1:13 PM
Saturday 13 February 2021
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I wrote – Manal Al-Masry:
5 banks across the banking system continue to sell 3-year savings certificates to all customers with an annual return of over 11%, ranging between 11.25% and 12%.
The banks had started reducing the interest on savings certificates before the end of last year, to record the highest interest rate on the three fixed-return certificates in Al-Ahly Bank and Egypt, 11% for the monthly return period until writing this report.
5 banks, namely Construction and Housing, Cairo, The United Bank, Al-Akari, and Nasser Al-Social offer triple certificates with higher than Al-Ahly and Egypt Bank certificates, but on periodic exchange of the return quarterly and semi-annually only.
The preferences of some clients in linking certificates vary, as some prefer to obtain a high interest rate, even over long interest-payment periodicals, and others prefer to obtain a monthly return period, even with less interest.
Individual customers who do not prefer risk tend to save their money in savings certificates in banks with a more secure return on investment than investing them in any projects, due to their lack of experience or to avoid the risk of loss and gain.
In the following lines, Masrawy provides details of the interest rate on the triple certificates of fixed return, which give an annual return above 11%.
1- Cairo Bank:
Interest is paid 11.5% annually on the periodic return only semi-annually, 11% annually on the periodic return quarterly, and 10.75% annually on the periodic monthly return.
2- Housing and Development Bank:
It offers a 3-year reconstruction certificate: with a return of 11.5% for the periodical return, 11.5% for the periodical quarterly return, and 10.75% for the periodic monthly return, according to his website.
3- The United Bank:
Sells a certificate with an interest rate of 11.25% p.a. for a quarterly return, and 11% pa for a monthly return.
4- Real Estate Bank:
A certificate is offered at an interest rate that ranges between 11.25% annually and a periodical quarterly return, and 11% annually for a monthly return.
5 Nasser Social Bank:
3-year refund certificate (for the elderly over 60 years old): the return on it is 12% annually, the return is paid annually, and 11.25% for the return paid monthly.
A 3-year certificate for all clients from the age of 21 years and over: the interest ranges between 11.5% annually, paid at the end of each year, and 11%, with the return paid monthly.
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