Saving Accounts

Open Saving Accounts in UAE Instantly

Savings Account is a type of account that helps you earn a profit while keeping your funds safe. Savings Account UAE offers the interest rates depending on the funds you have deposited. Some banks offer higher interest rates for the funds than the others. You will also be offered with various benefits of the Savings Account UAE. These benefits will include a free debit card, free Cheque Book, etc.

Savings Account usually comes with a maintenance fee but it is quite low. You will also be required to maintain a minimum balance, however, there is zero balance saving account in UAE too.

What is a Saving Account?

A saving account serves as a safe haven for your money that you don't intend to spend immediately. This distinguishes it from a checking or a current account, which is more geared towards everyday expenses. Think of a savings account as a financial vessel for stowing away funds for future goals or unexpected expenses — this includes building an emergency fund, saving for a down payment on a home, and more.

When the time comes to tap into your savings, you can make withdrawals.

However, it's important to note that limits usually apply to the number of withdrawals or transactions that you can make within a certain time frame including transfers to checking accounts, electronic funds transfers, or cheque and debit card transactions.

How Do Saving Accounts Work?

The functioning of savings accounts is straightforward to understand.

All you need to do is open an account with a trusted bank and deposit money into it. The bank, in return, rewards you with interest or profit on your balance.You can keep adding to your savings using various methods, such as depositing cash or cheques at ATMs or branches, transferring money from linked accounts, or even through mobile cheque deposits and direct deposits.

The interest that you earn, along with the annual percentage yield (APY), can vary from one bank to another. APY takes into account how often the interest compounds, influencing how much your savings grow over time.

For instance, let's say you open a saving account with AED 1,000, deposit AED 100 every month, and the bank offers an APY of 1%. After a year, your balance would be AED 2,217— AED 2,200 from your account plus AED 17 in interest. It's worth noting that higher APYs can significantly boost your savings, especially when coupled with regular deposits and time.

Note: When selecting a savings account, it's crucial to pay attention to the offered savings account interest rates. Some online accounts offer rates that are significantly higher than the average ones —- this can greatly benefit your savings in the long run.

Saving Account in UAE

Features and Benefits of the Best Saving Accounts in UAE

Before moving on to the top savings accounts, let’s go through some of the most interesting features of savings accounts —

  • Interest Earning: Savings accounts allow you to passively earn interest on your money just by saving regularly. This also helps you develop discipline in savings and spending without much effort.
  • Consistent Rate of Return: While investments in stocks or mutual funds can offer higher returns, they also come with risks. Savings accounts, on the other hand, offer a reliable and secure option for growing your money, providing a consistent rate of return and peace of mind.
  • Debit Card- Banks in the UAE offer a free debit card with the Savings Account.
  • Cheque Book- The first Cheque Book is free with the Saving Account. However, additional cheque books will be charged according to the banks’ scheduled charges.
  • Profit Rates- Some of the best Savings Account in UAE offer competitive interest rates on the funds. Some banks offer up to 3% of profit rates.
  • Branches- Banks in the UAE have a large number of branches that are available for the customers’ convenience 24X7.
  • Online Banking- Customer can access their Savings Account via internet banking. Registration of internet banking is very simple too.
  • Phone Banking: Customer can access the Savings Account via phone banking too. Customers should contact the customer support team of the bank for any help.
  • Withdrawal Fee- With most banks, withdrawing funds from the particular banks’ ATM is free of cost.
  • Maintainance- The fee for maintaining an account is very low in the UAE.
  • Confidentiality- The content of the Saving Account is kept strictly confidential. The Savings Account is safe, reliable and stable.
  • Liquidity and Convenience: Unlike certificates of deposit (CDs), savings accounts offer more liquidity and convenience. You can access your funds without penalties unless you breach the minimum balance limit.
  • Security and Protection: Saving accounts provide a safe way to set aside money for the future. With almost no risk involved, you can save your money and grow it at predictable rates without any significant volatility.
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List of Top Saving Accounts That Can Be Easily Opened in the UAE

To open savings accounts in the UAE, you can go online and complete the whole process from the comfort of your home. However, if you wish to do it the old-school way, you can visit any of your chosen bank’s nearest branches.

