France to Ban Multiple Savings Account Holdings from July 2027

From 1 July 2027, French regulators will prohibit individuals from holding more than one of several regulated savings products – LDDS, PEL, LEP, CEL, Livret jeune and PEA – across different banks. Banks must consult the Ficoba file at the moment a new contract is opened to detect duplicate holdings. If a duplicate is found, the client has two months to close the older account, otherwise the bank may close it within 15 days. The measure aims to curb tax‑advantage abuse and ensure fiscal fairness, affecting millions of savers and requiring banks to implement systematic inter‑bank checks.

The rule does not apply to non‑regulated products such as life‑insurance contracts or standard brokerage accounts, which remain subject to existing regulations.