Numerous banks vie for customers with enticing savings accounts featuring attractive interest rates and streamlined documentation processes. While this abundance of options offers flexibility, it can also pose a challenge in selecting the most rewarding saving account UAE.
Which bank is best for savings accounts in the UAE you ask? To simplify your decision-making process, here's a curated list of some of the best savings accounts in the UAE to consider.
Account Name
Minimum Balance in Account
Profit Rate
ADIB Smart Banking Account
For general use: AED 0
For salary transfer: Minimum AED 5000
0.7227% On every dirham in the account
National Bank of Fujairah Max Saver Account
AED 0
Up to 2.50% p.a
CBI Saver Account
AED 3000
Up to 3.52%
Emirates NBD Tiered Savings Account
AED 10000
Up to 0.50%
RAKBank Savings Account
AED 0
0.25%
Standard Chartered XtraSaver Account
AED 3000
2%
Mashreq Easy Saver Account
AED 0
Up to 2.40% p.a
Emirates NBD Savings Account
AED 5000
0.20%
HSBC Term Deposit Account
AED 10000
Up to 2.50%
FAB’s iSave Account
AED 0
Up to 5.25% p.a
1. ADIB Smart Banking Account
ADIB presents a diverse array of account options, among which the ADIB Smart Banking account stands out for its exceptional benefits and zero balance requirement in the UAE. Eligible for all UAE residents aged 18 and above, this savings account offers a plethora of advantages to its holders. The following are features of this best bank account in the UAE -
Features & Benefits of ADIB Smart Saving Banking Account
Get a chance to win a bonus on your salary
Earn profit on your savings
Enjoy discounts and deals on smart deals app
Transfer money internationally & domestically once every month for free
Eligibility Criteria & Document Requirments for ADIB Smart Banking Account
Saving Account Name
Eligibility Criteria
Required Documents
ADIB Smart Banking Account
Must be a UAE resident
Must be at least 18 years of age
Minimum monthly income of AED 5000 for salaried/business owners
NBF is another one of the best savings accounts in the UAE banking landscape. Its Max Saver account is tailored to maximize benefits from savings. With attractive profit rates, NBF ensures customers gain the most from their deposited funds.
Features & Benefits of National Bank of Fujairah Max Saver Account
Get interest paid out monthly, calculated on the daily balance
Get up to two NBF saver accounts
Attractive interest rates of up to 2.50%
Enjoy monthly withdrawal flexibility without affecting the interest earned
Available in USD and AED
Eligibility Criteria & Document Requirments for National Bank of Fujairah Max Saver Account
Saving Account Name
Eligibility Criteria
Required Documents
National Bank of Fujairah Max Saver Account
Must be at least 18 years of age
For minors, parents can operate the accounts
Available for UAE nationals and ex-pats with UAE residency
You need to be a pre-existing customer of the bank with a current or savings account to avail max saver as a supplementary account
CBI's Saver account is one of the best savings accounts in Dubai that prioritizes convenience by offering unlimited withdrawals alongside regular interest credits, calculated based on daily balances and activities. Account accessibility is seamless from any location.
Features & Benefits of CBI Saver Account
Get interest paid out monthly
Available to joint applicants and to children
Available in AED
Get an international debit card for free
Eligibility Criteria & Document Requirments for CBI Saver Account
This savings account type by Emirates NBD Saving Account comes with competitive interest rates to help you achieve your saving goals in minimal time. The following are the details of this best bank account in the UAE.
Features & Benefits of Emirates NBD Tiered Savings Account
No premature withdrawal
Available in SAR, USD, and AED
Partial withdrawals possible
Get interest on daily closing balances
Applicable for non-salaried, salaried, and self-employed individuals
Available for UAE nationals and ex-pats with valid UAE residency
Original and copy of Emirates ID
Passport copy
5. RAKBank Savings Account
RAKBank's Savings account in UAE, a zero balance option which is the best bank account in the UAE, boasts a range of perks and minimal fees, catering to savers seeking value and convenience.
Features & Benefits of RAKBank Savings Account
Interest is calculated on daily balances & paid bi-annually
AED, GBP, EUR, and more currencies available
Transfer money conveniently with RAKMoney Transfer
No minimum balance requirement for the first 3 months
Quick account setup with next-gen digital banking
Eligibility Criteria & Document Requirments for RAKBank Savings Account
Standard Chartered's XtraSaver Account is also one of the best savings accounts in the UAE that offers not only a competitive interest rate but also seamless account access for users' ease.
Features & Benefits of Standard Chartered XtraSaver Account
Get a contactless debit card for free
Available in AED and USD
Access your account via phone/online banking & mobile app
Pay your bills via online banking
Get e-statements and SMS alerts every time there’s an activity on your account
Eligibility Criteria & Document Requirments for Standard Chartered XtraSaver Account
Saving Account Name
Eligibility Criteria
Required Documents
Standard Chartered XtraSaver Account
Must be at least 18 years old
Available for UAE residents, non-residents, and nationals
Emirates NBD Standard Savings account is synonymous with high-interest returns and exclusive benefits, exclusively in UAE currency, making it a premier choice among savers in the region. The following features make this the best bank account in the UAE.
