The Housing & Development Bank (HDB) offers a range of EGP savings accounts that differ in minimum opening balance, interest tiers, how interest is calculated and how often it is paid. For a customer with EGP 1 million to put in a savings account, the return varies markedly from one account to another.

According to the interest rates published on the bank's website, the Edge savings account with annual interest tops the options for EGP 1 million, at 15% a year.

Edge savings account: the highest return on EGP 1 million

The Edge savings account is for natural persons and is opened in Egyptian pounds. The minimum to open the account and start earning interest is EGP 150,000.

On EGP 1 million, the customer earns:

  • 15% a year with the annual payout.

  • 13% with the quarterly payout.

  • 13% with daily interest.

Investing EGP 1 million in the Edge savings account with annual interest therefore yields a calculated return of about EGP 150,000 a year, before any fees or deductions that apply to the account.

Annual and quarterly interest is calculated on the lowest balance during the month, while daily interest is added to the daily closing balance.

Royal savings account: 14% on EGP 1 million

The Royal savings account is available to individuals only, in Egyptian pounds. Interest is calculated on the lowest balance during the month and credited to the account monthly.

A deposit of EGP 1 million falls in the tier from EGP 1 million to less than EGP 2 million, which earns an interest rate of 14%.

EGP 1 million in the Royal savings account can therefore yield a calculated return of nearly EGP 140,000 a year.

Business savings account: 14% on EGP 1 million

The Business savings account combines the features of a savings account and a current account and can come with a chequebook. Interest is calculated on the lowest balance during the month and credited to the account monthly.

According to the data provided, the tier of EGP 1 million and above earns 14%, meaning that investing EGP 1 million yields a calculated return of nearly EGP 140,000 a year.

The minimum to open a Business savings account starts at EGP 5,000.

Super savings account: 12% on EGP 1 million

The Super savings account is available to individuals in Egyptian pounds. Interest is calculated on the balance daily and credited to the account daily.

An investment of EGP 1 million falls in the tier from EGP 1 million to EGP 4.999 million, with an interest rate of 12%.

EGP 1 million can therefore yield a calculated return of nearly EGP 120,000 a year.

The minimum to open the account is EGP 100,000, while interest starts accruing from EGP 150,000. The bank also waives the account opening fees and the debit card and credit card fees for the first year, subject to the account terms.

Masreya savings account: 13% on EGP 1 million

HDB also offers the Masreya savings account, with an interest rate of up to 13% on balances of EGP 1 million and above.

Investing EGP 1 million in the account therefore yields a calculated return of about EGP 130,000 a year.

Comparing savings accounts for an investment of EGP 1 million

  • Edge savings account – annual interest: 15% → about EGP 150,000 a year.

  • Royal savings account: 14% → about EGP 140,000 a year.

  • Business savings account: 14% → about EGP 140,000 a year.

  • Edge savings account – quarterly interest: 13% → about EGP 130,000 a year.

  • Edge savings account – daily interest: 13% → about EGP 130,000 a year.

  • Masreya savings account: 13% → about EGP 130,000 a year.

  • Super savings account: 12% → about EGP 120,000 a year.

Which account pays the highest return on EGP 1 million?

The comparison shows that the Edge savings account with annual interest ranks first among the accounts listed, paying 15% on the EGP 1 million tier, equivalent to a calculated return of nearly EGP 150,000 a year.

It is followed by the Royal and Business savings accounts at 14%, equivalent to about EGP 140,000 a year on EGP 1 million.

The Edge account with daily interest, the Edge account with quarterly interest and the Masreya savings account each pay 13% on EGP 1 million, while the Super savings account pays 12%.

Note that the actual return may vary depending on how interest is calculated, whether the required minimum balance is maintained, the payout frequency, and the terms and fees that apply to each account.