If you have a sum of money and want to invest it for a short period without tying up your savings for months or years, short-term deposits may be a suitable option, especially as they let you put your money to work for set periods and earn an agreed return at the end of the deposit's tenor.

Bank deposits vary in investment period, interest rate, payout frequency and minimum amount. Weekly deposits are among the options that give customers more flexibility in managing liquidity, since they can invest their money for just 7 days and then recover the principal and the return due at maturity, according to the deposit's terms.

Best weekly deposit at banks

A survey of weekly deposits on the Egyptian banking market shows The United Bank offers a weekly deposit at an annual rate of 13.25%, paid at maturity, with a minimum of EGP 100,000. This lets customers invest their savings for a short period and earn a fixed return without having to tie up their money for long periods.

The United Bank weekly deposit

The United Bank offers its weekly deposit at a fixed rate of 13.25% a year, with the return paid at the end of the one-week tenor. Other tenors of up to a year and a half are also available, letting customers choose an investment period that suits their financial needs.

Details of The United Bank weekly deposit

  • Interest rate: 13.25% a year.

  • Tenor: one week.

  • Payout frequency: at maturity.

  • Minimum purchase: EGP 100,000.

Key features of The United Bank weekly deposit

  • Fixed return: for the deposit's entire tenor, paid at maturity.

  • Eligibility: individuals and legal entities.

  • Currency: Egyptian pound (EGP) only.

  • Borrowing: loans can be taken against the deposit in line with the bank's credit policy.

How do you calculate interest on a weekly deposit?

The return due on a weekly deposit can easily be calculated with a formula based on 3 key elements: the amount deposited, the annual interest rate and the number of days in the deposit. The return is calculated as follows:

  • Deposit amount × annual interest rate × number of deposit days ÷ number of days in the year (365 days) = return due.

How do you calculate the return on The United Bank weekly deposit?

Return on the minimum deposit?

  • 100,000 × 13.25% × 7 ÷ 365 = EGP 254.

Return on investing EGP 1 million in the deposit?

  • 1000,000 × 13.25% × 7 ÷ 365 = EGP 254.

Banky's view:

The United Bank weekly deposit stands out for its short investment period, letting customers put their money to work for just 7 days at a fixed annual rate of 13.25%. This may suit those with spare cash who do not want to tie up their savings for long periods, or those with upcoming financial commitments who want to invest their money until they need it.

Before tying up your money in a short-term deposit, know these 5 things

  • The annual rate does not mean you get the full percentage: the advertised rate is annual, but on a weekly deposit the return is calculated for 7 days only.

  • Renewal terms: find out whether renewal is automatic or at your request, and whether it will be at the same interest rate or at the rate applicable at the time of renewal.

  • Choose a tenor that fits your needs: if you will need your money soon, a weekly deposit may suit you better; if you don't need the liquidity, compare the returns on longer tenors.

  • Timing of the deposit: choose when to place the deposit based on when you will need the cash, so you can benefit from the return without having to withdraw the money before maturity.

  • Review the deposit's terms: check the minimum amount, the interest rate and how it is calculated, the payout date, the renewal and early-withdrawal terms, and any fees or taxes.