Can a mother open a savings account or certificate in her minor child's name?

Since 2023 the Central Bank has allowed a mother to open accounts or place savings products such as certificates in her minor children's names, with money she gives them.

The age of majority in Egypt is 21. Before that, a minor's money is generally managed by the guardian or a court-appointed custodian. Since November 2024, banks may open accounts in their own names for young people aged 15 to 21 without a guardian's approval, with products suited to their age.

The documents required for a child who has no ID card yet, and who may withdraw from the account and when, are for the bank to set and confirm, so ask before you go.

If you are saving for a goal with a known date, such as starting university, consider a product whose term ends close to that date. Decide first: will you put in one lump sum, or save every month? That changes the kind of product. Check the key-facts statement of the product you choose.