PEA, securities account or assurance-vie: compare the three investment vehicles in 2026

These three investment vehicles are not distinguished by the securities they hold, but by their rules regarding contribution limits, withdrawals, and taxation. The PEA (Equity Savings Plan) is capped at €150,000 in contributions and is generally closed upon withdrawal before five years. The securities account has no contribution limit or withdrawal restrictions, but its income and capital gains are taxable. Assurance-vie has no contribution limit and allows withdrawals, with the tax rate decreasing after eight years.

This page compares the rules. It doesn't tell you which one to choose: that depends on your investment horizon, your need for liquidity, and the securities you're targeting. Official sources indicate a risk of capital loss on these investments (see the dedicated section below).

It does not compare the social security contribution rates of the three investment vehicles, as the official documents consulted do not provide consistent figures. It does not address the situation of individuals who leave France or do not reside there, nor the amount of fees, returns, or inheritance tax. Regarding the PEA (Equity Savings Plan), service-public.gouv.fr states: "You must be a tax resident of France to open and hold a PEA." If you live or are moving abroad, verify your situation with this source before taking any action.

The comparison table

The ceilings

PEA. The contribution limit is €150,000 from the date the plan is opened. For an adult who is a dependent on the tax return, service-public.gouv.fr specifies a separate contribution limit of €20,000 for as long as the dependent remains. If you also hold a PEA-PME-ETI (equity savings plan for SMEs and mid-sized companies), the contribution limit for both plans is €225,000, or €450,000 for a couple filing jointly (impots.gouv.fr). Contributions are made in cash.

Ordinary securities account. The AMF indicates that there is no ceiling for the securities account, unlike the PEA.

Assurance-vie. Service-public.gouv.fr states: "There is no maximum limit for payments into a assurance-vie contract."«

The securities that can be held

PEA. Only eligible securities are included. They can be listed or unlisted and must be held in full ownership. The plan's cash account does not earn interest and cannot have a negative balance. For ETFs, the AMF (French Financial Markets Authority) specifies that ETFs accepted in the PEA (Equity Savings Plan) are those "that must be invested at least 75% in shares of companies in the European Union." The wording of this threshold and the geographical scope differs from one official source to another (AMF, economie.gouv.fr, BOFiP): it is necessary to verify this with the source for each fund before purchasing it.

Securities account. The AMF indicates that it accepts "all types of securities, including" shares, bonds, mutual fund units, SICAV shares, warrants, and ETFs or trackers. A cash account is associated with it: it is debited for purchases and fees, and credited for sales and income.

Assurance-vie. With a euro-denominated fund, the sums "remain valued in euros within the contract." With unit-linked funds, they are valued in units of account and not in euros. Service-public.gouv.fr indicates that the risk level of a financial product is classified from 1 to 7.

Availability

PEA. In principle, any withdrawal, whether total or partial, before the end of the fifth year of the plan results in its closure. After five years, a partial withdrawal does not lead to closure, and further contributions remain possible. A total withdrawal closes the plan. The "in principle" in the text refers to exceptions. Service-public.gouv.fr cites the following as exceptions for early partial withdrawal: dismissal, disability, or early retirement of the account holder or their spouse or civil partner; withdrawal of shares from a company in liquidation; and withdrawal reinvested within three months for the creation or takeover of a business. Check the conditions with the source before making a withdrawal.

Securities account. «"Unlike the PEA, there is no withdrawal limit." The account can be closed at any time, but the AMF specifies that closing fees may be charged.

Assurance-vie. «"You can withdraw money before the end of the contract." A full surrender terminates the contract. The insurer must pay out the funds within two months of the request.

Income tax upon exit

PEA. If you make no withdrawals within 5 years of your first deposit, your gains are not subject to income tax. Withdrawals before 5 years are subject to the flat-rate withholding tax (PFU), which totals 31.4% according to impots.gouv.fr (page updated on 17/07/2026), except in cases of exemption provided for by law. According to impots.gouv.fr, certain early withdrawals are not subject to income tax, for example, in the event of the plan holder's death or if the funds are used to create or take over a business, under certain conditions. Social security contributions remain due in both cases.

