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The path Step 1 · First steps

Five accounts, five uses

Before choosing what to buy, choose where. Each French account has its own role, rules and taxation: here are the essentials, without jargon.

Where to start

  1. 01

    An emergency fund

    Three to six months of expenses, available at any time, to face the unexpected without having to sell your investments at the wrong moment. That is the Livret A’s job.

  2. 02

    A long-term investment

    Money you won’t need for at least 8 years can be invested in stocks, through a PEA and a life insurance contract. That is where time works for you.

  3. 03

    Specific needs

    Preparing for retirement while lowering your taxes today (PER), or reaching every market in the world with no ceiling (securities account).

These are common benchmarks, not a recommendation: your situation (income, plans, family, taxes) may call for a different order.

At a glance

Account What it’s for Ceiling Access to your money Tax on gains
Livret A Emergency savings €22,950 At any time No tax, no social charges
PEA Long-term stock investing €150,000 of contributions A withdrawal before 5 years closes the plan After 5 years: 18.6% social charges, no income tax
Life insurance (assurance vie) Long-term savings and estate planning None At any time After 8 years: €4,600 of gains a year tax-free, then 7.5% + 17.2%
PER Retirement savings Deduction capped at 10% of income Locked until retirement, with exceptions Taxed on exit
Securities account (CTO) Every market, no limits None At any time 31.4% (flat tax)

The accounts in detail

Livret A

Setting aside money you might need quickly: a breakdown, an unexpected bill, a drop in income.

Advantages

  • 1.7% rate since August 1, 2026, set by the State and reviewed every six months (next review in February 2027)
  • Interest free of income tax and social charges
  • Guaranteed capital, money available at any time

Constraints

  • €22,950 ceiling (€12,000 for the LDDS, its twin at the same rate)
  • Over long periods, the return barely keeps up with inflation

Who is it for? Everyone, first. On a modest income, the LEP (2.5%, €10,000 ceiling) pays more.

Where to open it

The rate is the same at every bank: open it where you already have your current account, a transfer is all it takes.

PEA

The share savings plan (plan d’épargne en actions) is for long-term stock market investing, notably with ETFs that track major indices.

Advantages

  • After 5 years, gains are exempt from income tax: only social charges (18.6%) remain due
  • Eligible ETFs track the MSCI World, the S&P 500 or the Nasdaq 100
  • After 5 years, partial withdrawals no longer close the plan

Constraints

  • Contributions capped at €150,000 (€20,000 for the “young” PEA of a student attached to their parents’ household)
  • A withdrawal before 5 years closes the plan, except for redundancy, disability, early retirement or starting a business
  • Limited to European shares and eligible funds

Who is it for? Common benchmark: the first account for investing in stocks. Opening it early, even with a small deposit, starts the 5-year clock.

Where to open it

Online brokers charge far less than branch banks. Account and custody fees: €0 at all four providers below.

Boursobank
€500 order: €1.99. €0 on the ETFs of its BoursoMarkets range.
Bourse Direct
€500 order: €0.99. Scheduled investing on eligible ETFs.
Fortuneo
First order of the month up to €500: €0, then 0.35% (Starter pricing).
Trade Republic
€1 per order, free scheduled investment plans.

Life insurance (assurance vie)

Saving for the long term with flexibility, and preparing to pass on your wealth. A contract combines a euro fund (guaranteed) and unit-linked funds (funds, ETFs), which are not guaranteed.

Advantages

  • No ceiling, money available at any time
  • After 8 years, €4,600 of gains withdrawn tax-free each year (€9,200 for a couple), then 7.5% up to €150,000 contributed
  • Estate: up to €152,500 per beneficiary free of inheritance tax, for contributions made before age 70
  • Social charges kept at 17.2%, without the 2026 increase

Constraints

  • Annual management fees, 0.5 to 0.75% on online contracts
  • The euro fund is guaranteed but pays little; unit-linked funds can fall

Who is it for? Common benchmark: alongside the PEA, for long-term plans, investments outside Europe and estate planning.

Where to open it

Online contracts charge no entry fees. Compare above all the management fees on unit-linked funds and the number of ETFs offered.

Linxea Spirit 2 (Spirica)
Management fees: 0.50% a year on unit-linked funds. Scheduled contributions from €100/month.
Lucya Cardif
Management fees: 0.50% a year. Over 50 ETFs. Scheduled contributions from €50/month.
Placement-direct Euro+ (SwissLife)
Management fees: 0.60% a year. Scheduled contributions from €50/month.
Fortuneo Vie (Suravenir)
Management fees: 0.75% a year, self-managed. Over 200 funds.

PER

The retirement savings plan (plan d’épargne retraite) prepares your retirement while lowering your taxes today.

Advantages

  • Contributions deductible from taxable income, up to 10% of professional income (up to €37,680 in 2026)
  • Unused allowances can be carried forward for 5 years
  • Exit as a lump sum or an annuity, your choice, at retirement

Constraints

  • Money locked until retirement, except to buy your main home and in hardship cases (disability, death of a spouse, end of unemployment benefits…)
  • Taxed on exit: the benefit depends on the gap between your tax rate today and in retirement
  • Contributions made after age 70 are no longer deductible

Who is it for? Common benchmark: mostly worthwhile if your marginal tax rate is 30% or more.

Where to open it

Same criteria as life insurance: management fees, ETF choice, and fees on annuity payouts.

Linxea Spirit PER
Management fees: 0.50% a year on unit-linked funds. Scheduled contributions from €50/month.
PER Placement-direct (SwissLife)
Management fees: 0.60% a year. Over 1,000 funds.
PER Fortuneo
Over 220 funds, including ETFs.

Securities account (CTO)

The ordinary securities account (compte-titres ordinaire) gives access to every stock and ETF in the world, with no ceiling and no minimum holding period.

Advantages

  • No ceiling, no holding constraints
  • Every stock exchange, including US shares held directly
  • Losses can be offset against gains over the next 10 years

Constraints

  • Gains taxed at 31.4% (flat tax: 12.8% income tax and 18.6% social charges), or at the progressive rate on option
  • No tax advantage

Who is it for? Common benchmark: once the PEA is well filled, or for securities it does not accept.

Where to open it

Look at order fees on the exchanges you care about, and currency conversion fees for shares priced in dollars.

Degiro
Paris or New York: €1 per order, plus a €1 handling fee. Currency conversion: 0.25%.
Trade Republic
€1 per order, scheduled investment plans.
Boursobank
US shares: €6.95 per order up to €6,000.
Bourse Direct
US shares: €8.50 per order. Currency conversion: 0.08%.

Figures checked on Sep 26, 2026 on service-public.fr and impots.gouv.fr; fees taken from the providers’ published price lists, with no ranking and no commercial link. Check the current terms before opening an account.

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