The actual yield of an investment is measured after inflation, taxation, and management fees. In 2024, choosing the best investments to grow your savings means thinking in terms of net real yield, not the gross nominal rate displayed by banks.
Net real yield: the only reliable indicator for comparing your investments
We often see savers comparing gross rates between regulated savings accounts and unit-linked life insurance policies. This reasoning distorts the hierarchy of investments. A savings account offering 3% net of tax in a 4% inflation context results in a loss of purchasing power. Conversely, a euro fund advertised at 2.5% gross but housed in a contract with no deposit fees can outperform in net terms.
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The relevant comparison includes three parameters: the nominal rate, the applicable tax regime (flat tax, progressive scale, exemption), and recurring fees (annual management fees, switching fees). On le-meilleur-placement.fr, simulations incorporate these three variables for each envelope, avoiding common comparison biases.
An investment advertised at 4% gross can yield less than an investment at 2.8% net. Taxation and envelope fees create gaps that can sometimes reach a full percentage point in annual yield.
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Allocation between savings accounts, euro funds, and unit-linked investments: arbitrate according to the horizon
The Livret A and the LDDS remain the foundation of precautionary savings, liquid and exempt from taxation. The LEP, reserved for low-income earners, offers a significantly higher rate. These savings accounts are not tools for growing wealth: their role is limited to covering three to six months of regular expenses.
Beyond this safety pocket, life insurance in euro funds serves as the first relay. Euro funds with capital guarantee remain relevant for a horizon of four to eight years, provided you select a contract with no deposit fees and contained annual management fees.
For a horizon exceeding eight years, unit-linked investments (stocks, SCPI, bonds) take over. The tax framework of life insurance after eight years of holding reduces capital gains taxation, which mechanically enhances net yield.
The distribution depends on the date of capital need
- Need in less than two years: regulated savings accounts or short-term fixed-term accounts, with no capital risk
- Need between two and eight years: euro funds, medium-term fixed-term accounts, possibly a cautious mix with bonds
- Need beyond eight years: unit-linked investments in life insurance or PEA, with significant stock exposure to capture long-term risk premium
We recommend not reversing this logic. Investing money that you will need in two years in stocks exposes you to a capital loss at the worst moment.
Fixed-term accounts and European competition: an underutilized lever
Since 2023, pan-European platforms like Raisin or Distingo Bank have intensified competition among European banks on fixed-term accounts. The dispersion of offered rates has significantly increased, with promotional offers clearly superior to French regulated savings accounts.
Online fixed-term accounts sometimes offer a gross yield one point higher than regulated savings accounts, but with constraints to evaluate. The blocking period varies by institution. Capital protection is ensured by the deposit guarantee fund of the bank’s country of origin, not necessarily by the French FGDR.
Before subscribing, we systematically check two elements: the country of origin of the deposit guarantee fund (coverage up to 100,000 euros in the European Union) and the exact blocking duration. An attractive rate over 36 months loses its appeal if you need liquidity at 18 months.
SCPI, PER, and structured products: informed profiles and regulatory constraints
SCPI (real estate investment companies) offer exposure to real estate without direct management. The distributed yield depends on the rents received and the valuation of the portfolio. Liquidity remains the weak point of SCPI: selling shares can take several months.
The PER (retirement savings plan) combines a tax advantage at entry (deduction of contributions from taxable income) and a blocking period until retirement, except in cases of early release. For a highly taxed taxpayer, the tax gain at entry partially offsets the moderate yield of the support.
Restricted access to complex products since MiFID II
The reinforced requirements of MiFID II and the DDA directive impose a stricter suitability questionnaire on distributors since 2022-2024. Structured products with leverage or unlisted private equity are now reserved for clients classified as “informed” by their financial intermediary. This evolution protects savers but effectively limits access to the most rewarding investments for part of retail savings.
- Structured products: accessible only after validation of the investor profile by the distributor
- Unlisted private equity: reserved for qualified investors or after a reinforced questionnaire
- Direct SCPI: accessible without restriction, but entry ticket and subscription fees must be included in the yield calculation
Each envelope meets a specific need: horizon, taxation, liquidity. Stacking products without overall coherence dilutes the overall yield and complicates monitoring. A readable portfolio with three or four well-calibrated supports generally surpasses an accumulation of eight poorly articulated products.
The choice of the best investments to grow your savings in 2024 relies on a simple grid: net real yield, holding horizon, and tolerance for capital blocking. Any decision made without crossing these three criteria exposes you to a mismatch between the investment and the actual need.