The UAE has many banks that provide savings accounts with preferential interest rates and hassle-free documentation procedures. Even though this provides us with many options to choose from it can also lead to a big confusion as to which account will be more beneficial in the future. To help you solve the following confusion, here are some of the best savings accounts in the UAE for you to consider
List of High-Interest saving account in UAE 2020
- Emirates NBD Standard Savings Account
- ADCB Active Saver account
- ADIB Smart Bank Account
- United Arab Emirates Super Savings Account
- Fujairah National Bank’s largest savings account
- RAKBank FastSaver account
- CBI savings account
- Standard Chartered XtraSaver account
- UAE Islamic Electronic Savings Account
1- Emirates NBD Standard Savings Account
It is a high-interest income account and it is only available in UAE currency and provides a high yield for the account and it is one of the best savings accounts in the UAE.
- Can use online banking services
- Provide telephone banking services
- Provide free international debit card
- Can easily pay
- Interest rate: 0.25% per year
- Even non-UAE residents are eligible
Standard savings account fees
A minimum balance that has to be maintained is AED 3000 and the annual fee is AED 0. Fee for account opening is zero
2- ADCB Active Saver account
If we are to talk about the opening procedures of the account and this is one of the simplest savings accounts in the United Arab Emirates. An effective protector account can be opened online and few files are required.
- You can set up at least 5 active protector accounts
- Interest is calculated on a daily basis and has a gradual interest rate.
- AED and USD can be used
- Interest rates are paid monthly and the interest rate is 2%
- Transfer funds easily via online banking.
- Earn touchpoints and redeem them for shopping, dining, entertainment, etc
Active Saver account fees
The annual fee is zero and it does not require you to maintain a minimum balance. The monthly fee is zero.
3- ADIB Smart Bank Account
ADIB provides multiple accounts. Among all the savings accounts mentioned ADIB smart bank accounts are one of the best. It is a zero-balance account in the UAE and can bring high returns to account holders. Every UAE resident over 18 years of age is eligible to use this account.
- Can profit from account balance
- Earn rewards for wage transfer
- Get discounts on dining and lifestyle
- Cardless withdrawal
- Free international and domestic remittance
- Provide free debit card Zero balance account
- Even students and housewives are eligible
4- ADIB Smart Bank Account Fee
The annual fee is zero and so is the minimum balance. This account can be compared to the zero balance account in UAE
- United Arab Emirates Super Savings Account
UAB Ultra savings accounts provide a gradual interest rate unlike the other accounts on the balance in the account, while normal savings accounts pay the same interest rate for all levels of balances. The account encourages savings to earn higher interest rates.
- The maximum monthly interest rate is 2.5%.
- Unlimited withdrawals.
- Free debit card.
- No maintenance fees.
The Ultra Savings account requires a minimum balance of AED 3000 to be maintained. The minimum account opening fee is AED 3000 and the monthly fee is AED 0
5- Fujairah National Bank’s largest savings account
NBF’s largest saver account is designed to get the most benefit from customers’ savings. NBF can provide higher profits for the funds you deposit into your account.
- US dollars and AED currencies can be used.
- The interest rate is about 2%.
- The amount of interest is paid monthly but calculated on a daily basis
- Withdrawal can be done once a month without affecting interest.
- A customer can have up to 2 maximum protection accounts on NBF.
NBF MAX Saver account requires no minimum balance maintained to be maintained and there is no monthly fee.
6- RAKBank FastSaver account
RAKBANK offers many and very different savings accounts. The Fast Saver account of RAK bank can be compared to a zero balance account that provides many discounts and has little or no fees.
- Interest rate is 1.75%
- Provide a free debit card
- Zero balance account
- 1 cash withdrawal or 5 utility bill payments per month
- You can pay for water and electricity for free, no additional fees
RAKBANK Fast Saver account has no monthly fee and no balance requirements.
7- CBI savings account
The CBI savings account provides withdrawal methods that are convenient. CBI accumulates interest on your account every month and calculates the interest on your daily balance and activities. Account-holders of the CBI savings account can access their accounts from anywhere in the world.
- The account can be opened in AED.
- Applicable to minors and joint account holders.
- Unlimited withdrawal times
- Interest rates up to 1.75%.
- Interest will be paid monthly
- Free international debit card.
CBI Saver account requires a balance of AED 3000 to be maintained. The is no monthly fee , no fee for opening an account.
8- Standard Chartered XtraSaver account
Standard Chartered XtraSaver accounts offer very high-interest rates and has easy access to the account as well.
- Get a free debit card
- UAE residents and non-residents are eligible
- Get a profit margin of up to 1.6% (annual)
- Can access AED and USD accounts
- Have access to online and mobile banking facilities
XtraSaver account requires no minimum balance to be maintained but it does require an initial deposit of AED 3000.
9- UAE Islamic Electronic Savings Account
The Islamic Bank of the UAE provides an electronic savings account, which can be accessed online, and has a high yield and profitability.
- Get up to 2% profit from the balance held in your account
- Quarterly profit
- Unlimited monthly transactions
- There is no minimum balance requirement in the account
- AED and USD accounts can be used
The electronic savings account requires no minimum balance but it has a fee of AED 25.
These are only a few of the best high-yield and favorable savings accounts in the UAE. According to the needs of users, there are more accounts available in the market. All fees and rates are accompanied by terms and conditions. After careful analysis and comparison, you should open a savings account. Before opening an account, please make sure that you understand each fee and fee and all accompanying terms and conditions.