Best Savings Accounts in the UAE

The US has increased the rates of interest for savings bank accounts in the country as a result; banks in the UAE have passed the same on to the local savers and financial institutions. Investment in UAE particularly in savings bank accounts can yield a huge rate of interest which helps investors to create and accumulate wealth. 

While choosing ideal savings bank account investors in UAE should not only focus on the rate of interest; lock-in period, annual service fees transaction penalties, etc. are some of the factors investors should also look upon. 

There are several options of savings bank accounts to consider in the market, some financial institutions offer flexibility to withdraw cash while some other banks have restrictions. Many banks offer easy to access online services but come with neither debit/credit cards nor chequebooks to minimize spending and encourage savings. 

If saving is your resolution for this New Year 2020 we’ll help you achieve your goals. In today’s thread, we’ll be sharing some of the best savings account/plans in the UAE that will help you to save money and accomplish your goals in life. 

FAB’s iSave Electronic Account

FAB’s iSave electronic account is pioneering in the category of savings bank accounts in the UAE. The bank offers interest up to 3% annually. The rate of interest is structured in such a way that higher your bank balance will be higher will be the translated rate of interest.

Savings up to AED 50,000 earn 0.5% leading into six tiers to ensure that investors with more than AED 500,000 get interest rates up to 2.25%.

Investors can easily open an account online and there are no restrictions on withdrawals or maintaining a minimum balance in the account.

CBD Now Save Now Account

The digital-only bank provides an interest rate of 1.75% on savings up to AED 500,000 for the first thirty days. The rate of interest later drops to 1% which is quite reasonable. The best part about the CBD now save now account is the double benefit of flexibility and access to savings. Investors can add value or withdraw funds from their account as per their requirement and there is no penalty charged.

Account-holders can easily access their accounts online using the mobile phone application that enhances the ease of access to the account.

Emirates NBD Smart Saver Account

The smart saver account from Emirates NBD is a reliable investment option in the UAE for investors who are not willing to commit to fixed-term deposit accounts. There are no limitations on withdrawals and transactions and there is no minimum balance requirement. The service provider credits the investor's account monthly with the interest they’ve earned. The rate of interest offered is 1.5% on account balances between AED 25,000 to AED 100,000.

Standard Chartered XtraSaver Account

The XtraSaver account from standard chartered demands an initial deposit of AED 3,000 followed by no minimum balance requirement. The savings account provides a 1% rate of interest which increases to 2% later. The account can be accessed both online and offline as per the investor’s convenience.

To maintain and serve the purpose of the savings bank account the XtraSaver account does not provide any interest in months where the investor makes more than one transaction such as retail purchase, debt recovery or ATM withdrawal.

In a Nutshell!

With rapidly growing economies and increasing per capita incomes the significance of savings has increased substantially. Savings followed by investment in the UAE helps investors to diversify and enhance their financial portfolio that will help them to withstand phases of financial hardships or instability.

Parking your hard-earned money the right way will provide interest on the principal amount which multiplies and grows your savings. Investment in UAE allows investors to build a corpus for their futures that leads to better standards of living along with the peace of mind.