Saving products are divided into two main categories: Saving Accounts which allow you easy access to your cash, and Term Deposits accounts where your money is blocked until maturity in return for higher interest rates.
If you know you will need access to your cash, you should choose a saving account. But if you know you won’t need to withdraw money during a fixed term, you should consider saving your money with higher interest rates and choose a Fixed Term Deposits account.
Saving accounts allow you to access your money at any time. You can usually withdraw or deposit your money without restriction, though you might have to pay fees for these operations.
However, some accounts have special conditions on withdrawing money, such as an advance notice. That’s why it is important to read the product conditions and characteristics (see our page “Learn More” for more information on each product).
Some saving accounts have a fidelity premium: if you don’t withdraw money during the year, you get a higher interest rate.
There are also accounts with a growth premium, which increases the interest rate at the end of the year if the amount on the account at the end of the year is greater than the amount at the beginning.
Every account presented on our website has a detailed product information sheet where all these characteristics and conditions are listed. Read these sheets to be sure the product meets your needs.
Interest rates on a saving account are variable, which mean they can change, most often when the Central Bank rates change. However, some accounts such as the Livret A are regulated by the (French) government. The interest rate is fixed for a period of 6 months by the government.
In return for higher interest rates, Term Deposits accounts block your money during the chosen Term. Usually the different terms are 3 months, 6 months, 1 year, or 5 years. The longer the term, the higher the rates.
Depending on the accounts, you can withdraw all or a part of your money by paying a fee. But most often, you will not be able to access your money before maturity.
Consult the information product sheet (“Learn More”) for further information.
Interest rates on a Term Deposit account are fixed at the opening of the account. Which means that if the other interest rates fall (or rise), the interest rate on your Term Deposit account stays the same.
Longer terms correspond to higher rates of return, but if you subscribe to a 5 year fixed term account, you won’t be able to benefit from a rise in rates that occurs 2 or 3 years down the road. In return, however, you are protected from a fall in rates during the term.