Securities account. Income and capital gains are taxable, plus social security contributions. The flat tax rate (PFU) is 12.8% of income tax. The total is 31.4% according to impots.gouv.fr (page modified on 20/03/2026). You can opt for the progressive tax scale by checking box 2OP on the income tax return. Sales are declared on form 2074, the totals of which are then transferred to form 2042-C. In some cases, you do not need to complete this form.

Assurance-vie. As long as no withdrawals are made, gains are not subject to income tax. For proceeds from payments made on or after September 27, 2017, the flat tax rate is 12.8%. This is reduced to 7.5% for contracts held for more than 8 years. After 8 years, an annual allowance of €4,600 (single person) or €9,200 (married or civil union couple filing jointly) applies to the gains. The 7.5% rate also depends on the total amount of premiums paid across all your contracts, assessed against a threshold of €150,000.

Social security contributions on assurance-vie are not specified here. The official websites consulted give different rates.

The risk of capital loss

The three envelopes do not protect the capital invested in shares or units of account.

• Securities account. The AMF indicates that capital and return are not guaranteed and that one must be prepared to lose all or part of the savings invested.
• PEA. Service-public.gouv.fr specifies that the PEA does not provide for the preservation of invested capital.
• Assurance-vie. For a unit-linked contract, service-public.gouv.fr states: "Only the number of units is guaranteed by the insurer, but not their value."«

The figures on this page describe tax rules. They say nothing about the return or capital you will receive.

The fees

No official page consulted gives the amount of brokerage fees or account maintenance fees, neither for the PEA nor for the securities account.

• Securities account. The AMF mentions a possible annual account maintenance fee, brokerage fees on each share order, and possible custody fees.
• PEA. According to economie.gouv.fr (page written on 04/12/2025), the fees for opening a PEA are limited to €10.
• Assurance-vie. Entry fees and deposit fees cannot exceed 5 % of the premiums paid in the year.

Numerical example (fictitious profile)

Situation. Marc and Sophie, married and filing jointly, have €100,000 to invest. They withdraw the entire amount on the withdrawal date, with a profit of €30,000 (calculation assumption, without projected returns). They have no other assurance-vie policies, and their premiums are less than €150,000, with payments made after September 27, 2017. The securities in question are eligible for a French equity savings plan (PEA).

Issue. Compare, based solely on income tax, the exit according to the investment vehicle and the holding period.

Strategy. The €100,000 falls within the €150,000 limit of the PEA (French equity savings plan), with a €50,000 margin. The rules described above apply to each investment vehicle.

Result.

For assurance-vie, the base amount is €30,000 - €9,200 = €20,800, taxed at 7.5% (%). The difference between a securities account and a PEA (equity savings plan) held for more than 5 years is €3,840. The difference between a securities account and assurance-vie after 8 years is €2,280.

This table assumes that no PEA exemptions apply and that the €30,000 gain is realized; the invested capital may also decrease. It does not include any social security contributions; these are added in each case. It does not take into account fees or the availability of funds. The PEA requires contributions to remain below €150,000 and that only eligible securities be held. The profile is hypothetical, and the €30,000 gain is a hypothetical scenario. The figures illustrate the calculation. They do not reflect your individual circumstances.

What changes depending on your situation

• Your horizon. The 5-year (PEA) and 8-year (assurance-vie) thresholds change the treatment of withdrawal.
• The stocks you're aiming for, depending on whether or not they are eligible for the PEA.
• The amount to invest, in view of the €150,000 limit of the PEA.
• Your family composition : a PEA is personal, without a joint account, and the assurance-vie tax allowance differs between a single person and a couple.
• The amount of your assurance-vie premiums across all of your contracts.
• Your need for availability.
• Your tax residence service-public.gouv.fr requires tax residency in France to open and hold a PEA (equity savings plan). The other situations of non-residents are not addressed on this page and should be verified before any plans to leave France.

The rule depends on your situation. No results are guaranteed.