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10:21 am
Saturday April 25, 2020
I wrote – Manal Al-Masry:
The three public banks, Al-Ahly, Egypt and Cairo, decided to cut interest on regular savings accounts by up to 2%, after the central bank’s decision last month to cut interest.
The central bank had reduced interest by 3%, in an exceptional monetary policy meeting in the middle of last month, to reach the interest rate of 9.25% for deposits and 10.25% for loans.
Interest in the savings account is rated from slide to slide, and the higher the value of the account, the more the customer will receive a higher return, but the interest varies within the same segment according to the frequency of the return of interest, whether monthly, quarterly, semi-annually or annually.
The interest rate on the savings account varies from bank to bank, and each bank determines the interest according to the size of the tranche. Masrawy shows the interest rates on the regular savings account at the three public banks, namely Egypt, Al Ahly and Cairo:
1- Savings account at the National Bank of Egypt:
The bank approves interest on the first tranche of the savings account starting from £ 3001 and up, and without that, it does not approve any return on the accounts, and the account opening starts from at least £ 1,000.
1- The first tranche from £ 3001 to £ 5,000: interest ranges from 3.55% per annum on the monthly return, 3.60% per annum on the quarterly return, 3.65% per annum on the semi-annual return and 3.75% per annum on the annual return.
2- The second tranche from £ 5001 to £ 100,000: interest ranges from 4.3% per annum to the monthly return, 4.35% per annum to the quarterly return, 4.4% per annum to the semi-annual return and 4.5% per annum to the annual return.
3- The third tranche from 100,000 pounds to half a million pounds: interest ranges from 5% per year on the monthly yield, 5.1% per year in the quarter, 5.15% per year on a semi-annual basis and 5.25% per year.
4- The fourth tranche of half a million or more: interest ranges from 5.7% per year for the monthly return, 5.75% per year for the quarterly return, 5.85% per year for the semi-annual return and 6 % for annual return.
2- Savings account at Banque Misr:
Banque Misr divides the savings account into 5 segments, including interest, according to the size of each tranche and the frequency of the return, and the minimum amount to open the account starts from 1,500 pounds.
1- The first tranche from 1,500 pounds to 5,000 pounds: the yield ranges from 3.25% per year for monthly performance, 3.5% per year for quarterly performance, 3.625% per year for semi-annual performance and 3.75% for annual performance.
2- The second tranche from £ 5,000 to £ 50,000: ranges between 3.75% per year for monthly performance, 4% per year for quarterly performance, 4.125% per year for semi-annual performance and 4.25% for annual performance.
3- The third tranche from £ 50,000 to £ 250,000: interest ranges from 4.25% per year for monthly performance, 4.5% per year for quarterly performance, 4.625% per year for semi-annual performance and 4.75% for annual performance.
4 – The fourth tranche from £ 250,000 to £ 500,000: between 4.75% per year for monthly performance, 5% per year for quarterly performance, 5.125% per year for semi-annual performance and 5.25% per year for annual performance.
5- The fifth tranche has more than 500 thousand pounds: it ranges between 5.25% per year for monthly performance, 5.5% per year for quarterly performance, 5.625% per year for semi-annual performance and 5.75% per year for annual performance.
3- The savings account at Banque du Caire:
The Bank of Cairo divides the savings account into 4 segments, among which interest is classified according to the size of each segment and the frequency of the return exchange. The minimum amount to open the account starts from £ 1,000, but no return to the account is less than £ 5,000.
1- The first tranche from £ 5,000 to £ 100,000: the interest ranges from 3.25% per year for the monthly return and 3.4% per year for the quarterly return, 3.5% per year for the semi-annual return and 3.6% for the annual return.
2- The second tranche from £ 100,000 to £ 1 million: interest ranges from 3.4% per year for monthly performance, 3.5% per year for quarterly performance, 3.6% per year for semi-annual performance and 3.75% for annual performance.
3- The third tranche from £ 1m to £ 2m: interest ranges from 4.5% per year for monthly performance, 4.75% per year for quarterly performance, 5% per year for semi-annual performance and 5.25% for annual performance .
4- The fourth tranche of two million pounds more: the interest ranges between 7% per year for the monthly return and 7.25% per year for the quarterly return, 7.5% per year for the semi-annual return and 7.75% for the return annual.
