No expense .. Conditions for saving youth in 6 banks

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12:06 PM

Saturday 16 May 2020

I wrote – Manal Al-Masry:

Some banks continue to provide a savings account that addresses underage young people under the age of 21, with the aim of instilling a culture of savings from an early age, and increasing dealing with banking services, especially in the Corona era that contributed to curbing the use of cache.

Banks allow the savings account to be opened for a young person from the age of 16 to 21 years or more according to the instructions of each bank, but the banks require the guardianship of the father, or the legal guardian, at the beginning of opening the account only, then the young person deals by dealing himself on the account by deposit or withdrawal.

The youth savings account is provided without accounting for any administrative expenses for free, as well as without requiring a large minimum to open the savings account in order to attract this segment. Banks also give a high interest rate on the youth account compared to the regular account.

Banks give a group of advantages over opening a savings account, which includes issuing a wallet on the mobile phone that is exempt from issuance expenses, and the direct debit card is issued free of charge, in the first year of opening the account and then the renewal fees are deducted in the following year.

Masrawy provides all the details of opening a youth savings account in 6 banks.

1- National Bank of Egypt:

Age of young man: from 16 years to 50 years.

Minimum amount to open the account: 500 EGP.

The return ranges between: 5.25% annually for the monthly return, 5.3% annually for the quarterly return, 5.35% annually for the semi-annual return, and 5.5% annually for the annual return.

Calculating the return on the balance that exceeds 3 thousand pounds begins with a pound.

2- Banque Misr:

Age of young man: starts from 16 years to 30 years.

Minimum amount to open the account: 500 EGP.

Interest: 7.25% per annum spends the monthly return.

3- Bank of Alexandria:

Age of young man: starts from 16 years to 25 years.

The minimum amount for opening an account is 250 pounds.

The interest ranges between: 7% annually on the account balance less than 20 thousand pounds, and 6% annually on the balance of more than 20 thousand pounds

4- HSBC:

Age of young man: starts from 18 years to 22 years.

Minimum amount to open the account: 10 thousand pounds.

The interest ranges between: 7% annually for the balance less than 10 thousand pounds, and 0.5% annually for the account from 10 thousand pounds for less than 100 thousand pounds, and 2% annually for the balance from 100 thousand pounds to 500 thousand pounds, and 3% annually for the balance of 500 thousand Pounds to one million pounds, and 6% annually from one million pounds to more.

5- Credit Agricole Bank:

Age of young man: starts from 18 years to 26 years old.

Minimum account opening limit: without a minimum limit of less than 100 pounds.

Interest: 8% per annum spent per month.

6- EG Bank:

Age of young man: starts from 16 years to 29 years.

Minimum account opening: The bank does not require a minimum and can be opened for less than 100 pounds.

The interest ranges between: 3.5% annually on the balance less than 50 thousand pounds, and 4% annually on the balance of more than 50 thousand pounds.

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