The end of an idyll? While it still brought in 3%net of tax between August 1, 2023 and February 1, 2025, the booklet saw its remuneration plunge on February 1, at 2.4%, and it will be planed on August 1, probably at a rate of 1.7%. A tumble that leads savers to give up their favorite savings book: “Over the first four months of 2025, the collection reached only 1.53 billion euros, compared to 7.64 billion euros over the same period of 2024 ”points out the circle of savings in its note of April 2025.
Confirming this data, a recent study commissioned by Saxo Banque (“The French and the energization of their savings”) shows that 64% of French plan to place their savings on a different medium than the booklet A if the rate of the latter fell below the 2%mark, which is looming for the second part of the year.
However, it should be remembered that, despite this drop, the booklet A currently reports more than inflation. With an increase in prices of 0.8% over a year in April, and which is expected at less than 1% on average over the first six months of the year, the real – net of inflation – of the booklet A should therefore be positive over the whole year, which has not always been the case when its yield peaked at 3%!
If you are looking for a savings product reporting more, two accessible alternatives exist, with less advantageous taxation – the interests of booklet A are completely exempt from tax -, a risk of capital loss or more constrained liquidity.
Life insurance in euros funds, an alternative at lower risk
At equal risk level, we think first of all of life insurance in euros funds. On this investment medium with guaranteed capital, you are indeed assured, as on your booklet A, to always be able to recover the sums deposited at least. Your capital also remains available at any time (for a few days for a week to recover your funds).
However, unlike a booklet A, the rate of which is still known in advance, the yield of a euro fund varies from one life insurance contract to another, and the insurer only communicates from the month of January the rate distributed over the past year. In 2024, Euros funds served an average of 2.6%. An average that hides significant disparities: between 1.8% for the less good contracts, and up to 4% for the best. As a bonus, unlike your booklet A, it will be necessary to apply to these performance a taxation which will depend on the age of your contract. At least, you will have to pay social security contributions (17.2%), automatically punctuated at the end of the year on your earnings.
SCPIs, a risk contained, but heavier taxation
To target a more significant return, it will be necessary to accept to take a little more risk, or to give up a little liquidity, that is to say the possibility of withdrawing your savings when you wish. For example, we think of civil real estate investment companies (SCPI), which were able to distribute, for the best, up to 10% yield in 2024, with a moderate level of risk (placed 3/7 or 4/7 on the synthetic risk indicator). For 100% French SCPIs, it will be necessary to pay attention to taxation: property income is indeed subject to income tax according to the marginal tax tranche (TMI, from 0% to 45%), to which are added social security contributions to the rate of 17.2%. The recommended investment time is also between 5 to 8 years.