Here's a list of the top 10 savings accounts in the UAE in 2024. Note that we will also cover the respective savings account interest rates —

Account Name Interest or Profit Rate Fees & Charges
National Bank of Fujairah Max Saver Account Up to 2.5% p.a Minimum balance to maintain: AED 0 Monthly fee: AED 0
ADIB Smart Banking Account 0.7227% Annual fees: AED 0 Minimum balance: AED 0
Emirates NBD Tiered Savings Account Up to 0.5% Account opening fees: AED 0
CBI Saver Account Up to 3.52% Monthly fee: AED 0 Minimum balance: AED 3,000
ADCB Active Saver Account Up to 2.25% p.a AED 5,000 (when opening the account)
RAKBank Savings Account 0.25% Minimum balance: AED 3,000 (no such limit applicable for the first 3 months)
Standard Chartered XtraSaver Account 2% Minimum average balance: AED 0 Opening balance: At least AED 3,000
Dubai Islamic Bank Shaatir Savings Account NA Minimum average balance: 0 Monthly maintenance charges: 0
Emirates NBD Savings Account 0.2% Minimum Balance: AED 5,000 Account opening: AED 0
HSBC Savings Account Up to 0.1% Minimum Balance: AED AED 3,000
FAB iSave Account Up to 5.25% p.a Monthly Fees: AED 0 Minimum balance: AED 0
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Eligibility Criteria for Savings Accounts in the UAE

To open savings account in the UAE, you must be at least 18 years old. Similarly, you must have a valid proof of residency, which may include your Emirates ID, a valid UAE residency visa, and more.

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How to Open Saving Account Online in UAE through Policybazaar.ae

The hands-down easiest way to open a savings account online in the UAE is through the Policybazaar.ae platform. On this website, you can seamlessly complete the online savings account opening process —

  • Step1- On policybazaar.ae, click on ‘Bank Accounts’.
  • Step2- Fill out the form present in the section.
  • Step3- On submitting the form, the most relevant bank account quotes will be displayed on your screen.
  • Step4- All the bank accounts from top banks will be listed for you to compare side by side and choose from.
  • Step5- On selecting the one that you like, click on apply.

Documents Required to Open Savings Account

Although the list of documents required to open a savings account depends on your chosen bank and bank account, you can check out the general list of the documents required here —

  • Emirates ID
  • Passport
  • Resident visa
  • Bank statements
  • Address proof
  • Salary proof

Terms & Conditions

Just like any other banking service, savings accounts in the UAE are subject to certain terms and conditions. While these conditions can vary as per the bank, we have listed a few general ones here just for you to get some insights on what to expect –

  1. The Bank may reserve the right to open an account only upon receipt of all necessary documentation deemed satisfactory by the Bank.
  2. Deposits via cheques may be accepted for account opening, subject to the Bank's terms and conditions.
  3. Third-party cheques may not be accepted for initial funding of any account or deposit.
  4. The Bank may reserve the authority to debit the customer's account for any cheques, bills of exchange, promissory notes, or payment orders issued by authorised signatories.

Note: It is advisable to check for account-specific terms and conditions before applying for one with any bank whatsoever.

FAQ's for Opening Saving Accounts in UAE

Q. Which bank in UAE is best for savings account?

The best bank for a savings account in the UAE will depend on your specific preferences, including interest rates, fees, the convenience of branches and ATMs, and more.

Q. What are the types of Savings Accounts?

Types of savings accounts in the UAE typically include regular savings accounts, zero balance accounts, minor accounts, and more.

Q. Is savings account good or bad?

Sile savings accounts present a good way to build emergency funds and meet long-term financial goals. Nevertheless, it's important to monitor fees and ensure the account's interest rate keeps pace with inflation.

Q. Can I withdraw money from savings account?

Yes, you can easily withdraw money from a savings account in the UAE through ATMs, branches, online banking, or mobile banking, subject to any withdrawal limits or fees set by the bank.

Q. Who can open saving account?

Individuals aged 18 and above with valid identification documents (such as a passport or Emirates ID) can typically open a savings account in the UAE.

Q. How much money do you need to start a savings account?

The required minimum deposit to open a savings account in the UAE varies as per the bank and type of account, ranging from AED 0 to AED 10,000 or more.

Q. How much money should I keep in my savings account?

While the ideal amount depends on your financial goals and risk tolerance, it's advisable to keep at least 3 to 6 months’ worth of living expenses in your savings account as an emergency fund.

Q. Can I open a savings account without income?

Some banks in the UAE may allow you to open a savings account without a regular income, although you may need to meet other eligibility criteria or maintain a minimum balance as per the bank’s instructions.

Q. What happens if you open a savings account and don't use it?

If you open one of the top savings accounts in the UAE and don't use it, it may become dormant or inactive as per the bank's policies. Inactivity fees or other charges may apply, and the bank may eventually close the account if it remains unused for an extended period.

Q. Is there any savings account in the UAE, which requires zero minimum balance?

Yes, there are some banks that don’t ask for a minimum balance for Savings Account UAE.  To name a few are FAB’s i-Save Electronic Account, Emirates Islamic Bank’s e-Savings Account, etc.

Q. What will happen if I keep my bank account inactive for a long time?

In the case of inactive accounts, the bank account is considered dormant. However, the timeline differs for banks when it comes to declaring an account dormant. Although, most banks consider a year of inactivity as a dormant account.

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