Savings accounts and Livret A in France

IF you want to open a savings account in France many banks will be able to offer you a service.

Most will require the same pieces of paperwork for opening an account and these will include a photocopy of your passport, evidence of your home address and an amount for your initial deposit.

One of the most popular savings accounts is the Livret A that is run by the French postal service La Poste.

You can open an account with just €1.50 and deposit up to a maximum of €15,300, plus there is no tax to pay on the account.

The French government sets the interest rate of 2.25%; not great but only recently where financial rules changed that made it illegal for banks to pay interest on a current account.

Should you need your money at short notice then the Livret A account allows you to withdraw money via cash machines and allows you to check up on your account.

It is possible to set up a savings account with online services such as ING Direct but remember, like the banks, you will have to pay tax.