Best 8 Digital Bank Accounts in UAE, Dubai

While banking used to be a time-consuming endeavour, digitalisation has simplified all the aspects related to banking – whether related to opening a bank account or tracking transactions on an account. This has been further amplified with the latest technological advancements as well as the advent of smartphones, with the latter also ushering in new forms of banking on mobile apps. 

Notably, digital banking in the UAE has also brought products that are especially available online. One such product is the digital bank account, with this type of account being accessible via mobile apps or laptops. Numerous banks now offer digital bank accounts in UAE, which are in line with the requirements of the youth.

The article will discuss below the top digital banks in the UAE providing excellent digital banking facilities for UAE residents as well as the top neo banks in the emirates.

Mashreq Neo by Mashreq Bank

Mashreq Neo is a digital bank account launched in 2017 by Mashreq Bank. One of the most notable features of this type of account is that customers can simply scan their Emirates ID and use their face as their primary authentication method. Besides banking services, account holders can also use the application to invest in forex, gold, and stocks digitally.

Top Reasons to Choose Mashreq Neo Account

• Take a selfie to open your digital bank account in a few minutes!
• Unlimited ATM usage at 400+ Mashreq ATMs across UAE
• No paperwork or branch visits required to avail of loans, fixed deposits, Mashreq Millionaire and stock investments
• Option to digitally invest in gold and foreign currencies
• Pay Etisalat, Du, Salik, Dewa, and other utility bills in just a few clicks
• Easy access to global stock exchanges with the digital bank account of Mashreq Neo
• Various cashback offers like -

                 - AED 350 cashback on all transactions done within the first 90 days

                 - AED 2,500 cashback when you transfer your salary to Mashreq Neo

                 - Earn AED 100 on each successful referral (valid for up to 20 friends)

Types of Mashreq Neo Account 

Mashreq Neo offers the following digital banking accounts to its customers:

1. Mashreq Neo Salary Account
2. Mashreq Neo Smart Account
3. Mashreq Neo Savings Account

Liv Bank by Emirates NBD

Liv, launched by the Emirates NBD Bank, is reportedly the first digital bank in UAE targeted at millennials. The platform provides an intuitive and straightforward banking experience designed to comprehend the preferences of customers and provide them with a differentiated digital experience. Emirates NBD Liv financial tools are designed keeping lifestyle requirements in mind. 

It offers four types of products and services -

• Liv Credit Card
• Liv Prime
• Liv Young
• Liv Blog

Reasons to Choose Liv by Emirates NBD

• A digital credit card is offered to customers
• Access to various attractive lifestyle treats and offers
• 1.50% interest rate on your savings with both regular and prime Liv accounts
• Personal budgeting tools are available for bill splitting
• Option to transfer funds through social media channels like WhatsApp, Facebook, and others
• No charges on international debit card spending and international transfers

Types of Liv Account 

Two types of accounts are available with the Liv digital account - Regular Liv Account and Liv Prime Account. Given below is a brief description of both -

1. Regular Liv Account – It is a free account and offers only the essential services
2. Liv Prime Account – The user can get various offers and rewards on each transaction with this account, although a monthly/annual subscription fee is required for the same 

E20 by Emirates NBD

E20 is Emirates NBD's digital banking account specifically designed for entrepreneurs and SMEs (small and medium-sized enterprises). Using an E20 digital bank account, the following types of users can fulfil their daily banking needs and access various business management services through a mobile app:

• Sole proprietors
• Freelancers
• Start-ups
• Gig economy workers
• Insurtechs
• Fintechs
• Small and medium companies

The following types of businesses are allowed to open E20 digital business bank accounts -

• Sole Proprietorship
• SME Licence
• DED Traders
• Partnership Company
• Intelaq
• Civil Company
• Limited Liability Company
• One Person Company
• Simple Limited Partnership
• Instant Licence

Reasons to Choose E20 Account

• Option to send payments within five days of signing up
• Business owners can use E20 for making payments to vendors and suppliers, tracking receivables, viewing P&L statements, and generating invoices
• Safe and reliable platform to manage business finances
• Innovative dashboard displaying savings, expenses, and investments
• Quick access to beneficiaries for remitting the money
• Provision to contact the Relationship Manager anytime with respect to queries and concerns
• No minimum balance or subscription fee required

Types of E20 Account 

E20 account is reported as the first UAE digital business bank account, with this standalone digital bank account being designed for entrepreneurs and SME businesses only.

YAP by RAK bank

Dubai-based YAP has partnered with RAKBANK to offer an independent digital banking platform without any physical branches in the UAE. Various products have been launched by the YAP unique to the market, with the popular ones discussed below -

1. YAP Young - Designed for young people to enhance their financial knowledge through savings, earnings, and spending via their own YAP account. This account can be created solely by parents.
2. YAP Household – YAP Household is designed for household helpers who can manage their salaries digitally. These accounts are created by the members having domestic helpers at their home and can directly salary their transfer to the account.

