The risk-free savings equation has shifted in 2026. The booklet A and the LDDSwhich yielded 3% net for almost two years, has increased to 1.5% net since February 1. A brutal cut which reshuffles the cards for savers with cash invested beyond the regulated ceilings. Meanwhile, the best term accounts of the market show up to 2.4% gross over 6 to 9 months and 2.5% gross over 12 months, according to Barbara Poncin, Axa Prévoyance General Agent and Heritage.
The gap seems clear but needs to be worked on. “The term account is subject to flat tax, while on the 1.5% of booklet ANo”recalls the expert. After application of single flat-rate deduction 31.4%, a CAT at 2.5% gross transforms into 1.71% net, or 0.21 points above booklet A. The golden rule remains the same for wealth advisorsopen a term account only when the regulated booklets are already full, and calibrate the duration on a well-identified short-term project.
The numerical comparison that decides in 2026
Over 12 months, the calculation remains tight. At 2.5% gross, a term account yields 1.71% net once the flat tax is applied, compared to 1.5% net for the livret A without taxation. On 10,000 euros invested one year, the difference represents 21.50 euros of gain in favor of the CAT. A gain modest but positive, to be compared with a major counterpart, the capital remains blocked for the entire duration of the contract, with penalties in the event of early exit.
Over 5 years, the gap widens significantly. A CAT at 3% gross over 5 years yields 2.05% net after flat tax, or 1,075 euros on 10,000 euros invested. Compare to the 773 euros generated by a livret A at constant 1.5% (projection) over the same period. The net gain reaches almost 300 euros. A difference which justifies arbitration for a saver having a clear horizon and firm cash flow, provided that the regulated savings accounts are already saturated.
The calculation is worth doing every year, especially for households whose tax situation is changing.
When to switch and with what safeguards
Start by first saturating the regulated booklets. “I recommend to my clients to open a CAT only once the LDD and booklet A are full”insists Barbara. The ceilings to be aware of are: 22,950 euros on the A booklet, 12,000 euros on the LDDS, 10,000 euros on the LEP for eligible households (reference tax income below a revised annual threshold). These envelopes remain a priority because they are not taxed and liquid. Once saturated, the term account takes over the remaining amounts.
Pay attention to the duration of investment. THE term accounts are available in 6, 9, 12, 18, 24 or 36 months, sometimes with a progressive logic in stages. “I think that beyond 36 months, the CAT is no longer of interest. If you have an investment horizon of 3 years or more, it is more in your interest to start with a capitalization contracta life insurance or even actionsrather than in a term account which does not yield much”Barbara says. The CAT remains a short-term project product, real estate purchase, work, notary fees, inheritance, sale of property or purchase of a car.
Finally, be vigilant about renewal eventually. At the end of the contract, the bank offers a new CAT at the current rate, which is never guaranteed in advance. On the entry ticket side, some banks require a minimum deposit of 5,000 euros with a ceiling of up to 1 million euros. The opening is done online via the banking application or with an advisor, within a few days. Last advice from the expert, “if you leave your money in a current account and it is not invested, you lose money mechanically through the effect ofinflation”. Even a CAT of 1.71% net is still preferable to zero.
The rates quoted correspond to market conditions at the start of 2026 and vary depending on the establishment and the contractual duration. Past performance is no guarantee of future results. Taxation (flat tax at 31.4% composed of 12.8% tax and 17.2% social security contributions) may change.
