Livret A Savings Accounts Suffer Second-Worst June Outflows Since 2009

Caisse des Dépôts reports record net outflows for the first half of 2026

The Livret A is currently enduring a historic streak of disinterest. According to data released by the Caisse des Dépôts, the first six months of 2026 have seen a massive net outflow of 5,93 milliards d’euros. When combined with its smaller counterpart, the Livret de Développement Durable et Solidaire (LDDS), which saw net withdrawals of 960 million euros, the total drain on these regulated savings products reached 6,89 milliards d’euros since January 1. The Caisse des Dépôts noted that the branch of the state had never recorded such a net exit between January and June since 2008, the first year covered by consolidated data.

June 2026 withdrawals hit 1.17 billion euros for Livret A and LDDS combined

The scale of the withdrawal is significant. The total outflow for the Livret A and the LDDS reached 1,17 milliard d’euros in June alone. This represents the worst collection for a month of June since 2009. The total stock of money deposited on the 58 million Livrets A remains at 446,5 milliards d’euros, while the LDDS stands at 165,3 milliards d’euros. For context, the record for total outflows across all semesters dates back to July-December 2015, when withdrawals exceeded deposits by 6,86 milliards d’euros as savers shifted funds toward plans d’épargne logement (PEL) to lock in higher rates.

Autorité de contrôle prudentiel et de résolution highlights life insurance competition

The primary driver behind this shift is a simple calculation of returns. The regulated savings products suffer from rates that were divided by two in barely a year. Even with the revaluation to 1.7% announced in mid-July by the Ministry of Economy and effective August 1, these placements will still return less than inflation, which sat at 1.8% in June on an annual basis in France. According to data from the Insee, inflation harmonized to 2.0% on an annual basis in June 2026, compared to 2.4% in May. This decline in the attractiveness of regulated savings has benefited competitors, specifically life insurance products. According to an estimate published at the end of March by the Autorité de contrôle prudentiel et de résolution (ACPR), the euro funds of life insurance reached an average yield rate of 2,65%.

Fabien Keryell, the Director General of Saxo Banque France, warns against an overly optimistic reading of the upcoming rate hike. C'est positif que le taux du Livret A remonte en août, mais avec une inflation au-dessus de 2 %, ce n'est toujours pas rentable, he explained. He added, Avec un livret à 1,7 %, on ne conserve pas son pouvoir d'achat. Et même si le livret était revalorisé au même niveau que l'inflation, l'argent ne prendrait pas de valeur.

For Keryell, the core issue is the structural use of the product. Le livret A, c'est bien pour l'épargne d'urgence, mais pour l'épargne d'avenir, c'est catastrophique, he stated, noting that the product was never intended to finance long-term projects like retirement.

The rate of 1.7% confirmed by the Banque de France on July 15 and validated by Bercy that same afternoon will remain in effect until January 31, 2027. While the Livret A, the LDDS, and the LEP (maintained at 2.5%) constitute the landscape of regulated savings, the government faces a challenge in curbing the massive de-collection that has totaled 6,9 milliards d’euros since the beginning of the year. The effectiveness of the August adjustment in stemming the flow of capital remains difficult to predict.

Sources: Lefigaro, Les Echos.