Reasons to Choose YAP

• Accessible digital user interface
• Comprehensive display of consumers' spending and analytics for better budget management
• Safe and secure digital banking experience
• No charges applied to international money transfers
• No minimum balance restrictions
• Multi-currency feature offered that facilitates swift exchange of digital currency 
• Provision to view your digital bank balance in one go via fingerprint or facial authentication

Types of YAP Accounts

The YAP digital banking platform offers several products, such as new multi-currency offering products, products for house-helpers and the young generation, products for equity trading, loans, and so forth. A user can select the one that fits their needs and easily apply for the same online.

ADIB Smartbanking

Smartbanking, created by the Abu Dhabi Islamic Bank, offers manifold benefits to the users of its mobile applications. As a smartaccount user, you can track saving details in real-time, transfer money to local and international bank accounts, track credit card transactions, manage credit card bill payments, and recharge Salik credit and mobile devices – all from the convenience of your smart device. 

Key Reasons to Choose Smartbanking by ADIB

• Reportedly the first Islamic digital banking account offering financing at your fingertips
• Access utility bills without entering the details and pay in one go
• Earn profit from your savings
• Option for cardless cash withdrawal and sending money to any UAE number
• Option to transfer money to any UAE mobile number without account details
• You can transfer to ADIB prepaid cards such as Etihad Guest Wallet in up to fourteen currencies
• Users can transfer their salary and get a chance to win rewards through the ADIB salary bonus.
• You have access to the Money smart community
• More than 1,500 deals and discounts on the smart deal's application.

Types of Smartbanking Accounts

Smartbanking account or a smartaccount is a savings account or simply termed an Online Savings Account (OSA), which is a Mudarabah-based account. This type of bank account can only be opened through the digital channels of the ADIB.

ADIB Amwali

Amwali digital bank account is specifically designed by the Abu Dhabi Islamic Bank for children and parents to encourage savings among the former. You can open an ADIB Amwali account for your children between 8 and 18 years of age. Through Amwali, ADIB empowers the UAE's next generation at an early age.

Top Reasons to Choose Amwali by ADIB

• You can easily fund children's accounts through on and off regular money transfers
• Users can entirely control their children’s spending and cash withdrawals
• You can also pick a debit card that can be used for regular and online shopping
• Amwali is equipped with intelligent financial planning features that help children improve their understanding of money
• Your child can earn extra allowances by completing tasks set by you
• Amwali has videos and games to make the whole financial learning process fun
• Children can earn points as they complete courses, and parents can reward their children for each task they complete

Types of Amwali Account

ADIB Amwali account is a savings account to teach children about finance management while limiting their access to the money in the transactions and accounts. The parents or guardians can control the debit card usage and transfer the funds to their children's accounts via the parent dashboard using ADIB mobile application.

Parents with existing ADIB bank accounts can open an ADIB Amwali account for their children adhering to bank norms and conditions.

OGPay

OG (On the Go) Pay is launched by OG bank to focus on mobile digital banking and payments through its chat-based payment wallet. OG pay is vital in converting a mobile device into a payment sending, receiving, and processing terminal.

Key Reasons to Choose OG Pay

• You can request funds from others once or multiple times
• You can set reminders and pay your utility or credit card bills through recurring scheduled transactions
• Access a well-integrated and intuitive digital platform
• Earn up to 2% interest annually on your account balance
• Virtual debit card that can be used immediately after registration – you can also order a physical debit card that can be delivered to your doorstep
• You can send mobile wallet funds to another account or your OG Pay Wallet Debit Card

Types of OG Pay Account

OG Pay is a digital bank offering a chat-based payment system and online PoS, which is accessible via mobile phones. It can only operate in a closed-loop environment that provides numerous customer advantages due to its reasonable operational costs.

Zand

Zand is a Dubai-based digital bank soon launching its cloud-based banking platform in UAE. Zand is focused on technology and aims to humanise the digital customer experience. Notably, it seeks to become the first completely independent digital bank and the first digital bank to offer both corporate and retail banking. 

Reasons to Choose Zand

• It will cater to the needs of both retail and corporate customers with its different digital banking products
• Zand has announced a secure banking platform providing digital-ready competitive banking products
• 2% interest on the savings account 
• You can automatically manage daily routine tasks, cut operational expenses, and improve efficiency

Types of Zand Account

Zand will provide digital banking services to both retail and corporate clients. You would be able to open any of the two types of Zand accounts –

1. Savings account for personal usage
2. Corporate account for business and team usage

To Conclude 

Digital banking, while involving digitising each aspect of banking, is highly beneficial as digital banks can automate and simplify operations that make banking easy for users across different categories. Furthermore, digital banks provide clients with the option of applying for loans and gaining access to customised money management services, such as overseas transfers and investments in various asset classes like stocks, gold, mutual funds, and even crypto assets, all while allowing them to deposit and transfer money remotely.

The UAE is home to several digital banks that are revolutionising and improving the customer experience. From opening a bank account to tracking your transaction, digital banking is making all aspects of banking easier for UAE customers. You can easily choose your ideal digital bank from the list given above as per your banking needs.

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