{"id":18150,"date":"2026-03-01T17:17:41","date_gmt":"2026-03-01T16:17:41","guid":{"rendered":"https:\/\/www.experts-du-patrimoine.fr\/definitions\/securities-accounts\/"},"modified":"2026-08-12T10:10:26","modified_gmt":"2026-08-12T09:10:26","slug":"securities-accounts","status":"publish","type":"lexique","link":"https:\/\/www.experts-du-patrimoine.fr\/en\/glossary\/securities-accounts\/","title":{"rendered":"Securities Accounts"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Thanks to its great flexibility, the securities account is a preferred tool for investors wishing to diversify their assets, access international assets, or invest in financial products not eligible for the PEA.<\/p>\n\n<h2 class=\"wp-block-heading\">What is a securities account?<\/h2>\n\n<p class=\"wp-block-paragraph\">A securities account is an account designed to hold financial instruments such as stocks, bonds, investment funds, or ETFs.<\/p>\n\n<p class=\"wp-block-paragraph\">It is generally associated with a cash account that allows for deposits, purchases, sales, and the collection of income generated by investments.<\/p>\n\n<p class=\"wp-block-paragraph\">Unlike the Equity Savings Plan (PEA), the securities account does not benefit from a specific tax regime but offers much greater investment freedom.<\/p>\n\n<section class=\"edp-key-figures\">\n\n\t<h2 class=\"edp-key-figures__title\">\n  The securities account in figures\n\t<\/h2>\n\n\t<p class=\"edp-key-figures__content\">\n  The ordinary securities account (CTO) allows for free investment in stocks, bonds, ETFs, OPCVMs, and many other financial instruments, with no deposit limit. At the end of <strong>2025<\/strong>, the <strong>7.3 million PEAs<\/strong> held by French individuals included <strong>5.64 million associated securities accounts<\/strong>, illustrating the importance of this wrapper for equity investment. The deposit limit for a CTO is <strong>unlimited<\/strong>, unlike the PEA which is capped at <strong>\u20ac150,000<\/strong>. Securities accounts also allow investment in international markets and access to several thousand listed securities worldwide.   \n\t<\/p>\n\n\t<div class=\"edp-key-figures__sources\">\n\n\t\t<span class=\"edp-key-figures__sources-label\">\n  Sources:\n\t\t<\/span>\n\n\t\t<a class=\"edp-key-figures__source\" href=\"https:\/\/www.banque-france.fr\/fr\/statistiques\/epargne\/plan-depargne-en-actions-2025\" target=\"_blank\" rel=\"noopener noreferrer\">\n  Banque de France \u2013 PEA Statistics 2025\n\t\t<\/a>\n\n\t\t<a class=\"edp-key-figures__source\" href=\"https:\/\/www.banque-france.fr\/fr\/statistiques\/credit\/conservation-de-titres-2025-q2\" target=\"_blank\" rel=\"noopener noreferrer\">\n  Banque de France \u2013 Securities Custody\n\t\t<\/a>\n\n\t\t<a class=\"edp-key-figures__source\" href=\"https:\/\/www.service-public.fr\/particuliers\/vosdroits\/F2384\" target=\"_blank\" rel=\"noopener noreferrer\">\n  Service Public \u2013 Ordinary Securities Account\n\t\t<\/a>\n\n\t<\/div>\n\n<\/section>\n\n<h2 class=\"wp-block-heading\">How does a securities account work?<\/h2>\n\n<p class=\"wp-block-paragraph\">The operation of a securities account is relatively simple.<\/p>\n\n<p class=\"wp-block-paragraph\">The investor deposits cash into their cash account and then uses it to purchase the financial assets of their choice.<\/p>\n\n<p class=\"wp-block-paragraph\">They can then:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>buy securities;<\/li>\n\n\n\n<li>sell their investments;<\/li>\n\n\n\n<li>receive dividends;<\/li>\n\n\n\n<li>cash in bond coupons;<\/li>\n\n\n\n<li>make arbitrage trades at any time.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">A securities account can be opened with:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>a bank;<\/li>\n\n\n\n<li>an online broker;<\/li>\n\n\n\n<li>a specialized financial institution.<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\">Who can open a securities account?<\/h2>\n\n<p class=\"wp-block-paragraph\">Any adult individual can open a securities account.<\/p>\n\n<p class=\"wp-block-paragraph\">Legal entities (companies, associations, foundations, etc.) can also hold a securities account.<\/p>\n\n<p class=\"wp-block-paragraph\">Unlike the PEA, it is possible to hold several securities accounts with different institutions.