You've reached the 22,950 € ceiling on your Livret A and you're wondering where to put the rest? Don't worry, you're far from alone: according to the Banque de France, roughly 15% of Livrets A are full. The most common reflex is to leave the surplus in a checking account, where it earns nothing and mechanically loses value every year. This guide offers a simple method: four tiers to work through in order, from the safest to the riskiest, moving on to the next only once the previous one is full. At each level, we look at the same three things: what the investment actually returns once taxes are deducted, how quickly you can get your money back, and what you stand to lose.
Livret A full: where to invest your money once the cap is reached?
Your Livret A is full: what that changes, and what it doesn't
The cap applies to deposits, not to the balance
This is the key piece of information that escapes many French savers: €22,950 is a deposit cap, not a balance cap.
Nothing changes for your interest, which continues to be calculated and capitalized each December 31, even if it pushes the total beyond the limit (€23,000, €24,000, €25,000, etc.). So you have no obligation to withdraw anything, and leaving the excess in place poses no problem at all.
However, you can no longer make any deposits at all as long as the balance has not fallen back below the ceiling, and… You cannot open a second Livret A : holding is strictly limited to one per person!
So the question becomes: where will the money that can no longer go in end up?
How much does a full Livret A earn in 2026?
As of August 1, 2026, the Livret A rate is set at 1.7%, versus 1.5% between February 1 and July 31.
This level is guaranteed until January 31, 2027, the date of the next revision.
In concrete terms, if we're talking numbers, a Livret A at its ceiling earns you €390.15 over a full year, with no income tax or social security contributions.
Should you be satisfied with that? It all depends on your benchmark. Average inflation in the first half of 2026 came in at 1.52%. A quick calculation is all it takes to find your real purchasing power: 1.7 - 1.52 = 0.18. So your purchasing power gains barely two tenths of a point.
So yes, the Livret A does its job properly, namely protecting readily available savings from inflation, but it does not build long-term wealth at all.
That's precisely why the surplus deserves different treatment.
Key questions to settle before investing your money
No investment is inherently good or bad.
It is suitable, or it is not, for a specific profile, investment horizon and risk appetite.
Take ten minutes to answer these three questions before looking at a single product.
How much do you need to be able to withdraw within 48 hours?
That's your emergency fund : enough to absorb a car breakdown, a health insurance deductible or a loss of income.
The usual rule puts this safety cushion at between three and six months of everyday expenses, more if your income is irregular (particularly if you're not a salaried employee).
Keep in mind that this amount should stay in a guaranteed, immediately available vehicle — typically your Livret A. Anything above that threshold is the surplus you can commit further afield.
What time horizon are you investing the rest over?
A down payment on a home planned for eighteen months from now and savings meant to supplement your retirement in twenty years don't call for the same answers!
Below two years, for example, guaranteed capital is non-negotiable: you don't have time to absorb a downturn.
Between two and eight years, you can accept a measured degree of risk.
Beyond eight years, market volatility becomes statistically bearable.
How much of a loss are you prepared to absorb?
That's another truly key question — ask yourself in concrete terms: if this investment were down 20% for eighteen months, what would you do? If the answer is "I sell," then this investment isn't for you, no matter what return it advertises.
Always remember that the worst decision is to take on a risk you can't stomach, and then exit at the worst possible moment.
Tier 1: max out remaining épargne réglementée
It's the only tier that combines all three qualities simultaneously: capital guaranteed by the State, immediate availability and complete tax exemption. Before going elsewhere, always make sure you've maxed it out.
The LDDS works exactly like the Livret A and its rate is mechanically aligned with it, i.e. 1.7% since August 1, 2026. Its €12,000 ceiling brings the total of your tax-exempt regulated savings to €34,950, which represents €594.15 in net interest over a full year.
The LEP deserves special attention: it pays 2.5%, eight tenths of a point more than the Livret A, and it stayed at that level in the last revision.
However, it is subject to income conditions, but these are far broader than people imagine: more than 12 million people hold one today, compared with 7 million in 2020, and many eligible households still go without.
