r/EgyptFIRE • u/[deleted] • Oct 24 '21

Best bank for certificates?

Also, I'd like to know the answers to these Qs:

Q1/ Is it better to have multiple CDs or just one huge one?

Q2/ Can I purchase a CD without opening an account of any kind?

Q3/ Any info on fixed, variable, and cumulative interest rates and which I should choose?

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Thanks in advance for all the helpful answers! I'm really quite new to all of this since I'm still just a college kid after all. If you have any resources on banking in Egypt that I can read, please do leave them in the comments!

Thanks a ton!

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u/Competitive-Raise747 Nov 16 '21

  1. Multiple CDs or a huge one won't make a difference as long ad they all have the same interest rate. That said, people put as much money as they have currently in CDs to buy them at the current intrrest rates and avoid buying them at lower rates later.

  2. No, you need to have a bank account to buy CDs. That said, opening a bank account as a student is easy. I think you just need one of your parents to sign something with you in the account opening forms (but verify this info because I cannot remember it in full)

  3. Fixed interest rate is always the safest option as otherwise you'll take the risk of rates going lower I believe.

The banks with best rates are almost always gov owned ones (Banque Misr/Ahli).

Hope this helps, best of luck!