suits savers who do not wish to follow the markets. Self-directed management allows individuals to choose their own supports, which requires regular monitoring of the performance and fees of each line.
Annual management fees on UC vary significantly depending on contracts. A modest fee difference accumulates over twenty years and can represent several thousand euros of lost earnings on the final capital. Comparing total fees (management, trading, entry into UC) before subscribing remains the first concrete step towards optimization.
The trade-off between loans, savings accounts, and medium-term investments is not limited to a fixed grid. The savings flows of French households show that real remuneration, net of inflation and taxation, now guides choices more than habit or ease of access. The decline in the Livret A rate, faced with more rewarding euro funds and declining credit rates, reshapes priorities for the coming years.
