Best Savings Accounts in the UAE for July 2021

By Ruchi Gohri
  | Published: 09 July 2021
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Whether you need to save money for an upcoming wedding or you need to have some money saved up for that dream vacation, opening a savings account dedicatedly for a purpose can catapult your saving plan to a more efficient one. If used to the fullest, savings accounts can even work for someone planning to save money to fulfil a long-term goal too like building their dream house.

The best savings accounts in the UAE encourage financial discipline and help you grow your savings in no time. These bank accounts offer attractive interest rates that further bulk up overall savings.

In this post, we have listed down the best savings accounts in the UAE that you can consider opening if you want to increase your savings and earn reasonable interest on them.

List of Best Savings Accounts in the UAE

Here is the a of best savings accounts that you can opt for if you are planning to open an account in July 2021.

1. HSBC Term Deposit Account

HSBC Term Deposit Account is one of the best savings accounts across the UAE. The bank account allows account holders to grow their savings by investing both the principal amount and the interest earned.

The HSBC Term Deposit Account allows account holders to access their account details with electronic banking modes like internet banking, mobile banking, etc. The best part about the bank account is that it offers flexible term ranges with better interest rates.

Features and Benefits

  • Interest rate: up to 3 per cent per annum

  • Monthly interest rate: up to 0.43 per cent (for the accounts with a balance of less than AED 150k)

  • Available in AED, USD, and GBP

  • Free Online Banking

  • Free Mobile Banking

  • Free SMS alerts

  • Great for maximizing returns

  • Minimum deposit requirement of AED 10,000

  • Fulltime banking help and support

2. ADCB Active Saver Account

ADCB Active Saver Account provides simple features and enables account holders to manage their finances more efficiently. The savings account offers an easy account opening process. The applicant aged 21 years or above can open an ADCB Active Saver Account online in just a few clicks. They can simply log in to their Internet Banking and request to open a savings account without additional paperwork.

The best part about the ADCB Active Saver Account is that one needs not visit the bank’s branch to get their account number. They can get simply go online to get their account details.

Features and Benefits

  • Easy online fund transfers

  • Available in AED, USD, and GBP

  • Interest calculated on a daily basis

  • Each customer can open 5 Active Saver Accounts

  • Interest paid out monthly

  • No minimum balance required

  • Earn and redeem touch-points for shopping, dining, and entertainment

  • Interest rate - 1.30 per cent per annum

3. FAB's iSave Electronic Account

FAB's iSave Electronic Account has been specially designed for individual customers. Unlike other savings accounts, the FAB's iSave Electronic Account offers higher interest rates.

The existing FAB account holders can open an iSave Electronic Account instantly through electronic banking. The best part about the bank account is that it offers unlimited withdrawals with no minimum balance restrictions.

Features and Benefits

  • Account available in AED only

  • Low minimum balance to maintain

  • Interest calculated monthly

  • Interest paid out monthly

  • Free debit card with the account

  • Instant account opening using FAB Mobile App or Internet Banking

  • No monthly fee

  • Interest Rate: up to 3 per cent per annum

4. Mashreq Set up Saver Account

Mashreq Set up Saver Account provides an excellent set of banking features for the account holders. The bank account offers various rewards and additional benefits based on the balance maintained in the account.

Mashreq Set up Saver Account encourages savings and enables account holders to earn higher returns in no time.

Features and Benefits

  • Interest credited on maturity or liquidation

  • Step up Saver tenure of 18 months

  • The account is available in AED only

  • No Cheque book

  • Easy Salaam Rewards

  • Up to 10,000 complimentary Salaam points

  • Minimum balance and Initial Deposit - AED 10,000

  • Existing customers can open Step up Saver Account Online

  • Minimum salary requirement of AED 5,000

  • Interest rate – 2 per cent per annum

5. Emirates NBD Tiered Savings Account

Emirates NBD Tiered Savings Account is one of the best savings accounts that you can consider opening for yourself. The bank account comes packed with excellent banking rewards and services for the account holders who save more.

The best part about the bank account is that the interest increases as the balance in your account increases.

Features and Benefits

  • Available in AED, USD, QAR, and SAR

  • Minimum balance requirement of AED 3,000

  • No monthly fee until the minimum balance is maintained

  • Free internationally recognized debit card

  • Free monthly account statements

  • Interest rate of up to 0.75 per cent per annum

  • Interest paid out only if the average maintained account balance is AED 10,000 or above

Conclusion

The best savings accounts offer complete flexibility in terms of accessing your funds whenever in need. They allow you to pool your finances and manage them in a better way. You can find multiple savings accounts with different features and benefits offered by the banks in the UAE. All you need to do is analyse your financial requirements and choose the savings account that fits in.

Ruchi Gohri
Ruchi Gohri40 Posts

Senior Content Writer | She has a penchant for writing and with over 5 years of experience, she plays around with words elegantly, crafting simple content for all to read. In her free time, she loves her couch either to read or catch on to her sleep.