Banks offer a range of savings accounts that let customers invest their savings and earn a regular return. Interest rates vary with the balance, the payout frequency and each account's terms, giving customers several options to suit the size of their savings and their financial needs.

In the comparison below, we review the E-Golden savings account from Arab African International Bank (AAIB) and the Wafa Saver account from Attijariwafa Bank Egypt, setting out the balance tiers and quarterly interest rates, and calculating the expected return on a deposit of EGP 1 million in each account.

First: Features of AAIB's E-Golden savings account

Arab African International Bank offers the E-Golden savings account to individuals. Interest is based on the lowest balance in the account during the month, and the rate varies with the balance tier and the payout frequency the customer chooses.

E-Golden account details:

  • Interest rate: up to 16.65% a year.

  • Eligibility: individuals only.

  • Currency: Egyptian pound.

  • Payout frequency: quarterly.

  • Account opening: via the mobile app only.

  • Interest calculation: based on the lowest balance in the account during the month.

  • Withdrawals and purchases: available at ATMs and points of sale.

  • Interest crediting: interest is credited to the current account; if there is none, to the savings account; and if neither exists, to a Golden Saving Plus account.

  • Credit facilities: available subject to the bank's terms.

  • Minimum to open the account and earn interest: EGP 500,000.

E-Golden quarterly interest tiers

Interest rates on the E-Golden account depend on the lowest balance the customer keeps during the month. With quarterly payout, the rates are:

  • EGP 500,000 to under EGP 1 million: 13.90% a year.

  • EGP 1 million to under EGP 5 million: 15.15% a year.

  • EGP 5 million to under EGP 10 million: 15.90% a year.

  • EGP 10 million to under EGP 20 million: 16.15% a year.

  • EGP 20 million to under EGP 30 million: 16.65% a year.

Second: Features of Attijariwafa Bank's Wafa Saver account

Attijariwafa Bank offers the Wafa Saver account to individuals who want to save in Egyptian pounds and earn a regular return. The interest rate is set by balance tier, and interest is paid every three months.

Wafa Saver account details:

  • Interest rate: up to 7.5% a year.

  • Eligibility: individuals only.

  • Currency: Egyptian pound.

  • Payout frequency: quarterly.

  • Interest calculation: based on the lowest balance in the account during the month.

  • Rate setting: by balance tier, with the rate rising as savings grow.

  • Debit card: issued when the account is opened.

  • Minimum to open the account: EGP 5,000.

  • Minimum to earn interest: EGP 10,000.

  • Fees: the account is subject to an account-opening fee and a monthly administrative fee, plus a below-minimum-balance fee if the balance falls under EGP 10,000.

Wafa Saver interest tiers

Interest rates on the Wafa Saver account rise with the balance, as follows:

  • EGP 10,000 to under EGP 50,000: 4% a year.

  • EGP 50,000 to under EGP 500,000: 5.5% a year.

  • EGP 500,000 to under EGP 1 million: 6.5% a year.

  • EGP 1 million to under EGP 5 million: 7% a year.

  • EGP 5 million and above: 7.5% a year.

Banky's view

The comparison shows that AAIB's E-Golden savings account pays higher interest rates than Attijariwafa Bank's Wafa Saver account. E-Golden offers 15.15% a year on balances of EGP 1 million to under EGP 5 million with quarterly payout, against 7% a year on Wafa Saver for the same tier.

Worked example: the return on EGP 1 million

Depositing EGP 1 million in the E-Golden account at 15.15% a year yields annual interest of about EGP 151,500, or EGP 37,875 every three months, assuming the balance stays unchanged throughout the calculation period.

Depositing the same amount in the Wafa Saver account at 7% a year yields annual interest of about EGP 70,000, or EGP 17,500 every three months, assuming the balance stays unchanged throughout the calculation period.

That puts the difference between the two accounts at about EGP 81,500 a year, or EGP 20,375 every three months, in favor of the E-Golden account.