A savings account is a deposit product at a bank that earns interest on the balance you maintain. Unlike a certificate of deposit, a savings account allows you to deposit and withdraw money freely — though some accounts impose limits on the number of monthly withdrawals. The interest rate on savings accounts is typically lower than CDs in exchange for this flexibility.
Savings accounts come in two main varieties in Egypt: fixed-rate (where the rate is set for a period) and variable-rate (where the rate moves with CBE corridor decisions). They serve as the foundation of a liquid cash reserve while still earning a return.