Features & Benefits of Emirates NBD Savings Account
Open account in multiple currencies
Free 10 teller transactions every month
Get half-yearly statements
Available for non-salaried, salaried, and self-employed individuals
Eligibility Criteria & Document Requirments for Emirates NBD Savings Account
Saving Account Name
Eligibility Criteria
Required Documents
Emirates NBD Savings Account
Must be at least 18 years of age
Available for UAE nationals and ex-pats with valid UAE residency
With interest being calculated daily, the HSBC term deposit account is one of the best savings accounts in the UAE. It comes with enhanced flexibility in terms of tenure and the possibility to reinvest both interest and principal amounts on maturity, making it a top choice among customers.
Features & Benefits of HSBC Term Deposit Account
Available in GBP, USD, and AED
24x7 free online, phone, & mobile banking
Free text message alerts
Choose to reinvest both interest and principal on maturity
Choose a tenure between 1 to 36 months
Eligibility Criteria & Document Requirments for HSBC Term Deposit Account
Saving Account Name
Eligibility Criteria
Required Documents
HSBC Term Deposit Account
Must be 18 years old or older
Customer must have an HSBC current or savings account
Valid residence visa
Original passport
Valid Emirates ID
Residence proof
Original labour card for sponsored female applicants
Original licence of trade for self-employed individuals
FAB iSave Account, available for online opening, offers attractive benefits and profit rates, ensuring a rewarding banking experience for customers. It definitely makes it to our best savings account in the UAE list.
Features & Benefits of FAB iSave Account
Open an account instantly via online banking or FAB mobile app
Available in AED
Unlimited withdrawals
Eligibility Criteria & Document Requirments for FAB iSave Account
FAB Elite account is considered one of the best savings accounts in the UAE. Those who hold an account can opt for a range of available currencies. Individuals with the AED currency can earn competitive interest rates on their savings.
Features & Benefits of FAB Elite Savings Account in UAE
Users are not required to maintain a minimum monthly balance.
The bank account is available in multiple currencies.
Account holders can enjoy tiered interest rates.
The first international remittance is free every month for those who have an account in AED currency.
Customers can avail of free cash withdrawals from any ATM across the UAE.
Get 4 free cash withdrawals from any ATM outside the UAE every month.
World Mastercard debit card provided upon opening the account.
Eligibility Criteria & Document Required for Opening FAB Elite Savings Account in UAE
Bank Account
Eligibility Criteria
Document Required
FAB Elite Savings Account
Elite Eligibility – AED 500,000 Total Relationship Balance (TRB), AED 2,500,000 Mortgage, or AED 50,000 AED Salary Transfer
With this best savings account in the UAE, individuals can earn attractive interest rates on their savings. Moreover, this account is available for teenagers and kids to help them learn money management at early age.
Features & Benefits of Liv. Saving in UAE
The account opening process is swift and completely digital.
Instant top-up facility provided
With the Liv. credit card, account holders can earn up to 15% cashback on their spending.
Instant direct remittance facility to multiple countries is available.
It is a customisable goal account with attractive returns of 1.5%.
Eligibility Criteria & Document Required for Opening Liv. Savings Account in UAE
Bank Account
Eligibility Criteria
Document Required
Liv. Savings Account
The minimum monthly salary required to open the bank account is AED 10,000.
Pick a Type of Savings Account: Start by identifying your specific needs and preferences. Do you prefer a basic savings account, a high-yield account, or one with additional features like overdraft protection or rewards? Choose the type of account that aligns with your financial goals and lifestyle.
Determine if you Want an Online-Only Account: Consider whether you prefer the convenience of managing your savings online. This brings you a chance of better savings with higher interest rates and lower fees.
Evaluate the Account Fees: Take a close look at the fees associated with the savings account. These may include monthly maintenance fees, ATM fees, overdraft fees, and minimum balance requirements. Opt for an account with minimal fees to maximize your savings.
Consider Annual Percentage Yield (APY): The APY represents the interest rate you'll earn on your savings over a year, including compound interest. Choose an account with a competitive APY to make your money work harder for you.
Frequently Asked Questions
How to know which bank is best for savings account in the UAE?
You must check which bank account have the high Annual Percentage Yields. A bank account with high rate will help you earn more money.
Is a savings account effective?
Yes, it is recommended to hold a savings account to ensure your money is kept safe and you earn more money with time according to the applicable interest rate.
Is it wise to have more than one savings account?
Yes, you can open more than one savings account. However, it is highly suggested to consider your current financial situation and take decisions accordingly.
Can 2 individuals open a savings account in the UAE?
Yes, individuals can opt for joints savings account in the UAE. Make sure to check the list of banks offering a joint savings account.
Which is the safest bank in the UAE?
As for the safest bank in the UAE, factors such as financial stability, reputation, and regulatory compliance contribute to overall safety. We have conducted a thorough research before curating the above list for you considering all such factors. Consider choosing one from the list.