The National Bank of Egypt’s new best one-year savings rate at 2.7%

The National Bank of Egypt launches a new one-year fixed savings contract at 2.7%: is it a safe bank to put your money in?

  • The UK branch of Egypt’s largest bank now offers the best rate
  • Hargreaves Active Savings has a cashback offer meaning 2.8% is also on offer
  • Can you find a better fixed rate? Consult our independent savings tables

The products presented in this article are independently selected by the specialized journalists of This is Money. If you open an account using links that have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.

Fixed-rate savings offers continue to grow, with new large one-, three-, and five-year accounts all topping the independent This is Money Best Buys charts.

The National Bank of Egypt* now offers a purchase rate of 2.7% fixed for one year, exclusively available through the savings platform Raisin.

However, many may be apprehensive about putting their money in a foreign bank they probably haven’t heard of.

The bank, headquartered in Cairo, was established in the late 19th century and has been incorporated in the UK since 1982. It is the oldest and largest bank in Egypt.

Boost: Savings rates continue to rise, particularly in the fixed rate sector

It offers buy-to-let mortgages, corporate and personal banking, and trade finance. Crucially, it has protection from the Financial Services Compensation Scheme, which protects money up to £85,000 per individual and £170,000 per couple.

All deposits made to savings accounts through Raisin are protected by the FSCS. To open the account, savers need £10,000.

Savings platforms can help savers keep track of their money and provide an easy way to manage multiple accounts in one place. They also often offer sign-up offers.

For example, the rival platform Hargreaves Lansdown Active Savings is currently offering up to £100 cashback to savers who open an account.

To maximize that in terms of rates, it currently has a 2.6% deal with Allica Bank*.

Savers could put in £10,000 to get £20 cashback, raising the rate to 2.8%.

Off-platform savers can get a rate of 2.61% from Kent Reliance with a starting point of £1,000, with two providers offering 2.6% over 12 months; Atom and Tandem Bank.

Longer-term fixes also saw increases this week – although anything beyond a two-year term is pretty niche, especially as savers finally see rates rise.

Zopa Bank raised its three-year fixed rate to 3.01% from 2.8%, making it a better buy now, while Paragon Bank is now paying 3%.

This compares to a two-year best buy of 2.97% from Smartsave Bank.

Zopa and Paragon have also increased their five-year patches. Zopa now pays a best buy of 3.11% and Paragon 3.1%.

Paragon Bank also propelled itself to the top of the best fixed rate cash Isa holdings for all categories.

Its one-year plan now pays 2.1%, 2.4% over two years, 2.55% over three years, and 2.6% over five years.

Unfortunately, with inflation currently measured at 9.1%, no account can beat it.

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