About Savings Account

The savings accounts are regular account where you can deposit money and earn an interest on the funds you hold in the account. These accounts tend to pay higher interest rates and also offer various features like ATM and debit cards, chequebooks, etc. The exact features of the savings account may differ from one bank to another for example, some banks may require that you maintain a minimum balance while other won’t. Some of these accounts even come with features that are meant to promote savings like the app offered by Emirates NBD that turns your mobile phone into a unique savings tool but suggesting tiny amounts to save every time you shake your phone.

 Features and Benefits of Savings Accounts

 Savings account offer several benefits to customers. Here we will take a look at the prominent features and most attractive benefits offered by the facility.

  • The prime objective of the facility is to facilitate savings.
  • There are no limits on the number of times you can make deposits or the amount of money that deposited into the account.
  • There may be certain restrictions regarding withdrawals.
  • Withdrawals can either be made through withdrawal slips or cheques.
  • Savings accounts get a nominal rate of interest ranging up to 4%.
  • There is a minimum amount that must be maintained in the account so that it is active.
  • Regular household expenses and payments related to telephone bills or electricity bills can be made through E-Banking or Electronic Clearing System.
  • EMIs related to car loans, personal loans, home loans, etc. can be paid via your savings bank account.
  • These accounts can be opened in multiple currencies including AED and USD.

Compare Saving Accounts

In need of a savings account? Whether new to the UAE or simply trying to change your current bank account, there are extensive bank account options available today with varying features to suit your needs.

Working alongside the UAE’s leading banks, we do all the hard work for you, scouring the market for the leading current, savings and deposit accounts, taking into account things like; minimum monthly income, transfer fees, overdraft facilities, incentives and rewards. With our help you can find the account that best suits your pocket and your lifestyle.

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Top Savings Accounts in the UAE

Listed below are the top savings accounts offered by different banks and financial institutions in UAE.

ADCB Active Saver Account

  • Active Saver Account offered by ADCB is an online only account which can be opened only through ADCB online internet banking. The minimum amount required to open an account is AED 1,000. It offers a high interest rate which is calculated on daily balance. Only individuals can opt for this account, this account is not open for business purposes.

Emirates NBD Tiered Savings Account

  • Emirates NBD Tiered Savings Account offers high interest rates which depends on the daily balance maintained in the account. It is available in various currencies such as AED, SAR, USD and QAR. It offers a free international ATM card and debit card after the account is opened. UAE nationals, non-residents and GCC nationals are eligible for this account.

CBI Mabrook Savings Account

  • CBI Mabrook Savings Account is offered by Commercial Bank International of UAE. In  CBI Mabrook Savings Account, the interest is applicable at 0.25% semi-annually and it offers one free debit card worldwide. A minimum balance of AED 500 has to be maintained in the account. Only residents of UAE are eligible for this plan.

HSBC Savings Account

  • The HSBC Savings Account offers the option of opening the account in multiple currencies. Some of the main features of the savings account is high withdrawal limit, free international debit card, multiple transactions and various other features.

DIB Savings Account (Shaatir Savings Account)

  • Shaatir Savings Account is a unique savings account offered by Dubai Islamic Bank (DIB). This account is specially designed for children. It offers higher benefits and doesn’t require a minimum balance. One can avail the ‘Shaatir Savings Box’, a free gift with the account.

NBQ Savings Account

  • NBQ Savings Account is offered by National Bank of Umm Al Qaiwain (NBQ). With this account, you can earn interest on your credit balance. The account can be opened in three major currencies, USD, GBP and AED. It has a savings scheme for children called ‘Alwan’.

NBAD Elite Gold Savings Account

  • This savings account offered by NBAD is meant to provide access to privileged banking services to account holders. There is no minimum balance that needs to be maintained in the account. The customer gets four free local fund transfers every month.

Types of Savings Accounts

  • Regular Savings Accounts: Almost every bank offers regular savings accounts and the setting up process and maintenance of the accounts are fairly simple. Regular savings accounts are usually linked with directly with the customer’s checking account so that funds between the two accounts can be transferred with relative ease.
  • Online Savings Accounts: Online savings accounts can only be accessed via the internet, or via phone in certain cases. Most online savings accounts do not require any minimum deposits, monthly maintenance charges or minimum daily balance requirements. This is an online-only account and the only currency with which it can be opened in most banks is AED.
  • Money Market Deposit Accounts: Money market deposit accounts are growing in popularity thanks to the highly liquid nature and short maturity periods associated with securities. The safety of investment instruments through money market deposit accounts make it one of the quickly emerging options for customers across the globe.
  • Certificates of Deposit: Certificates of deposit are basically savings instruments that entitle a bearer to earn interest. It works like a bond but the only difference is that the interest is paid to the bearer in a lump sum when the account matures as opposed to periodical interest payments.

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