<\/p>\n\n<h2 class=\"wp-block-heading\">What investments can be held in a securities account?<\/h2>\n\n<p class=\"wp-block-paragraph\">The main advantage of the securities account lies in the diversity of accessible investments.<\/p>\n\n<h3 class=\"wp-block-heading\">French and international stocks<\/h3>\n\n<p class=\"wp-block-paragraph\">The securities account allows investment in listed companies worldwide.<\/p>\n\n<p class=\"wp-block-paragraph\">It is thus possible to buy shares:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>French;<\/li>\n\n\n\n<li>European;<\/li>\n\n\n\n<li>American;<\/li>\n\n\n\n<li>Canadian;<\/li>\n\n\n\n<li>Japanese;<\/li>\n\n\n\n<li>Asian;<\/li>\n\n\n\n<li>emerging.<\/li>\n<\/ul>\n\n<h3 class=\"wp-block-heading\">Bonds<\/h3>\n\n<p class=\"wp-block-paragraph\">Investors can acquire bonds issued by:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>states;<\/li>\n\n\n\n<li>companies;<\/li>\n\n\n\n<li>local authorities.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">Bonds generally allow for the receipt of regular income in the form of coupons.<\/p>\n\n<h3 class=\"wp-block-heading\">ETFs<\/h3>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.experts-du-patrimoine.fr\/definitions\/etf\/\" data-type=\"lexique\" data-id=\"3144\">ETFs<\/a> (Exchange Traded Funds) offer exposure to numerous indices, sectors, or geographical areas.<\/p>\n\n<p class=\"wp-block-paragraph\">They constitute a particularly popular diversification tool for investors.<\/p>\n\n<h3 class=\"wp-block-heading\">OPCVMs and investment funds<\/h3>\n\n<p class=\"wp-block-paragraph\">The securities account also allows investment in funds managed by asset management companies.<\/p>\n\n<p class=\"wp-block-paragraph\">These vehicles can be specialized by sector, geographical area, or investment strategy.<\/p>\n\n<h3 class=\"wp-block-heading\">Structured products<\/h3>\n\n<p class=\"wp-block-paragraph\">Depending on the institutions, certain structured products can be held in a securities account.<\/p>\n\n<h3 class=\"wp-block-heading\">Other financial instruments<\/h3>\n\n<p class=\"wp-block-paragraph\">The securities account can also accommodate, depending on the financial intermediaries:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>certificates;<\/li>\n\n\n\n<li>warrants;<\/li>\n\n\n\n<li>convertible bonds;<\/li>\n\n\n\n<li>certain derivative products.<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\">Advantages of the securities account<\/h2>\n\n<p class=\"wp-block-paragraph\">The securities account offers numerous advantages for investors.<\/p>\n\n<h3 class=\"wp-block-heading\">Total investment freedom<\/h3>\n\n<p class=\"wp-block-paragraph\">Unlike the <a href=\"https:\/\/www.experts-du-patrimoine.fr\/definitions\/pea\/\" data-type=\"lexique\" data-id=\"9278\">PEA<\/a>, there are no limitations regarding accessible markets.<\/p>\n\n<p class=\"wp-block-paragraph\">The investor can build a global portfolio.<\/p>\n\n<h3 class=\"wp-block-heading\">No deposit limit<\/h3>\n\n<p class=\"wp-block-paragraph\">The securities account has no deposit limit.<\/p>\n\n<p class=\"wp-block-paragraph\">It is therefore possible to invest any desired amounts.<\/p>\n\n<h3 class=\"wp-block-heading\">Great Flexibility<\/h3>\n\n<p class=\"wp-block-paragraph\">Withdrawals are possible at any time without leading to the closure of the account.<\/p>\n\n<p class=\"wp-block-paragraph\">Arbitrage trades can be carried out freely.<\/p>\n\n<h3 class=\"wp-block-heading\">A solution adapted for diversification<\/h3>\n\n<p class=\"wp-block-paragraph\">The securities account allows combining numerous asset classes within the same wrapper.<\/p>\n\n<h2 class=\"wp-block-heading\">What is the taxation of a securities account?<\/h2>\n\n<p class=\"wp-block-paragraph\">Income generated by a securities account is subject to the taxation applicable to investment income.<\/p>\n\n<h3 class=\"wp-block-heading\">Dividends<\/h3>\n\n<p class=\"wp-block-paragraph\">Dividends received are taxable according to the current tax regime.<\/p>\n\n<h3 class=\"wp-block-heading\">Capital gains<\/h3>\n\n<p class=\"wp-block-paragraph\">Gains realized from the sale of securities are also subject to taxation.