Savings are a must to keep yourself on the safe side while living in this world. Moreover, you become financially disciplined when you intend to save. But you must need a saving account for this, right?
What about the FAB iSave account? Is it a good choice? What are its pros and cons? Stay tuned because we will reply to all these queries in this article.
FAB iSave Account
The largest bank in UAE, the most credible and trusted institution, and a reliable bank. This is what comes to your mind when you listen to the word “FAB”. The FAB services offer a variety of products and services to its customers.
But for now, we will discuss everything about the iSave electronic account of FAB. This account review will help you decide whether or not you should choose the FAB iSave electronic account for your savings.
A quick review
Short on time? Here is a pros and cons list that will help you quickly review the FAB iSave account.
- The minimum balance requirement is very low.
- You don’t have to pay a monthly fee.
- The account offers a competitive interest rate between 0.5% to 3%.
- The mobile banking service is super convenient.
- The excellent customer service will reply to you within 24 hours.
- iSave calculator in the excel file helps you have an approximation easily.
- You can only use this account with one currency which is AED.
- You will not get any rewards on this account.
- For an iSave account, you need to first open a savings or current account with FAB.
A detailed review of the FAB iSave account
Let’s dive into the deep details of the FAB iSave account so that you will know everything about it.
It’s an additional account
Don’t think that the FAB iSave account is the only account you can have with FAB. Instead, this account is an additional one. You should already have a savings or checking account with FAB if you want to avail of this service.
The convenient online banking is a plus
The things that are convenient to use are the most reliable. And this is the case with the FAB iSave account. You will find the online banking service of FAB super easy. You can easily navigate the online app and understand the interface the very first time of use.
Keep your account active without any fee
Saving accounts are meant for savings. And of course, you will hate paying a fee to save your money, right? This is good news for you! There is no minimum balance requirement for the FAB iSave account. Moreover, you don’t need to pay any monthly fee for the FAB iSave account.
You will love the offered interest rate
The interest rate obviously, depends on your account balance. But the rate the FAB iSave account offers you is pretty good. It lies between 0.5% and 3%, depending on your balance.
You get the chance to win
With the addition of every 10 AED to your account, you get a chance to participate in the lucky draw and win a prize. This draw is organized by the First Savings Certificate Program.
Open the account instantly
You don’t need to go to the bank to open an account. The FAB iSave account can be easily opened using the FAB Internet Banking app. This is a plus point as it makes the process convenient for you. You will also love their customer service. They make sure to respond to your application within 24 hours.
No variety of currency
You can’t even imagine saving your money in dollars or pounds if you have a FAB iSave account. This account only works with AED. If you are planning to save your money in any currency other than AED, the FAB iSave account is probably not recommended for you.
FAB iSave account is a good choice for saving your money, especially if you already have an account with FAB. This bank is a trusted institution, you can instantly open the iSave account using the mobile app, and the application is super easy to use.
However, you will not get the currency options as it will only work with AED. Best of luck with your savings!