#SAVINGS & FINANCIAL PRODUCTS
"The Livret A is still France's favourite savings account." Yet since January 2026, savers have withdrawn €5.4bn more than they paid in.
Published on September 28, 2026 · to be rechecked on October 25, 2026
According to the Caisse des Dépôts, net inflows into the Livret A (deposits minus withdrawals) stood at −€5.40bn over the first eight months of 2026: six negative months in a row, January to June, then a slight return to positive in July (+€0.08bn) and August (+€0.46bn). 2025 had already ended at −€2.12bn, a first since 2014. Outstanding balances barely moved: €444.2bn at end-August, because capitalised interest (€9.24bn for 2025) offsets withdrawals.
Are the French still topping up their Livret A?
No: in 2025 as since January 2026, withdrawals outweigh deposits.
In other words: a stable balance can hide savers pulling money out: it's the interest that keeps the level up.
Four caveats that belong with the number
- Relative to the end-2025 balance (€449.6bn), 2026 net outflows amount to about 1.2%: the Livret A remains massively held.
- August was the best month since December 2025, but two positive months don't yet make a trend.
- Net outflows aren't unprecedented: 2013 (−€6.13bn) and 2014 (−€9.29bn) were worse over a full year.
- The figures don't say where withdrawn money goes (spending, other investments, repayments): the Caisse des Dépôts doesn't measure it.
Why it still matters: to judge a savings product's appeal, net inflows say more than the outstanding balance, which grows mechanically with interest.
For you
- Did you think the French were still filling up their Livret A?
- Do you look at balances or flows to judge a savings product?
Source: Caisse des Dépôts, monthly regulated-savings inflows, August 2026, press release and annex of 23 September 2026.
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