THE term account has seen renewed interest since the Livret A fell to 1.5% in February 2026. The best rates over 12 months now reach 2.5% gross, or 1.71% net after flat tax at 31.4%. For Barbara Poncin, Axa Prévoyance et Patrimoine General Agent in Versailles, the mechanism remains poorly understood. “A term account is an interest-bearing savings account for which you know the rate in advance, contractually, for a duration and an amount fixed in advance.”
Three rate modalities coexist on the market. THE fixed ratesimple and readable, applies to the shortest durations. THE progressive rate plays on successive levels to reward the stability of the deposit. THE variable ratemore rare, indexes remuneration on a reference index such as Euribor. Each formula responds to a different horizon and appetite for risk. And each imposes its own rules for early exit, which you must know before signing the contract.
Three rate modalities for three savings logics
THE fixed rate is the most common formula. The rate is known upon subscription and remains unchanged until maturity, regardless of market developments. Its readability makes it the reference option for short durations. According to Barbara Poncin, “cat Axa, we are at 2.4% gross over 6 to 9 months and 2.5% gross over 12 months” among the best contracts on the market at the start of 2026. On the entry ticket side, a minimum deposit of 5,000 euros is generally required, with a ceiling of up to 1 million euros depending on the establishment.
THE progressive rate works in successive stages. The saver commits to a long term (24 or 36 months) in exchange for a rate which increases at each level. “You are starting on a 36-month commitment with a 12-month level. You will have a rate for your first 12 months, then a higher rate thereafter. It is a longer-term rate with a known possibility of exit beforehand.explains the expert. Advantage, in case of need for liquidity after 12 months, the exit is done without penalty abusive and at the rate of the first level already acquired. The limit is that if you leave too early, you lose the benefit of the following levels.
THE variable rate remains a minority in France. Remuneration follows a reference index (3-month Euribor, ECB key rate) to which is added a margin set by the establishment. If key rates rise, yield follows. If they go down, you lose pay. This formula is suitable for savers who are comfortable with the markets and convinced of an upward trend. Conversely, in a context of an anticipated drop in key rates in 2026 and 2027, the fixed rate better protects the remuneration acquired over the duration of the contract.
How to choose according to your project and your horizon?
For a project lasting less than one year (notary fees to be paid within six months, purchase of a vehicle, financing of work pending), the fixed rate short is the most suitable. Barbara Poncin illustrates with typical cases. “you have made a purchase and your notary fees will arrive in 4 or 6 months. Or you are building a house, you want to invest your money which you will gradually release. This is exactly the right usage.” The calibration of the duration must match the planned date of use of the funds.
For a horizon between 18 and 36 months (delivery of a new property, succession in progress, project to be finalized in two years), the progressive rate protects better. The remuneration increases over time and the exit remains predictable. Beyond that, the arbitration must change. “More than 36 months, the CAT is no longer of interest. If you have an investment horizon of 3 years, it is more in your interest to start with a capitalization contract, life insurance or even shares.decides the advisor. In the long term, the flat tax weighs more than on life insurance after 8 years.
Three precautions apply to the three formulas. First, first saturate the regulated booklets before opening a CAT (22,950 euros on the A booklet, 12,000 euros on the LDDS). Second, read the terms of early releasewhich vary greatly between establishments and can reduce or cancel acquired interests. Third, anticipate the renewal term which is done at the current rate, not guaranteed in advance. “If you leave your money in your current account and it is not invested, your savings lose purchasing power due to inflation.recalls Barbara Poncin. Even a CAT of 1.71% net is better than zero.
The rates quoted correspond to market conditions at the start of 2026 and vary depending on the establishment, the contractual duration and the amount invested. Past performance is no guarantee of future results. Taxation applies to interest received (flat tax at 31.4% by default). Early exit conditions to be checked in the contract of each establishment.