Your bank can verify your eligibility directly with the tax authorities. If you qualify, filling up the LEP's €10,000 limit before doing anything else is the most profitable move on this list.
| Product | Cap | Rate | Taxation | Terms |
|---|---|---|---|---|
| Livret A | 22 950 € | 1,7 % | Tax-exempt | One per person |
| LDDS | 12 000 € | 1,7 % | Tax-exempt | Adult, tax resident |
| LEP | 10 000 € | 2,5 % | Tax-exempt | Subject to income limits |
| Livret jeune | 1 600 € | 1.7% minimum | Tax-exempt | 12 to 25 years |
| CEL | 15 300 € | 1.25% gross | Subject to the PFU | Can be combined with a PEL |
Rate in effect from August 1, 2026 to January 31, 2027.
Tier 2: livrets bancaires, fonds euros and PEL
Once your épargne réglementée is maxed out, you leave the world of tax exemption. This is the time to think in terms of net return, not the advertised rate.
Super livrets: what taxation takes away from the advertised rate
The unregulated bank savings accounts (livrets bancaires non réglementés) feature very high caps and attractive promotional rates, very often limited to the first two or three months before dropping back to a much more modest base rate.
Above all, their interest is subject to the prélèvement forfaitaire unique of 31.4%... That's something of a trap if you don't factor it into your calculations.
So do the math before you sign: a livret advertised at 3% gross leaves you with roughly 2.06% net. The gap with the Livret A's 1.7% net then narrows to three tenths of a point, for capital that, on top of that, is no longer guaranteed by the State but by the fonds de garantie des dépôts, up to €100,000 per bank!
So yes, the deal is still worth it — as long as you don't confuse the advertised rate with the one you'll actually pocket.
Fonds euros: the compromise between yield and liquidity
The fonds en euros of an assurance-vie contract offers capital guaranteed net of management fees, with funds available within a few days to a few weeks.
Its tax treatment becomes significantly more favorable after eight years of holding, thanks to an annual allowance on gains withdrawn, if you plan to keep the contract for less than 8 years, it isn't necessarily the right solution.
Two points to watch out for: entry fees, which should be zero on a properly chosen online contract, and yield bonuses conditional on investing a significant portion in unités de compte, which are not guaranteed.
Open a policy as early as possible: it's the age of the contract that triggers the tax advantage, not that of the payments.
PEL: locking in a rate if you have a real estate project
Plans opened since January 1, 2026 earn 2% gross, with a deposit ceiling of €61,200.
The main advantage of the PEL lies in its contractual rate, set at opening and guaranteed for the entire term of the plan, as well as in the associated right to a mortgage loan, offered at 3.20% for those same plans.
In return, you commit for a minimum of four years and the interest is taxed from the first year. It is a real estate project tool, not a yield investment.
Tier 3: the markets, via PEA or assurance-vie
From here on, capital is no longer guaranteed. In exchange, you gain access to higher expected returns, provided you accept fluctuations and give the investment time!
The first decision is not about the investment vehicle but about the wrapper: the PEA exempts your capital gains from income tax after five years of holding, with prélèvements sociaux still due, but it limits investments to European securities and certain index funds.
Assurance-vie offers a broader range of options and a favorable tax regime after eight years, as well as a specific inheritance framework. Many savers open both and start the clock on each.
In terms of content, the clearest solution remains a broadly diversified index fund (ETF), funded through regular contributions. This regularity spares you from betting on the entry point, which is the most common beginner's mistake.
One precaution remains: only invest money you will not need for eight to ten years ! Over a full cycle, a decline of 30% to 50% is not unusual; it only becomes a problem if it forces you to sell.
Level 4: private debt and crowdfunding
Lending to companies: the principle
The debt-based crowdfunding, or crowdlending, places you in the role of the lender.
You finance a business project alongside other investors, you receive interest for the duration of the loan, and the principal is repaid to you at maturity. The minimum investment is low, 50 € on a platform such as Maclear, a Swiss company and member of a self-regulatory organization, and the returns offered generally range between 8% and 15% depending on the risk profile of the project.
Further reading: how to invest in Switzerland from France?
As with bank savings accounts, the interest received falls under the prélèvement forfaitaire unique of 31.4%.
The value of this allocation in a portfolio lies less in its headline yield than in its behavior: it pays regular income and does not track stock market movements, which makes it a useful complement to an equity portfolio.
