French savers withdrew a net €5.25 billion from regulated savings accounts in September 2026, spread across the Livret A, LDDS and LEP. A negative real return on the Livret A and the pull of life insurance (assurance-vie) explain much of the outflow, which could weigh on regulated savings through year-end.
🔑 Key takeaways
- Net withdrawals of €5.25 billion across the Livret A, LDDS and LEP in September 2026.
- The Livret A rate was raised to 1.7% on August 1, still below the 3.4% inflation estimate for September.
- Life insurance took in net inflows of €36.5 billion in the first half of 2026, its highest since H1 2006.
- The Cercle de l’Épargne expects a full-year 2026 net balance of -€9 to -€10 billion.
An outflow that accelerates in September
The September 2026 outflow is unevenly distributed across the three products. According to Caisse des dépôts data, withdrawals exceeded deposits on the Livret A for several months of 2026 before accelerating sharply in September. The LEP posted the largest decline, while the Livret A and LDDS recorded smaller but still significant net withdrawals.
The Livret A recorded net withdrawals of €1.52 billion in September, the LDDS €700 million and the LEP €3.03 billion. The total reached roughly €5.25 billion in a single month, despite the rise in the Livret A rate from 1.5% to 1.7% on August 1, 2026.
| Savings account | Net withdrawals, September 2026 | Key data |
|---|---|---|
| Livret A | €1.52 bn | Rate of 1.7% since August 1, 2026 |
| LDDS | €0.70 bn | Balance of €165.2 bn in February 2026 |
| LEP | €3.03 bn | Balance of €80.4 bn in September |
| Total | ≈ €5.25 bn | Three accounts combined over one month |
The slowdown was already visible over the summer. The Livret A posted net inflows of €80 million in July and €460 million in August before falling again in September. A separate Cercle de l’Épargne release, however, cites €50 million in July and €540 million in August, a €30 million gap for each month between the two sources.
In the first half of the year, savers withdrew a net €6.89 billion more than they deposited into their Livret A and LDDS accounts between January and June, according to data published on July 22. The Livret A lost €5.93 billion in net inflows and the LDDS €960 million. Withdrawals exceeded deposits every month since January. At the end of June, the combined balance of the two accounts still stood at a substantial €608.3 billion.
“A move against the usual trend […] for February, which is generally a month of net inflows.”
Stéphane Magnan, chief financial officer, Caisse des dépôts
The pattern started earlier. In February 2026, French savers had already withdrawn €740 million more than they deposited into their Livret A. 2025 was also weak, with net outflows of €2.12 billion for the full year.
Real yield, the main driver of the outflow
The Livret A rate fell from 3% to 1.5% within a year before being raised to 1.7% on August 1, 2026. In the first half, its rate sat below the 2.1% inflation rate measured year-on-year in July, according to the Insee flash estimate. Even after the increase, the Livret A remains below inflation: each year at this level reduces the purchasing power of deposits by about 0.4 percentage points.
| Indicator | Value |
|---|---|
| Livret A rate | 1.7% |
| Estimated inflation (Cercle de l’Épargne, September) | 3.4% |
| Real return on the Livret A | -1.7% |
| Average euro fund return in 2025 (ACPR) | 2.63% |
On €10,000, the Livret A generates about €170 in annual interest, while inflation erodes roughly €340 of purchasing power. Back-to-school spending and energy bills, with oil above $100 a barrel, also weigh on households. Still, according to the Cercle de l’Épargne, the return remains the main factor behind the outflow.
Life insurance captures a growing share of savings
Part of the money leaving regulated accounts is flowing into life insurance. Net inflows reached €36.5 billion in the first half of 2026, the highest level since H1 2006. In June, €19.3 billion was paid into contracts, up 12% year-on-year and a record for that month. Total assets stand at €2,162 billion, more than three times the combined Livret A and LDDS balances.
“Life insurance is now favoured by French households. Euro funds yield around 2.8% in 2025, far above the Livret A.”
Philippe Crevel, director, Cercle de l’Épargne
Euro funds (fonds en euros) are the main engine of this inflow. According to the ACPR, the capital-guaranteed component returned 2.63% on average in 2025, after management fees but before social charges. In June 2026, unit-linked funds, which carry no capital guarantee, absorbed 43% of payments. The 2.8% figure cited by the Cercle de l’Épargne and the 2.63% ACPR average are not strictly comparable, as their scopes differ.
The Livret A retains advantages in liquidity, guarantee and taxation: its capital is guaranteed by the state, withdrawals are immediate and its interest is tax-exempt. A euro fund offers a higher yield, but redemptions usually take several days and its tax treatment is more complex.
- Before eight years: a flat-rate levy (prélèvement forfaitaire unique) of 30% on gains, social charges of 17.2% included.
- After eight years: an annual allowance of €4,600, or €9,200 for a couple, which can reduce the tax burden.
The LEP, accelerated by automatic account closures
The LEP, reserved for households on the lowest incomes, returned to net outflows at the end of the first half, with €100 million of net withdrawals in June. Its decline accelerated in September with €3.03 billion of outflows. The Cercle de l’Épargne links the drop in part to automatic closures of accounts whose holders are no longer eligible.
LEP balances fell to €80.4 billion in September, from €84 billion in February. Its rate, more attractive than the Livret A, had been cut from 2.7% to 2.5%. Philippe Crevel notes that this higher yield mainly benefits households with modest savings capacity.
Outlook and scenarios for 2027
The Cercle de l’Épargne expects a full-year 2026 net balance of -€9 to -€10 billion, comparable to 2014 and 2015. That would be a second consecutive year in negative territory. Over nine months, the Livret A would accumulate close to €7 billion in outflows. The rate could rise to 2.5% on February 1, 2027 according to the Cercle de l’Épargne, or to 2.6% according to BPCE economists, under inflationary pressure. Even at 2.5%, the real return would stay negative if inflation held at 3.4%.
Three scenarios stand out. In the first, net inflows recover as early as March 2027, as the fourth quarter, traditionally weak because of year-end spending, gives way to a modest rebalancing. In the second, outflows continue at the current pace if life insurance keeps offering a better yield. In the third, savings accounts regain their role as safe havens in a crisis, as Stéphane Magnan reminded. The Middle East war, which started in Iran on February 28 according to Philippe Crevel, had not yet affected February inflows. The ECB nonetheless warned in March about inflation risks linked to the energy shock and the blockade of the Strait of Hormuz, a factor that could weigh on consumption and favour regulated savings.
Separately, the government announced in early March that the Caisse des dépôts savings fund would finance 60% of the construction of six EPR2 reactors, at an estimated cost of €72.8 billion, without undermining funding for social housing.
Sources
- Cryptoast, French savers empty their livrets: €5.2 billion withdrawn in one month
- TimeFrance, Why French savers emptied their Livret A in February
- Selectra, Livret A outflows 2026: where the money goes
- BFMTV, New setback for the Livret A
- Orange Actu (via L’Express and 6medias), French savers keep drawing on their savings
- Veracash, Livret A outflows and savings
Cet article est publié à titre informatif et éducatif. Il ne constitue en aucun cas un conseil en investissement. Faites vos propres recherches (DYOR) avant toute décision.