<\/p>\n\n<h3 class=\"wp-block-heading\">The single flat-rate levy (PFU)<\/h3>\n\n<p class=\"wp-block-paragraph\">By default, income and capital gains are subject to the <a href=\"https:\/\/www.experts-du-patrimoine.fr\/en\/glossary\/single-flat-rate-levy\/\" data-type=\"lexique\" data-id=\"3148\">single flat-rate levy<\/a> (PFU), also known as \u201cflat tax\u201d.<\/p>\n\n<p class=\"wp-block-paragraph\">Under certain conditions, the taxpayer can opt for taxation according to the progressive income tax scale when this option is more advantageous.<\/p>\n\n<h2 class=\"wp-block-heading\">Securities account or PEA: what are the differences?<\/h2>\n\n<p class=\"wp-block-paragraph\">The securities account and the PEA serve complementary objectives.<\/p>\n\n<h3 class=\"wp-block-heading\">Advantages of the securities account<\/h3>\n\n<ul class=\"wp-block-list\">\n<li>access to international markets;<\/li>\n\n\n\n<li>no deposit limit;<\/li>\n\n\n\n<li>wide diversity of investment vehicles;<\/li>\n\n\n\n<li>possibility of holding multiple accounts.<\/li>\n<\/ul>\n\n<h3 class=\"wp-block-heading\">Advantages of the PEA<\/h3>\n\n<ul class=\"wp-block-list\">\n<li>advantageous taxation after five years;<\/li>\n\n\n\n<li>exemption from capital gains tax (excluding social security contributions) under certain conditions;<\/li>\n\n\n\n<li>a tool particularly suited for investments in European equities.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">In many cases, investors use both a PEA and a securities account simultaneously to benefit from the advantages of each.<\/p>\n\n<h2 class=\"wp-block-heading\">What are the risks of a securities account?<\/h2>\n\n<p class=\"wp-block-paragraph\">Like any financial investment, the securities account carries several risks.<\/p>\n\n<h3 class=\"wp-block-heading\">The risk of capital loss<\/h3>\n\n<p class=\"wp-block-paragraph\">The value of securities can fluctuate upwards or downwards.<\/p>\n\n<p class=\"wp-block-paragraph\">The investor may recover an amount lower than their initial investment.<\/p>\n\n<h3 class=\"wp-block-heading\">Market risk<\/h3>\n\n<p class=\"wp-block-paragraph\">Performance depends on the evolution of financial markets, the economy, and the companies held.<\/p>\n\n<h3 class=\"wp-block-heading\">Exchange rate risk<\/h3>\n\n<p class=\"wp-block-paragraph\">Investments made in foreign currencies can be affected by exchange rate fluctuations.<\/p>\n\n<h2 class=\"wp-block-heading\">How to integrate a securities account into a wealth management strategy?<\/h2>\n\n<p class=\"wp-block-paragraph\">The securities account can meet different objectives.<\/p>\n\n<h3 class=\"wp-block-heading\">Grow your wealth<\/h3>\n\n<p class=\"wp-block-paragraph\">Financial markets offer interesting potential for appreciation over the long term.<\/p>\n\n<h3 class=\"wp-block-heading\">Generate additional income<\/h3>\n\n<p class=\"wp-block-paragraph\">Dividends and bond coupons can help supplement the investor&#8217;s income.<\/p>\n\n<h3 class=\"wp-block-heading\">Diversify your investments<\/h3>\n\n<p class=\"wp-block-paragraph\">The securities account allows investment in various sectors, geographical areas, and asset classes.<\/p>\n\n<h3 class=\"wp-block-heading\">Prepare for transmission<\/h3>\n\n<p class=\"wp-block-paragraph\">In certain situations, the securities account can be integrated into a global wealth transmission strategy.<\/p>\n\n<section class=\"edp-faq\" aria-labelledby=\"faq-comptes-titres-title\">\n\n\t<h2 id=\"faq-comptes-titres-title\">FAQ on Securities Accounts<\/h2>\n\n\t<div class=\"edp-faq__item\">\n\t\t<h3>What is a securities account?<\/h3>\n\t\t<p>\n  The ordinary securities account (CTO) is an investment wrapper that allows for holding a wide variety of securities such as stocks, bonds, ETFs, OPCVMs, or certain structured products. It is not subject to any deposit limit. \n\t\t<\/p>\n\t<\/div>\n\n\t<div class=\"edp-faq__item\">\n\t\t<h3>What is the difference between a securities account and a PEA?<\/h3>\n\t\t<p>\n  The securities account offers much broader investment freedom than the PEA, particularly in international markets. However, it does not benefit from the advantageous taxation of the PEA, and gains are taxed according to current rules. \n\t\t<\/p>\n\t<\/div>\n\n\t<div class=\"edp-faq__item\">\n\t\t<h3>Can one invest internationally with a securities account?