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ÉpargneMalinEN
Updated
Written byMottalib Radif, MBA INSEAD

Regulated Savings Accounts Comparison 2026

Compare the 5 regulated savings accounts (Livret A, LDDS, LEP, PEL, CEL) and discover how to optimally allocate your savings to maximise annual interest. The simulator fills accounts in priority order by rate.

€

Total annual interest

1 387 €

Accounts used

4 / 5

Weighted average yield

2,77 %

Tax-free

AccountRateCapAmount placedAnnual interestTax-free
Livret A2,5 %22 950 €22 950 €574 €Yes
LDDS2,5 %12 000 €12 000 €300 €Yes
LEP4,0 %10 000 €10 000 €400 €Yes
PEL2,25 %61 200 €5 050 €114 €No
CEL2,0 %15 300 €0 €0 €No
Total2,77 %121 450 €50 000 €1 387 €

Overview of regulated savings accounts in France

Regulated savings accounts are financial products whose terms (rate, cap, taxation) are set by the French government. They form the backbone of household savings in France, with total outstanding balances exceeding 500 billion euros. Their main advantage is the capital guarantee and, for most of them, full exemption from income tax and social charges. In return, deposit caps are limited and returns remain modest compared to long-term financial investments.

The Livret A (2.5% rate, 22,950 euro cap) and the LDDS(2.5% rate, 12,000 euro cap) are the two most common accounts, available to all French residents and fully tax-exempt. The LEP (4% rate, 10,000 euro cap) offers the best return but is reserved for households whose reference tax income does not exceed certain thresholds. The PEL (2.25% rate for plans opened since 2024, 61,200 euro cap) and the CEL(2% rate, 15,300 euro cap) are not tax-exempt: interest is subject to the flat tax (PFU) of 30% for plans opened since 2018.

The optimal strategy is to fill the accounts offering the best net return first (LEP if eligible, then Livret A and LDDS), before turning to the PEL or CEL for additional amounts. Beyond the combined caps of regulated accounts (approximately 121,450 euros), it is advisable to diversify into higher-potential investments: life insurance in euro funds for safety, PEA or unit-linked life insurance for long-term performance.

Questions fréquentes

Can you hold multiple regulated savings accounts at once?
Yes, it is possible to hold a Livret A, an LDDS, an LEP, a PEL and a CEL simultaneously. However, it is forbidden to hold two accounts of the same type (for example, two Livret A accounts). Each member of a couple can hold their own accounts, effectively doubling the household's savings capacity.
Which savings account offers the best return in 2026?
The LEP (Livret d'Epargne Populaire) offers the best rate at 4% net of tax, but it is reserved for lower-income households. For other savers, the Livret A and LDDS both offer 2.5% net. The PEL (2.25% gross) and CEL (2% gross) are less attractive as their interest is subject to the 30% flat tax.
Is PEL and CEL interest taxed?
For PELs and CELs opened since 1 January 2018, interest is subject to the flat tax (PFU) of 30% (12.8% income tax + 17.2% social charges). The net return of a 2024 PEL is therefore 2.25% x 0.70 = 1.575%, which is lower than the Livret A.
How should I optimise the allocation between accounts?
The optimal strategy is to fill accounts in descending order of net return: first the LEP (if eligible), then the Livret A, then the LDDS. The PEL and CEL are only worthwhile if you need the associated mortgage loan entitlement. Beyond savings-account caps, look to life insurance or PEA.
Can savings account rates decrease?
Yes. The Livret A, LDDS and LEP rates are periodically reviewed by the government on the recommendation of the Banque de France. They depend on inflation and interbank rates. If inflation falls, the rate can be lowered. The PEL rate is fixed at opening and does not change for the duration of the plan.

Sources and references

  • [1]Banque de France - Regulated savings account rates
  • [2]Service-public.fr - Regulated savings accounts
  • [3]French Monetary and Financial Code - Regulated savings
Disclaimer: This comparison is based on 2026 rates. Rates are subject to change. LEP eligibility depends on your reference tax income. This simulator does not constitute investment advice.

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