Receiving a check for 100,000 euros, after a sale or an inheritance, quickly raises a question: how to invest it? Before jumping on the first product recommended by your bank, there are two questions to ask yourself: what will this money be used for? in the next five to ten years, and how sensitive are you to risk? If you have a cautious profileuncomfortable with volatility, the objective is clear: preserve capital while seeking a little return. But remaining cautious does not mean putting everything on your Livret A. This is indeed the opinion of Andrea Tueni, market expert at Saxo Banque.
“I am not in favor when filling out your booklet Aeven with a large sum to invest »he assures. He advises keeping between two and four months’ salary as a safety cushion, not more. His reason is simple: “Touching the ceiling at all costs is not a good idea, because the return falls below inflation”. So, when we have 100,000 euros to invest, once our safety cushion has been built up, we can seek better returns with the other part of our capital.
The security pocket
Booklet A remains useful for precautionary savingthe one that should be able to be removed overnight. But since February 1, 2026, its rate has fallen to 1.5%, while inflation rose to around 2.2% in April. As a result, its real return is negative, at around -0.68%. On a full A booklet at 22,950 euros, this represents almost 160 euros of purchasing power lost in one year. If you are eligible, the LEP pays 2.5% net, the only guaranteed pocket that still protects against inflation.
The idea is therefore to calibrate this mattress according to your expenses and not let the rest of the 100,000 euros sleep in a booklet which loses out in the face of prices. The good reflex is to classify this sum according to your horizon. The money you will need in less than three years must remain guaranteed and liquid (for example, for a real estate contribution, or a big trip). The one that you can immobilize for longer can aim for a better return, without going beyond the framework of prudence.
Interest rate investments
If you can lock away some of the money for a few months or years, term accounts may be a good idea. These lock your money in for a chosen period of time, in exchange for a fixed rate. “If you can block the amount for a few years, the term account allows you to get better returns”summarizes Andrea Tueni. In 2026, there are term accounts at 2.5% gross over 12 months, which can be closer of the 3 % gross over a longer period – from which the flat tax of 31.4% must be removed.
There are also monetary ETFs, which follow the ECB’s short rates, hovering around 2% and which remain liquid. And then the Euro life insurance fund, which stands out as a pillar investment for the prudent profile. Its capital is guaranteed and its average return is around 2.6% in 2025. And certain contracts do better, in particular online contracts (with reduced fees) offering bonus offers which target 4% in 2026 – subject to investing a portion in units of account. After eight years, life insurance is only taxed at 17.2% social security contributions, after a reduction of 4,600 euros per year on the earnings withdrawn, 9,200 euros for a couple.
Finally, to go a step further without great risk, we must also mention government bonds, which are very safe. The easiest way is to access it through a bond fund or ETF. A small dose of gold, which is intended to be a safe haven, can also diversify a cautious portfolio, without being the pillar of the portfolio.
A prudent profile can also invest in the stock market
It may be counterintuitive at first glance, and yet. “A cautious profile will avoid live actions, but it can definitely go to the stock market via ETFs »believes Andrea Tueni. An ETF is a basket of shares grouped into one security, which is purchased on the financial markets (for example, a CAC40 ETF brings together the 40 largest French stocks in one go). The ETF provides wide diversificationwith low fees and no daily management. “Having a prudent profile is not necessarily synonymous with guaranteed investment. There are measured risks to take when we have a long-term horizon”he adds.
“And when you have a large envelope, part of it can be spent over the long term, where the probability of a good return over ten years is high. » Let’s look at the numbers: The MSCI World Index has a return approximately 8.6% annuallysince its creation, where the Livret A loses to inflation. From one year to the next, the returns are very disparate, but that is why our expert advises investing over a long time, at least ten years.