<\/h3>\n\t\t<p>\n  Yes. The securities account allows investment in most global financial markets and provides access to European, American, and Asian companies, as well as numerous international funds. \n\t\t<\/p>\n\t<\/div>\n\n\t<div class=\"edp-faq__item\">\n\t\t<h3>How is income from a securities account taxed?<\/h3>\n\t\t<p>\n  Dividends, interest, and capital gains realized on a securities account are generally subject to the taxation applicable to capital income, notably the single flat-rate levy (PFU) or, optionally, the progressive income tax scale when it is more advantageous.\n\t\t<\/p>\n\t<\/div>\n\n\t<div class=\"edp-faq__item\">\n\t\t<h3>Is the securities account suitable for all investors?<\/h3>\n\t\t<p>\n  The securities account is suitable for both beginner and experienced investors wishing to diversify their investments. However, the choice of investment vehicles must be adapted to the objectives, investment horizon, and risk level of each saver. \n\t\t<\/p>\n\t<\/div>\n\n<\/section>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Qu'est-ce qu'un compte-titres ?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Le compte-titres ordinaire (CTO) est une enveloppe d'investissement qui permet de d\u00e9tenir une grande vari\u00e9t\u00e9 de valeurs mobili\u00e8res telles que des actions, des obligations, des ETF, des OPCVM ou encore certains produits structur\u00e9s. Il n'est soumis \u00e0 aucun plafond de versement.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Quelle est la diff\u00e9rence entre un compte-titres et un PEA ?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Le compte-titres offre une libert\u00e9 d'investissement beaucoup plus large que le PEA, notamment sur les march\u00e9s internationaux. En revanche, il ne b\u00e9n\u00e9ficie pas de la fiscalit\u00e9 avantageuse du PEA et les gains sont impos\u00e9s selon les r\u00e8gles en vigueur.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Peut-on investir \u00e0 l'international avec un compte-titres ?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Oui. Le compte-titres permet d'investir sur la plupart des places financi\u00e8res mondiales et d'acc\u00e9der \u00e0 des entreprises europ\u00e9ennes, am\u00e9ricaines, asiatiques ainsi qu'\u00e0 de nombreux fonds internationaux.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Comment sont impos\u00e9s les revenus d'un compte-titres ?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Les dividendes, int\u00e9r\u00eats et plus-values r\u00e9alis\u00e9s sur un compte-titres sont g\u00e9n\u00e9ralement soumis \u00e0 la fiscalit\u00e9 applicable aux revenus du capital, avec notamment le pr\u00e9l\u00e8vement forfaitaire unique (PFU) ou, sur option, le bar\u00e8me progressif de l'imp\u00f4t sur le revenu lorsque cela est plus avantageux.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Le compte-titres est-il adapt\u00e9 \u00e0 tous les investisseurs ?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Le compte-titres convient aussi bien aux investisseurs d\u00e9butants qu'aux plus exp\u00e9riment\u00e9s souhaitant diversifier leurs placements. Le choix des supports doit toutefois \u00eatre adapt\u00e9 aux objectifs, \u00e0 l'horizon d'investissement et au niveau de risque de chaque \u00e9pargnant.\"\n      }\n    }\n  ]\n}\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>The securities account, also known as an ordinary securities account (CTO), is an investment wrapper that allows for holding and managing a wide variety of securities. Unlike the PEA, it imposes no geographical restrictions on investments and provides access to almost all global financial markets. <\/p>\n","protected":false},"featured_media":18151,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categorie_lexique":[1404],"class_list":["post-18150","lexique","type-lexique","status-publish","format-standard","has-post-thumbnail","hentry","categorie_lexique-financial-investments"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securities Account: Definition, Operation, and Benefits<\/title>\n<meta name=\"description\" content=\"The operation of the securities account, accessible investments, its taxation, its advantages, and its differences with the PEA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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