A standard securities account holds the securities you own and allows you to place stock market orders. It has no deposit or withdrawal limits, and you can close it at any time. However, it offers no tax advantages: income and capital gains are taxable, along with social security contributions. And you can lose all or part of your investment.
This page covers how the account works, the nature of the fees, the risks, and the basic tax implications. It does not specify the amount of fees, as official sources do not. It also does not address what happens to the account upon the account holder's death, the situation of a non-resident account holder, or the protection of securities if the institution fails.
How it works
A securities account requires a cash account. This cash account is debited with the amount of your purchases and fees. It is credited with the proceeds of your sales and income.
| Point | What the rule says |
|---|---|
| Who can open it? | Anyone, regardless of age. A minor holds an account opened and managed by their legal guardian. Prior authorization from a judge may be required for the most significant transactions. |
| How many accounts | As many as you wish, with as many financial intermediaries as you like. |
| Forms of detention | Individual account, joint account or undivided account. In an undivided account, any transaction requires the agreement of all account holders. |
| Split of ownership | Securities can be held in bare ownership or in usufruct. |
| Accepted qualifications | According to the AMF, the securities account can accommodate all types of securities, including: shares, bonds, units of FCP, shares of SICAV, subscription warrants, ETFs (also called trackers). |
| Payment limit | None. |
| Withdrawals | No limits. |
| Fence | At any time; closing fees may, more rarely, be charged. For a minor's account, the agreement of both parents is generally required. |
By comparison, a PEA (Equity Savings Plan) is capped at €150,000 in contributions, and in principle, any withdrawal before the end of the fifth year results in its closure. These limits do not exist for a standard securities account. The dedicated PEA page details its rules.
The costs: their nature, without amount
The AMF describes the possible fees for a securities account. It does not specify any amounts, and we found none in the other official sources consulted. Here is what each line refers to.
| Fees | What the source says |
|---|---|
| Account maintenance fee | It can be collected every year. |
| Brokerage | Brokerage fees are applied to each order placed on shares. |
| Custody rights | They may be charged for the safekeeping of securities. They are generally not tradable for funds held with other institutions. According to the AMF, most institutions do not charge custody fees on their in-house funds. |
| Funds and SICAVs | Entry fees and annual ongoing charges. |
| Transfer | Transferring a securities account from one institution to another generally incurs transfer fees. |
| Fence | Fees may, more rarely, be charged upon closing the account. |
Two practical consequences. First, the AMF indicates that fees can vary significantly from one institution to another: remember to compare offers before opening or transferring an account. Second, look at all the charges, not just brokerage fees: account maintenance, custody fees, and fund fees are additional.
The risks
Markets fluctuate. Neither the invested capital nor the return is guaranteed, and you must accept the possibility of losing all or part of your invested savings.
The AMF specifically recommends:
- to have a reserve of savings and to only invest sums that you do not need in the short term; ;
- to diversify your investments within the securities account, by choosing different financial securities, across various sectors and geographical areas; ;
- to know that direct investing requires knowledge of how financial markets work and regular monitoring, and to seek advice from professionals if necessary.
Taxation in principle
Unlike a PEA (equity savings plan), a standard securities account does not benefit from preferential tax treatment. Income and capital gains are taxable, and social security contributions are added.
| Default regime (PFU) | Option for the progressive scale | |
|---|---|---|
| Principle | A total mandatory levy of 31.4 % is collected, comprising 12.8 % of income tax and 18.6 % of social security contributions (impots.gouv.fr, page modified on 20/03/2026). The social security contributions of 18.6 % apply from 01/01/2026 according to impots.gouv.fr. | Your entire income from movable capital and capital gains from disposals for the year are taxed according to the income tax scale. |
| Or | The advance payment of 12.8 % normally appears in box 2CK of the tax return. It is credited against the tax due for the year, and any excess is refunded. | Box 2OP of income tax return form no. 2042 |
| Dividends | No 40 % discount | A standard allowance of 40 %, calculated automatically, applies to the dividends concerned. |
| Childcare fees and CSG | According to impots.gouv.fr (investment income), there is no deduction for expenses or deductible CSG on this income. | Childcare expenses are deductible; a portion of the CSG is deductible (6.8 %) |
According to impots.gouv.fr (page modified on 08/04/2026), the irrevocable nature of the option has been removed from 2026. The details of this change should be checked before ticking box 2OP.
For your securities sales, you complete supplementary declaration no. 2074, the totals of which are transferred to declaration 2042-C. You do not have to complete it if your institution has fully calculated the capital gain or loss.
