As the due date approaches Savings certificates The high return of 27% offered by major banks during the past two years, some banks began to take proactive steps by raising… Interest rates On a number of fixed-return savings certificates, in an attempt to maintain liquidity and attract customer savings, amid widespread anticipation of monetary policy decisions during the coming period.
These moves come at a time when a large number of customers are preparing to repurpose their savings, whether by renewing certificates or searching for alternative savings pools with competitive returns and flexible exchange cycles.
Commercial International Bank (CIB) raises the fixed triple certificate yield
Commercial International Bank – CIB raised the interest rates on the fixed-return triple certificate, with the return varying according to the customer segment, as follows:
CIB Triple Certification Details:
Premium customers
Return: 17.25% annually
Payment periodicity: monthly
Minimum purchase: 5 million pounds
Plus clients
Return: 16% annually
Payment periodicity: monthly
Minimum purchase: one million pounds
Prime customers
Return: 15% annually
Payment periodicity: monthly
Minimum purchase: 100 thousand pounds
With this step, the bank aims to maintain its customer base from different segments, especially with the approaching exit of large amounts of liquidity from the 27% certificates.
QNB Bank Egypt raises the return on the “First Plus” certificate
For its part, QNB Bank Egypt announced raising the return on the First Plus fixed-return certificate, to reach 17.25% annually, as part of the increasing competition between banks to attract long-term savings.
Details of the First Plus certificate from QNB Egypt:
Duration of the certificate: 3 years
Return: 17.25% annually
Payment periodicity: monthly
Minimum purchase: 5 million pounds and in multiples of 1,000 pounds
Advantages of savings certificates at QNB Egypt
QNB Bank Egypt offers a range of benefits associated with fixed-return savings certificates, the most notable of which are:
Fixed and competitive returns throughout the duration of the certificate
Calculating the return from the day following the issuance date
There is no maximum limit on the number or value of certificates
Possibility of adding interest to various bank accounts (current – saving)
Easy withdrawal of funds 24 hours a day, 7 days a week
The possibility of reinvesting the return or using it to pay installments
Obtaining credit facilities guaranteed by the certificate
Possibility of redeeming the value of the certificate after 6 months from the date of issuance
