Livret A, SCPIs, bonds, property: where to put your savings in autumn 2026?

The return of inflation changes the picture

After two quieter years, inflation is rising again. According to INSEE, consumer prices rose 2.4% year-on-year in August 2026, up from 2.1% in July, driven by surging energy prices (+16.7%). For savers, what matters is the real return, i.e. after inflation: an investment yielding 2% is now losing purchasing power. Source: INSEE.

Livret A: a higher rate, but a negative real return

Since 1 August 2026, the Livret A and LDDS savings accounts pay 1.7% (up from 1.5%), while the LEP stays at 2.5%. These accounts remain available at any time and tax-free, but with inflation at 2.4%, the Livret A loses around 0.7 points of purchasing power a year. They remain essential for emergency savings, not for growing wealth. Source: French Ministry of the Economy.

Bonds: yields at their highest since 2008

The 10-year OAT reached around 4.4% in mid-September, a level unseen since 2008. For an investor buying today and holding to maturity, the nominal yield is attractive again. There are two limits, however: this income is taxable, and if bonds are sold before maturity while rates are rising, their value falls. Euro-denominated life insurance funds, mostly invested in bonds, should gradually benefit.

SCPIs: inflows holding up, returns under pressure

According to ASPIM, SCPIs (French real estate investment funds) raised €2.7 billion in the first half of 2026 (+2.6% year-on-year), for a total capitalisation of €86 billion. Their distribution rate reached 2.30% for the half-year alone, stable year-on-year. But the market remains mixed:

• 53% of SCPIs cut their distribution payments, by 14% on average;

• 14 fixed-capital SCPIs lowered their share price, against 4 increases;

• shares awaiting redemption still total €1.9 billion, although down 31% since December;

• OPCIs posted a flat performance over the half-year and unit-linked SCIs -1.6%.

Property funds remain a useful diversification tool, provided vehicles are carefully selected and limited liquidity is accepted. Source: ASPIM.

Direct property: a modest yield, real strengths

In Paris, gross rental yields generally range from 2% to 4% depending on the neighbourhood and size, well below some regional cities. Compared with a 4.4% OAT, the figure may look low. But direct property offers advantages no other investment combines:

• leverage: it is the only asset you can largely finance with credit, so the return is calculated on your own contribution rather than the full price;

• inflation protection: rents are indexed to the IRL and are up 2.6% year-on-year nationally;

• a structurally tight rental market, with Paris supply about 30% below pre-Covid levels;

• long-term capital growth potential, in a market where prices have stabilised and buyers can currently negotiate;

• tax levers: private landlord status, LMNP, property tax deficits.

On the other hand, you must accept lower liquidity, acquisition costs of 7% to 8% for existing properties, management responsibilities and demanding regulations. That is why property is best considered over a horizon of at least eight to ten years.

How to decide?

1. Start from your goals: emergency savings, a short-term project, building wealth or preparing for retirement call for different investments.

2. Think in net returns: after tax, fees and inflation, and factoring in the effect of borrowing.

3. Diversify: cash, financial investments and property play complementary roles.

4. Get advice from a wealth management adviser for your overall strategy.

Want to assess the profitability of a property investment? Our rental yield and mortgage simulators give you a first estimate, and the LGH Patrimoine team can help you find the right property.

This article is for information only and does not constitute personalised investment advice.