Egyptian Banks Lure High-Net-Worth Clients with Over 17% Savings Yields Ahead of Rate Decision

Several banks operating in Egypt have moved to attract high-net-worth clients by offering savings certificates with yields exceeding 17%, with these offerings expected to extend through the end of 2025.

These high-yield savings certificates typically stipulate minimum purchase amounts starting from EGP 25,000 and EGP 100,000, with some requiring a minimum of EGP 1 million or EGP 5 million.

This new banking strategy effectively restricts access to higher returns to the wealthiest segment of the market, aligning with the Central Bank of Egypt’s (CBE) ongoing monetary policy aimed at reducing interest rates.

The CBE is scheduled to hold its final Monetary Policy Committee meeting this Thursday to determine interest rates. Most forecasts anticipate a rate cut of 1% to 2%, particularly after inflation slowed to 12.3% in November, down from 12.5% in October.

Prior to this upcoming meeting, the Central Bank has already implemented four rate reductions, totaling 6.25%, bringing the overnight deposit rate to 21% and the lending rate to 22%. For more information on the CBE’s monetary policy, visit the Central Bank of Egypt website.

Banks Introduce Specialized Savings Certificates for Affluent Clients

First Abu Dhabi Bank (FAB) Egypt, for instance, offers its “Elite Plus” savings certificates with a fixed annual return of 17.50%, paid monthly over a three-year term. The minimum purchase for these certificates is EGP 5 million.

Commercial International Bank (CIB) has introduced “Premium” savings certificates, also for a three-year term, providing a fixed monthly interest rate of 17.25%. A minimum investment of EGP 5 million is required.

Similarly, QNB Alahli offers its three-year “First Plus” savings certificates with a fixed monthly yield of 17.25%, available for purchases starting from EGP 5 million.

Suez Canal Bank provides two options for its high-net-worth customers: the “Elite Star” certificates, which offer a fixed monthly return of 17.50% with a minimum purchase of EGP 5 million, and the “Elite” certificates, yielding 17.25% monthly for a minimum investment of EGP 1 million, both for three-year terms.

National Bank of Kuwait (NBK) offers three-year savings certificates with a 17% monthly yield or a 17.5% quarterly yield, with a minimum purchase requirement of EGP 100,000.

MidBank presents savings certificates with a fixed monthly interest rate of 17.75%, accessible with a minimum investment of EGP 25,000.

The introduction of these high-yield savings certificates, featuring significantly higher minimum purchase thresholds than the traditional EGP 1,000, coincides with the maturity of trillions in 27% annual certificates previously issued by Bank Misr and National Bank of Egypt.