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