Banks operating in the Egyptian banking sector continue to rearrange the map of savings pools, with a focus on triple savings certificates with a fixed monthly return, as one of the safe options that gives customers a regular income in light of lower interest rates. Banks compete to provide various benefits in terms of the return rate, the minimum linkage, and the possibility of borrowing against the guarantee of the certificate, in a way that meets the needs of different segments of savers.
In this report from Banker, we monitor the details of the best triple savings certificates with a fixed monthly return in Egypt after the interest reduction, with a comprehensive review of the advantages of each certificate and the return rate applied to it.
Mashreq Neo Platinum Certificate from Mashreq Bank
This certificate is offered as one of the savings solutions that combines simplicity of terms and stability of returns, while providing flexibility in starting the return calculation and the possibility of redemption according to specific rules, which makes it suitable for those looking for a clear and stable return in the medium term.
In detail, the duration of the certificate is 3 years, and the minimum deposit starts from 1,000 Egyptian pounds, and the return is calculated from the first working day following the date of attaching the certificate, provided that it is allowed to be redeemed after 6 months from the date of issuance, and the interest rate on the certificate is a fixed return of 18% annually, and it is disbursed on a monthly basis throughout the duration of the certificate.
Premium certificate with a fixed return from the Egyptian Gulf Bank (EGBANK).
This certificate targets natural individuals who wish to combine a fixed return with financing benefits, as it allows the certificate to be used as a guarantee for obtaining multiple credit facilities, in addition to regular monthly interest disbursement.
The minimum amount for issuing a certificate starts from 1,000 pounds and its multiples, with the return calculated starting from the next business day of purchasing the certificate. The value of the certificate cannot be redeemed until at least 6 months have passed from the date of issuance, while the return rate remains fixed until the end of the period.
The certificate grants a fixed annual return of 17.75%, disbursed monthly, with the possibility of obtaining a credit card, loan, or overdraft with a guarantee of up to 95% of the value of the certificate.
“Med Master” certificate from Medbank
This certificate is based on providing a fixed periodic return with conditions targeting those with medium and large savings, in addition to allowing purchases for individuals or in the name of minors in the guardian’s jurisdiction, which enhances its flexibility as a family savings tool.
The certificate is issued for a period of 3 years, with a nominal value starting from a minimum of 25 thousand pounds, and in denominations of 1,000 pounds and its multiples. The return begins to be calculated from the working day following the day of purchase, with redemption not being allowed before 6 months from the next date of purchase, according to the announced redemption schedule.
The return on the “Med Master” certificate reaches 17.75% annually, and is disbursed monthly, with the possibility of borrowing against the certificate’s guarantee at a rate of up to 95% of its value at a competitive rate of return.
Thus, these certificates reflect the continued competition between banks to attract long-term savings, through a combination of fixed returns, monthly recurrence, and financing benefits, giving customers a wider space to choose what suits their savings goals after reducing interest rates.
