The Bank of Alexandria launched a Youth Savings Account for people aged 16 to 25, to give them the ability to open a bank account for free with an annual return of 13% provided on a monthly basis.
From this account, the bank aims to help young people benefit from the various banking services to manage their own financial affairs better and in a safer way, and hence, be able to achieve financial independence and make better decisions.
According to Sherif Lokman, the executive manager of the retail banking and small projects sector at AlexBank, the youth account is part of the bank’s clear and integrated strategy to support and achieve the concept of financial inclusion amongst all social classes of Egyptian society, as well as repeat its success with microprojects and SMEs, through which the bank was able to reach several segments of clients.
“Through the new account, we aim to prepare young people across Egypt to deal with the various banking transactions as well as develop their financial abilities through a suitable and specific group of distinct banking products with discounts and offers that suit their daily lifestyles,” Lokman said.
Our list of clients at AlexBank includes several distinct students, and we aim to increase this number and better develop the aid we offer them, as well as invest in their potential through the safer and easier banking solutions that the youth account provides.
He pointed out that within the framework of the bank’s keenness to offer young people distinct services through this account, the bank will prepare corners at all its branches with attractive designs for young people in order to deliver the message that young people are paid great attention by the bank.
The youth account provides a group of distinct banking services. Young people are allowed debit cards, as well as participating in AlexBank’s reward programme, which will be launched soon and will provide clients with an exceptional shopping experience with many offers, benefits, and discounts, especially designed to suit the daily needs of young people.
The youth account also allows clients to benefit from e-banking services, enabling young people over the age of 21 to transfer funds to any other account, repay bills, and stay updated about transactions on their account to save time and effort. Additionally, clients can benefit from the Mahfazty application, which, in cooperation with Fawry and MasterCard, transfers funds, pays bills, and pays traffic fines over the phone through easy and simple steps. Clients can also benefit from the services of the Vodafone Cash application.