As banks work to offer savings products that suit young people and help them manage their money and grow their savings from an early age, Arab African International Bank (AAIB) and Banque Misr both offer savings accounts aimed at this group. The accounts differ in interest rates, payout frequency, account-opening terms and how interest is calculated, giving young people a range of options to suit their needs and savings goals.

Youth savings account from Arab African International Bank

  • Interest rate: up to 16% a year

  • Payout frequency: monthly

  • No minimum balance

  • Minimum balance to earn interest: EGP 1,000

Features of AAIB's Youth savings account

  • Available to young people aged 15 to 21.

  • No administrative fees.

  • The account can be opened with a national ID card only.

  • Comes with a Mastercard Titanium card for young people

Banque Misr savings account

  • Interest rate and payout frequency:

    • Monthly: 10.5%.

    • Quarterly: 10.75%.

    • Semi-annual: 10.875%.

    • Annual: 11%.

  • Minimum to open the account: EGP 500

  • Minimum balance to earn interest: EGP 500

Features of the Banque Misr savings account

  • No administrative fees.

  • A debit card can be issued free of charge for the first year.

  • Customers aged 15 and over can operate the account.

  • You can check your accounts and carry out most of your banking transactions free of charge through Banque Misr's internet banking service and mobile app.

Banky's view: which is the best savings account for young people?

The Youth savings account from Arab African International Bank beats the Banque Misr savings account on interest rate, offering up to 16% a year paid monthly, compared with 10.5% to 11% a year at Banque Misr depending on payout frequency. The account can also be opened with no minimum balance and carries no administrative fees, and it comes with a Mastercard Titanium card for young people, making it a good choice for those seeking a higher return on their savings.

The Banque Misr savings account, on the other hand, offers flexibility in choosing a monthly, quarterly, semi-annual or annual payout, along with internet banking and a mobile app for checking the account and carrying out most banking transactions free of charge. Even so, its lower interest rate compared with the Youth account gives Arab African International Bank the edge for young people who put maximising returns first, while the Banque Misr account may suit those who prefer a choice of payout frequencies and digital banking services.

The bottom line:

The Youth account from Arab African International Bank comes out ahead for young people aged 15 to 21, thanks to its interest rate of up to 16% a year, with no minimum balance or administrative fees.