How to Find a Perfect Savings Account in the UAE

By Ruchi Gohri
  | Published: 13 October 2021

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The features and benefits of a savings account make it a perfect investment option for account holders. Most of these bank accounts help you save your funds securely, while others allow you to grow them as well by offering higher interest rates. 

To make the right choice of bank account, you must have a list of features you need in your savings account. In this article, we will take you through the important things you need to consider when choosing a savings account in the UAE. 

Things to Consider When Choosing a Savings Account

There are various zero balance savings accounts in the UAE. However, that is not just one factor that you need to consider. Banks in the UAE offer various other useful features that can help you manage your finances in a better way. 

Other than the feature of opening a digital account online, here is the list of features and benefits that make a bank account perfect for use in today’s digital financial world. 

1. Simple Account Opening Process

Most banks in the UAE allow applicants to open a savings account by filling out online application forms available on their websites. On the other hand, the existing customers can simply log into their online banking or mobile banking portal to apply for a savings account. Make sure you check if your chosen bank allows you to open a digital bank account online. 

2. Minimum Balance Requirement

Some banks in the UAE charge account holders a monthly fee of AED 25 when they fail to maintain the minimum balance requirement based on the terms and conditions. To avoid paying these charges, you can either try to maintain the minimum balance requirement of the savings account or find zero balance savings accounts in the UAE. 

3. Monthly Maintenance Fees

Most banks in the UAE deduct monthly savings account maintenance charges from the customers’ bank account. Make sure you ask your bank representative about these charges and go through the whole fees and charges structure to understand better how your chosen bank account works.

4. Online Fund Transfers

Most zero balance savings accounts in the UAE offers online banking services for account holders. Online banking services provide account holders with instant access to their funds. With these bank accounts, the account holders need not visit their bank and make easy online fund transfers in just a few clicks. They can avail of this service anytime and from anywhere. Make sure you check with your bank to get an online banking facility with your preferred savings account.

5. Standing Instructions

Setting up standing instructions in your savings account can help you make your recurring bill payments, such as credit card bills, loans and other EMIs, utility bills, etc. on time. With this service, you can set a scheduled payment date in your savings account and the selected payments will be made on time every month until you discontinue the service.

6. Interest Rates

Most banks in the UAE offer attractive interest rates even on zero balance savings accounts in UAE. Make sure you compare the interest rates of savings accounts from different banks with their minimum balance requirements to earn that interest before choosing one to manage funds for yourself.

7. Automatic Fund Transfers

With the help of standing instructions, you can also set up automatic fund transfers to raise your funds. With this feature, you can directly deposit a percentage of your monthly income into your savings account every month before you feel tempted to spend it. The feature can also be of the best use if you need to transfer your funds from your current account to a savings account at some intervals within the same bank. 

8. Mobile Banking Services

You can easily access your banking products and services by logging into your mobile banking portal. With this service, you can keep close track of your finances and have all the banking benefits right at your fingertips. 

9. Bank Branches

You have online and mobile banking portals to avail of the banking services. However, for some services, you still need to visit the bank’s branch. Make sure you have one of your chosen bank’s branches nearby. This will help you save time if you need to visit the bank in case you do not have access to the internet. 

10. Excellent Customer Service

The best savings account must also offer top-class customer service. The account holders should be able to call the bank’s helpline anytime to know their account details and find answers to their queries. 

11. Debit Card or Chequebook

Most savings accounts come with a free debit card or chequebook to help account holders withdraw funds when they need them. The debit cards are used at ATMs to withdraw cash or at retail stores to shop. On the other hand, the account holders can use chequebooks to pay their bills or give money to someone. 

Best Savings Accounts Examples

Here are a few savings accounts examples with all the required banking features and benefits that you must find in your preferred bank account.

1. Mashreq Bank Basic Savings Account

Mashreq Bank Savings Account comes with an initial balance requirement of AED 3,000 for the applicants. The account holders need to maintain a minimum average monthly balance of AED 3,000 in their savings account to earn the interest on the balance maintained.

