Commercial Bank Egypt : CIB introduces Egypt’s first EGP flexible saving account “Smart Saving” for a broad spectrum of citizens

​ In the context of its commitment in providing innovative products to satisfy the different customers' demands and needs, the Commercial International Bank (CIB) - Egypt released its latest EGP flexible saving account "Smart Saving"; the first of its kind in Egypt, which offers banking solutions for customers who seek a secured and profitable saving method to realize their dreams.​

CIB is the first private Egyptian bank to release this unique product, which is based on the aim of supporting a large group of citizens, who are working hard to save money to realize their dreams.

Khaled Barakat, CIB Head of Liabilities, Investments and Overdraft, said that the "Smart Saving" idea is originated from real life; many young people want to achieve their dreams, but they lack the ability to control their spending and deduct a part of their income to save the needed money, as a result they participate in what is socially known as "Gam'ia" (assembly), in which several members agree to deposit a fixed amount of money on monthly basis and each of them gets the total amount on his turn. This traditional method is risky and not safe, that is why CIB is offering them a similar product but more secured and advantageous.

Regarding the "Smart Saving" benefits, Barakat emphasized that this is a saving account, free of any opening or administrative charges and it is considered a moneybox in which the client specifies the exact monthly fixed deposit and the account tenors; either 3,5,7 or 10 years. By the end of the box maturation period, the client gets the full amount of the deposits along with accumulative interest.

Barakat affirmed that this account is directed to all individuals, specifically the youth category, as this is the period when young people seek the realization of their dreams, such as owning a car, an apartment or travel, and start to consider saving means to achieve them, whether "Gam'ia" or moneybox. CIB's Smart Saving is offered then to meet these demands by introducing a secured saving product that even provides accumulative interest rate, not impacted by the market variables.

About portraying Omar Samra, first Egyptian to climb Everest Mountain, in the "Smart Saving" campaign, Barakat highlighted that Samra is a symbol for persistent and ambitious youth who succeeded in achieving his dreams despite the challenges and failures that confronted him. Samra was able to realize his aspirations and achieve today's glossy name in the world of adventure, tourism and climbing through saving money.

It is worth mentioning that CIB's "Smart Saving" account is offered to individuals only, with no account opening or admin fees and Free debit card for NTB for the first year. The monthly minimum payment is EGP 500 and multiples of 100. (i.e. 500, 600, 700) with no maximum limit for the customer to save. The interest is calculated on accumulated balance. A " Smart Saving " account customer has an easy access to monitor the account and deal online for all required transactions through the internet banking .