With many customers looking to invest short-term cash, monthly deposits stand out as a savings option that combines safety with the ability to put money back to work quickly. The United Bank and Bank of Alexandria (alexbank) both offer monthly deposits with interest paid at maturity, but they differ in interest rate, minimum deposit and the features attached to each product, so the choice between them depends on each customer's needs and investment goals.

The United Bank monthly deposit

  • Interest rate: up to 17%

  • Payout frequency: at maturity

  • Tenor: 30 days

  • Minimum: EGP 100,000.

Features of The United Bank monthly deposit

  • Fixed interest paid at the end of the deposit term

  • Available to individuals and legal entities

  • Deposit currency: Egyptian pound only

  • Borrowing against the deposit is available in line with the bank's credit policy.

Extra deposit from Bank of Alexandria

  • Interest rate: up to 15.5%

  • Payout frequency: at maturity

  • Tenor: 30 days

  • Minimum: EGP 500,000.

Features of the Bank of Alexandria Extra deposit

  • Borrowing of up to 80% of the deposit value is available.

  • Automatic renewal is available.

Banky's view:

The United Bank monthly deposit comes out ahead on return, offering an interest rate of up to 17% against 15.5% for Bank of Alexandria's Extra deposit. It also requires a much lower minimum of EGP 100,000 compared with EGP 500,000, making it more accessible to a wider range of customers. It also allows borrowing against the deposit, which adds to its appeal for those who want to access cash without breaking the deposit.

Bottom line:

If the goal is the highest return with a lower minimum deposit, The United Bank monthly deposit has the edge. If the customer has substantial cash and wants automatic renewal and easier management of the deposit, Bank of Alexandria's Extra deposit may be a suitable choice.