Top 4 Savings Accounts in Egypt (2020)
There’s only a few good banks that offer competitive interest rates in Egypt and don’t have some hidden fees or bad banking practices. These are the best savings accounts in our opinion that we’d personally consider using for building a safety net in case economic troubles are to hit again.
We’ll include our favorite Islamic-focused Shari’a-Approved banking institution as well, which aren’t permitted to offer specific guaranteed interest rates due to Shari’a Law. Because of this we picked this bank based off it’s history, stability, and ease of access. It may distribute “gifts” that net you a decent return, however it’ll generally be slightly lower than other non-Shari’a savings accounts.
My Favorite Savings Account in Egypt: Arab-African's Golden Saving Account
This is my personal favorite account as it offers one of the best interest rates in all of Egypt (often the best) and more importantly on small-medium size balances, while most other banks in Egypt only offer decent interest rates on large sums of money (500,000+ EGP). With this account you can expect not to lose much if any purchasing power to inflation, as you’ll easily get rates between 6 and 11% depending on how much money you have in your account.
Another great thing about this account is there’s locations open throughout Egypt for you to open an account easily, and they’ll give you a debit card you can use to withdraw from your account anytime of day and anywhere in the world.
The only real downside to this account is if you would like a Shari’a compliant savings account, this one isn’t due to the individualistic/guaranteed interest rates they give verses a pooled rewards pool that Shari’a requires. You can check the current interest rates this account offers and apply for it on this page of their website.
Best Account for Large Savings: FAB's Egyption Savings Account
This isn’t a great option if you don’t have a large amount of money, but I figured I’d throw it in for folks who own businesses or recently sold property, or other things that may give you a large amount of money that you aren’t sure what to do with. Putting it in a savings account is essential to ensure it doesn’t lose value until you figure out what you want to do with it (buy another property, a vehicle, stocks, etc).
Only apply for this account if you have or will soon have 500,000+ EGP soon, as otherwise the interest rates provided by the other accounts here will be just as good and most likely higher than this account. If you have 500,000+ EGP it’s very beneficial to use FAB’s Egyption Savings Account as they offer significantly higher interest rates than every other bank if you have such large deposits with them (up to 12% or so).
To review the account and find a location you can go to their website by clicking here. They don’t have tons of locations, but if you have tons of EGP you want to put in savings then it’s worth the effort to bank with them in my opinion.
Best Short-Term Savings Account: NBK's Savings Account
This is the best account in Egypt for basically replacing a checking account as with this account you can withdraw your money an unlimited amount of times per month for absolutely free from your debit card. They offer relatively fair interest rates, although they don’t quite keep up with inflation, averaging about 5% to 6% currently as we write this article.
Really this account only shines if you want a short-term savings account for say saving up for a used car, or for a small remodeling of your apartment, or something of the such, but still I’d recommend opting for my favorite account (Arab African’s Golden Savings Account) that we mentioned at the start of this article over this account. It’s just if you don’t want to bank with them for whatever reason, such as you not liking their customer service, then NBK is the next best bet for folks with a small to moderate amount of savings.
You can apply for this account online from NBK’s website.
Best Shari'a Compliant Savings: ADIB's Mudaraba Investment Deposit Account
I’d say this is definitely the best Shari’a compliant account — the main reason I say this because it has a history of having access to great opportunities due to it’s Abu Dhabi base and from what I’ve heard they offer decent profits, although they don’t specify what they will be. From what I’ve heard they’re generally around 4-5%, making them relatively competitive, although not the out-right best option in terms of profit.
Regardless they’re a large bank that’s Middle-east focused that doesn’t have the risk many other Islamic banking institutions have with European-exposure. Instead they’re largely concentrated in the middle east with a little exposure to the UK.
There’s also branches/locations throughout all of egypt, so it’s quite easy to set up. You can apply online on their website, but you may have to go into a physical location to deposit money. Because of this I’d say just go into a physical location if you want to to open this account.