Egypt: aiBANK unveils daily saving account with interest rates of up to 20%

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Egypt - aiBANK, a leading provider of retail and corporate banking solutions in Egypt, today announced the launch of its Super Daily Plus Saving Account. The account offers customers a daily interest rate of up to 20%, as well as a range of other benefits, including insurance, a 50% discount on personal loan administrative fees, a free credit card for the first year, chequebooks, and quarterly prizes.

The insurance is provided in partnership with Kaf Insurance, an EFG Finance company, and covers up to EGP 1m on an average balance over six months. This is the latest in a series of partnerships for aiBANK, which recently teamed up with Valu to release a co-branded credit card.

“The introduction of our latest daily saving account marks a significant milestone in aiBANK’s approach towards enriching the Egyptian banking landscape,” said Sherif Nada, Chief of Retail, Branches Network at aiBANK. “This account represents our dedication to providing holistic banking solutions and pioneering innovative products.”

Mohamed Abdel Monsef, Head of Retail Products Development at aiBANK, added: “We are proud to introduce this new account as part of our ongoing commitment to innovation and consumer-centric banking. Our aim is to redefine the banking experience with a blend of competitive interest rates, comprehensive benefits, and financial flexibility.”

Moheb Selwanes, Chief Distribution Officer at Kaf Insurance, said: “We are thrilled to introduce the collaboration between Kaf and aiBANK, offering a unique proposition for saving account owners. This innovative concept combines life insurance with a savings account in a way that is unprecedented in the market.”

aiBANK is committed to serving its customers through a wide range of products and services. In late 2023, the bank introduced the “Salem w Estelem” time deposit offering, which provides a return of up to 21% paid in advance. The bank also has an extensive branch network, including three Islamic branches, and plans to expand its ATM network by 30% by the end of 2023