The three risks to examine before signing
Default risk : the borrower may stop repaying. This is the main risk, and it is managed through numbers: twenty small loans are better than a single large one.
Platform risk : check the operator's regulatory status, the publication of its historical default rates and the existence of a protection mechanism, Provision Fund or buyback guarantee.
Liquidity risk : your money is tied up until maturity. Some platforms offer a Secondary Market, but it guarantees neither the timing nor the resale price.
The four tiers compared
| Tier | Return | Capital | Availability | Horizon |
|---|---|---|---|---|
| 1. Épargne réglementée | 1.7% to 2.5% net | Guaranteed by the State | Immediate | All horizons |
| 2. Livrets bancaires, fonds euros, PEL | 1.4% to 2.5% net | Guaranteed (non-State) | A few days | 1 to 5 years |
| 3. Markets (PEA, assurance-vie) | Not guaranteed | At risk | A few days | 8 years and more |
| 4. Private debt | 8% to 15% gross | At risk | At maturity | 1 to 3 years per deal |
The returns for tiers 3 and 4 are orders of magnitude, never guarantees.
Three concrete allocations for €30,000
Note: These examples assume that your emergency savings have already been built up in a Livret A. They illustrate an allocation logic and in no way constitute a personalized recommendation.
| Bucket | Conservative | Balanced | Long term |
|---|---|---|---|
| LDDS and LEP | 22 000 € | 22 000 € | 12 000 € |
| Fonds euros | 8 000 € | 4 000 € | 3 000 € |
| Markets (PEA or AV) | — | 3 000 € | 13 000 € |
| Private debt | — | 1 000 € | 2 000 € |
The conservative profile is suited to a project of less than three years: everything remains guaranteed and available.
The balanced profile introduces a limited share of risk, around 13% of the total.
The long-term profile shifts the majority toward the markets, which only makes sense if you accept not touching it for eight to ten years.
Frequently asked questions
Can you open two Livrets A?
No. Holdings are limited to one Livret A per person, and banks check this when the account is opened. However, each adult member of the household has their own ceiling, and a Livret A can be opened in the name of a minor child with the same deposit ceiling.
What happens if my balance exceeds €22,950?
Nothing problematic, provided the excess comes from the capitalization of interest and not from a deposit. Your bank will simply block any new deposit until the balance falls back below the ceiling.
Will the Livret A return more than inflation in 2026?
Just barely. With a rate of 1.7% against average inflation of 1.52% over the first half of the year, the real return is slightly positive. However, it would only take a renewed rise in prices for the gap to reverse, as was the case in 2022 and 2023.
Which guaranteed investment should you choose after the regulated savings accounts?
The fonds en euros of an assurance-vie with no entry fees on payments is the most natural extension: guaranteed capital, availability within a few days and favorable taxation after eight years. A bank savings account with a promotional rate can complement it for a sum you will need in the very short term.
Should you empty your Livret A to invest elsewhere?
No. The Livret A retains an advantage that few products offer: immediate availability, with no fees and no taxation. It should remain the receptacle for your emergency savings. It is the amounts that exceed this need, and only those, that are better placed elsewhere.
A full Livret A is not a problem, it is a signal: your emergency savings are in place and the surplus is awaiting a decision. Move through the levels in order! Regulated savings first, since it remains unbeatable in terms of return, safety and taxation, then taxable guaranteed products, and only then investments with capital at risk, depending on the time horizon you set for yourself.
About Maclear
Maclear AG is a Swiss peer-to-peer (P2P) lending and crowdlending platform, headquartered in Switzerland. The company acts as a financial intermediary in the non-banking sector and is a member of PolyReg SRO, in accordance with Swiss financial regulations, particularly regarding AML, KYC, and GDPR. Maclear provides individual and qualified investors access to carefully selected business loan opportunities, with integrated risk assessment, a Provision Fund, and a Secondary Market for liquidity.
The content of this article is provided for informational and educational purposes only. It does not constitute investment, financial, tax, or legal advice. Peer-to-peer (P2P) lending and crowdlending investments carry a risk of partial or total loss of capital. Past performance does not predict future results. Liquidity on a secondary market is not guaranteed. Readers are encouraged to conduct their own research and consult qualified advisors before making any financial decisions. The availability of products and services may be restricted in certain jurisdictions.