Numerical example (fictitious profile)
Situation. Marc and Sophie each receive €8,000 in dividends in 2026 in their ordinary securities account, eligible for the 40% tax allowance. They have no other income that qualifies for this option this year. It is assumed that the tax brackets apply a rate of 30% for Marc and 10% for Sophie to the taxable base (hypothetical scenario assumptions).
Issue. Should I check box 2OP?
Strategy. Compare, for each option, the total cost with the flat tax rate and with the option. The social security contributions of 18.6% are the same in both cases.
Result.
| Marc (rate 30 %) | Sophie (rate 10 %) | |
|---|---|---|
| Income tax at the flat rate (12.8 %) | €1,024 | €1,024 |
| Social security contributions (18.6 %) | €1,488 | €1,488 |
| Total at PFU (31.4 %) | €2,512 | €2,512 |
| Base according to the scale (€8,000 less 40 %) | €4,800 | €4,800 |
| Income tax according to the tax brackets | €1,440 | €480 |
| Total according to the scale | €2,928 | €1,968 |
| Difference | PFU cheaper than €416 | cheaper pricing €544 |
With a 40% allowance, the tax brackets are lower as long as the rate applied to the base remains below 21.33% (12.8% divided by 0.60). This calculation isolates income tax. It ignores deductible CSG (General Social Contribution) and childcare expenses deductible under the standard tax bracket option. These profiles are hypothetical; the rates of 30% and 10% are assumptions. The figures illustrate the calculation and do not reflect your specific situation.
What changes depending on your situation
- What you own Direct shares, funds, ETFs: the risk and ongoing costs are not the same.
- The rate that applies to your base : he decides between flat tax and tax brackets for dividends.
- The chosen establishment : account maintenance, brokerage and custody fees vary.
- Your other envelopes : a PEA, a assurance-vie policy or a securities account already opened changes the place to be given to each.
- Your time horizon and your liquidity needs The securities account is available at any time, but market risks remain.
The rule depends on your situation. No results are guaranteed.
Frequently asked questions
How many ordinary securities accounts can one open?
As many as you wish, with as many financial intermediaries as you like (AMF).
Is there a deposit limit or a withdrawal limit?
No. Unlike the PEA, there is no ceiling, and unlike the PEA there is no withdrawal limit (AMF).
What costs should I expect?
Account maintenance fees, brokerage fees for stock orders, custody fees, entry fees and annual ongoing fund charges, transfer fees and, more rarely, closing fees. The AMF does not specify any of these fees: request the institution's fee schedule.
Can a minor have a securities account?
Yes. It is open and managed by its legal representative. Prior authorization from a judge may be required for the most significant transactions.
What is the default tax rate?
A mandatory withholding of 31.4 % in total is due upon collection, according to impots.gouv.fr (page modified on 20/03/2026). You can opt for the progressive tax scale in box 2OP.
Review your investments
Are you unsure about which envelope to use for your securities? Make an appointment with Balmont Conseil, a Lyon-based firm established for almost 14 years, to review your situation.
Alexis SagnierFinancial and real estate investment advisor, insurance broker, AMF certified
Founder of Balmont Conseil, Lyon (ORIAS 13003497)
Read also
- PEA and PEA-PME-ETI: limits, withdrawals, taxation 2026
- PEA, securities account or assurance-vie: compare
- ETF: Physical or synthetic replication and fees
- Dividends or capital gains: Flat tax rate 31.4% (%) or tax scale in 2026
- Funds and mutual funds: Key information, fees and risks before investing
- Bonds: interest rate risk and interest taxation
Official sources
- AMF, Securities Account (page dated December 16, 2025): https://www.amf-france.org/fr/espace-epargnants/comprendre-les-produits-financiers/supports-dinvestissement/compte-titres
- impots.gouv.fr, Investment income (modified on 08/04/2026): https://www.impots.gouv.fr/particulier/les-revenus-mobiliers
- impots.gouv.fr, I own securities, how are they taxed? (modified on 20/03/2026): https://www.impots.gouv.fr/particulier/questions/jai-des-valeurs-mobilieres-comment-sont-elles-imposees
- impots.gouv.fr, I sold shares, do I need to file a specific declaration? (update date shown in the page metadata: 20/07/2026): https://www.impots.gouv.fr/particulier/questions/jai-vendu-des-actions-ai-je-une-declaration-specifique-faire
- service-public.gouv.fr, Equity Savings Plan (PEA), fact sheet F2385 (verified on 22/05/2026): https://www.service-public.gouv.fr/particuliers/vosdroits/F2385
