Livret A vs Livret d'épargne populaire
Two French regulated savings accounts, both free of tax, and the second always pays more than the first. The question is therefore not which pays better — that is settled in advance — but what the condition of access costs: the LEP is restricted to households below an income ceiling, and holds far less money.
Over the period both series share, Livret d'épargne populaire comes out ahead at +4.0% a year.
| Asset | Total return | Annualised | Volatility | Largest drawdown |
|---|---|---|---|---|
| Livret A | +253.8% | +2.9% a year | 0.5% | 0.0% |
| Livret d'épargne populaire | +446.7% | +4.0% a year | 0.5% | 0.0% |
Figures calculated on 26/10/2026 from monthly closing prices. Past performance is no guide to future performance.
The same product, two conditions apart
The Livret A is open to everyone, with no income test, and its deposit ceiling runs to tens of thousands of euros. Interest is exempt from income tax and from social levies, the money stays available at any time, and the capital cannot fall.
The Livret d’épargne populaire follows the same rules on availability and tax, but it is reserved for households whose reference taxable income stays under a ceiling, checked annually. Its deposit limit is markedly lower than the Livret A’s, and its rate is set by a rule that keeps it above — it is built to protect modest savings from inflation.
What these two curves compare, and what they ignore
The chart places the same sum on each rate and lets it compound. It measures the remuneration, not what a saver can actually hold there: the ceilings, which differ sharply, do not appear. An eligible household that fills its LEP and keeps saving necessarily ends up on the Livret A for the surplus.
The second absence is inflation. Both curves are in current euros, and the LEP exists precisely to track it. A difference in remuneration between the two reads here as a difference in purchasing power preserved — this is in fact the only place on the site where that reading holds, both products being capital-guaranteed.
Finally, the LEP has only existed since the early 1980s, where the Livret A spans two centuries. The window opens on the first day both are paying.
Frequently asked questions
Does the LEP always pay more than the Livret A?
Yes, by construction: its rate is set by a rule that places it above. The size of the gap varies with the period, but its direction does not reverse.
Who can open an LEP?
Households whose reference taxable income does not exceed a ceiling revised each year. Eligibility is checked on opening and verified periodically, and the account is closed if it is no longer met.
Can you hold both?
Yes, they can be held together, each within its own ceiling. That is in fact the most common arrangement among eligible households.