Features and Benefits

  • Quick and Simple Account Opening Process: Mashreq bank allows eligible applicants to open a basic savings account in a very short time. Once the applicants provide their documents and submit the application form, it takes two to three working days for the bank to open the savings account for them.
  • Manual Transactions: With Mashreq Bank Basic Savings Account, the account holders can make a maximum of six manual transactions monthly to other account holders. 
  • Interest Rate: Mashreq Bank Basic Savings Account offers an attractive interest rate of 0.25 per cent per annum for the account holders maintaining the minimum monthly balance in their savings accounts. The interest gets credited to their bank account every six months.
  • Free VISA Debit Card: Mashreq Bank Basic Savings Account offers a free VISA Debit Card for the account holders to help them easily withdraw cash from ATMs as and when required. These debit cards can also be used to shop at over 24 million retail stores across the globe.
  • Cash Withdraw Facility: Mashreq Bank has more than 1.8 million ATMs in over 200 countries to facilitate cash withdrawal services for the account holders. 
  • Online Banking: With Mashreq Bank, the existing customers can activate online banking services and easily open a digital bank account online in just a few clicks. The account holders can log in to the online banking portal using their unique ID and password to access their Basic Savings Account details.
  • Mobile Banking: With Mashreq Bank Basic Savings Account, the account holders can avail of the mobile banking facility to have all the banking products and services at their fingertips. All they need to do is download the mobile app from one of the app stores, register themselves on the same and log in using the unique ID and password.
  • Telebanking Services: Mashreq Bank Basic Savings Account also come with free telebanking services for the account holders.

2. Emirates NBD Standard Savings Account

Emirates NBD Savings Account offers hassle-free banking services for account holders. The bank account comes with a minimum balance requirement of AED 3,000 for the account holders.

Features and Benefits

  • Attractive Interest Rate: Emirates NBD Standard Savings Account offers an attractive interest rate of 0.20 per cent on the balance maintained by the account holders. 
  • Free Debit Card: Emirates NBD Standard Savings Account offers a free debit card for the account holders to help them easily withdraw cash from ATMs as and when required. The debit card is internationally accepted and can also be used to shop at any retail store across the globe.
  • Available in AED: Emirates NBD Standard Savings Account can be opened and managed in AED only. The bank doesn’t allow the account holders to make transactions in any other currency. 
  • Online Banking: With Emirates NBD Standard Savings Account, the account holders can activate online banking services and easily access their funds anytime and anywhere. The account holders can log in to the online banking portal using their unique ID and password provided by the bank.
  • Bill Payment Facilities: Emirates NBD Standard Savings Account offers easy bill payment facilities for the account holders to pay their telephone bills, electricity bills, road fines, Salik recharge and more.
  • Chequebook Facility: With Emirates NBD Standard Savings Account, the account holders do not get a free chequebook. However, they can pay additional charges and request a chequebook if required. 
  • Contactless Payment: Emirates NBD Standard Savings Account enables account holders to make contactless payments using different digital wallets such as Apple Pay, Google Pay, Samsung Pay, etc.

3. ADCB Active Saver Account

ADCB Active Saver Account is one of the best zero balance savings account in the UAE. ADCB allows account holders to open this digital bank account online in just a few clicks. The bank account offers simple features and allows account holders to operate and manage their finances efficiently. With ADCB Active Saver Account, the account holders do not need to visit the bank’s branch and can get their new savings account details online in just a few clicks. 

Features and Benefits

  • Easy Account Opening Process: ADCB Active Saver Account comes with a simple account opening process for the account holders. The applicant aged 21 years or above can easily open a savings account with ADCB Bank using the online or mobile banking portal without any additional paperwork.
  • Available in Multiple Currencies: ADCB Active Saver Account can be opened and operated in multiple currencies including AED, GBP and USD.
  • Online Fund Transfers: With ADCB Active Saver Account, the account holders can easily make online fund transfers by simply logging into their online or mobile banking portal. 
  • Interest Rates: ADCB Active Saver Account provides the account holders with an attractive interest rate of up to 1.30 per cent per annum on the balance maintained in their savings account. The bank calculates interest on a daily basis and pays it out every month.
  • Number of Accounts: ADCB allows each customer to open five Active Saver accounts both online and offline, based on their convenience.
  • TouchPoints: With ADCB Active Saver Account, the account holders can earn and redeem TouchPoints for different purposes like dining, shopping and entertainment. 
  • Minimum Account Balance: The applicants need not maintain any minimum monthly balance in their ADCB Active Saver Account to keep it active.

Conclusion

Banks in the UAE offer a wide range of features and benefits for savings account holders. All you need to do is compare the benefits offered by different bank accounts and find the one that best fits your financial needs. If you find it a little time-consuming to visit various banks’ websites and compare their bank accounts, you can simply call our helpdesk for assistance. Our financial experts will help you find and open the best digital bank account online in no time.

Ruchi Gohri
Ruchi Gohri

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.