Idle savings cost 681 euros per year for every 10,000 euros

A Revolut study quantifies the lost income of French households that leave their excess savings in bank accounts that pay little or no interest. The total amount of cash involved is 588.5 billion euros.
 

The math is simple—and sobering. For every 10,000 euros kept in a savings account rather than invested, a French household forgoes an average of 681 euros in potential returns per year. With 30,000 euros stashed away, that amounts to more than 2,000 euros a year left on the table—roughly the cost of back-to-school supplies or a week’s vacation.
 

Nationwide, Revolut estimates that French households hold 588.5 billion euros in underutilized liquidity, and that 40.1 billion euros per year in capital could finance growth if these savings were mobilized. The same study puts the European total at 33,000 billion euros in underutilized capital.
 

Two behaviors that don’t mix well
The first stems from the lack of a financial safety net among a segment of the population. One in five French people—21 percent—has no emergency savings. For them, the question of returns obviously doesn’t arise in the same way: they aren’t looking to optimize a surplus—they don’t have one.
 

The second group consists of those who have savings but do nothing with them. Nearly three out of four savers—74%—have never switched banks to get a better interest rate. Inertia in the French banking sector is a long-documented phenomenon, perpetuated by direct deposit of income, outstanding loans, and a fear of paperwork. Each year, it costs the country several dozen basis points across its total liquid savings.
 

These two groups require different approaches. For the 21% who lack a financial cushion, the focus isn’t on returns but on building up a reserve—through small, regular contributions into an account that’s accessible at any time. For the others, the discussion centers on investments, time horizons, and taxes. Confusing the two conversations is the surest way to fail at both.
 

Revolut also estimates that this savings could inject 40.1 billion euros annually into the economy if mobilized, and advocates for a better allocation of the 33,000 billion euros of underutilized capital in Europe. The argument goes beyond individual portfolios: it ties into the ongoing debate in Brussels on the savings and investment union, and on the continent’s ability to finance its businesses with money from its own residents.
 

A timing that makes inaction more costly
The current interest rate environment automatically widens the spread. The European Central Bank (ECB) has just raised its deposit rate to 2.50%, and French government bonds are trading above 4%. In other words, interest-bearing instruments—such as time deposits, money market funds, and bonds held directly or through unit-linked funds—now offer a return while you wait. A checking account, on the other hand, pays no interest.
 

It’s important to take with a grain of salt the findings of a study produced by a company that sells financial services and advocates for banking mobility. The figure of 681 euros is based on a potential return that is neither guaranteed nor risk-free, and part of the 588.5 billion euros represents perfectly justified emergency savings. Having three months’ worth of living expenses in an accessible account is not money misplaced—it is a form of private unemployment insurance.
 

The line is drawn quite simply. For amounts representing less than three to six months’ worth of expenses, the money should remain liquid and accessible, which means regulated savings accounts before any other investment vehicle. Beyond that, the question becomes one of time horizon. A sum that you know won’t be needed for at least two years has no business sitting in a checking account when term accounts and money market funds offer a return while you wait. An amount with no set maturity date falls under long-term allocation, with the associated level of risk.
 

It’s rarely the reasoning that gets in the way. It’s the action. Opening an account, transferring funds, or choosing an investment vehicle requires an active decision, whereas letting 30,000 euros sit idle in an account requires none at all. Dormant savings aren’t a mistake in decision-making; they’re a failure to make a decision at all.
The difference between these two perspectives—dormant savings and prudent savings—is precisely the topic financial advisors should be discussing with their clients this fall.