Tips to Find the Best Saving Accounts in the UAE

By Ruchi Gohri
  | Published: 10 June 2021
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You must know how to shop around if you want to find the best savings account in the UAE. This helps you perform thorough research, consider all the options, and find the savings account that meets your expectations including flexible loan terms, higher interest rates, etc.

The features and benefits of all the savings accounts vary from bank to bank. You must find the one that has the best offers - like low account fees, least minimum account balance, unlimited withdrawals, and much more.

Let’s take a look at how you can choose the best savings account in the UAE. Go through these tips and learn to compare different savings accounts available.

Tips to Find the Best Savings Account in the UAE

You must go through the features and benefits of various savings accounts and look out for these things while comparing them to make an informed decision.

1. Interest Rates

This is the first thing you must consider while choosing a savings account for yourself. Most banks in the UAE offer high interest rates, however, you must choose the one that offers higher rates. The average interest rate offered by the best savings accounts in the UAE is 1%. You must lookout for the one that offers more than 1%.

The interest rate applies to the balance maintained in your savings account. The higher interest rate helps you increase your account balance every month if you maintain a decent balance in your bank account. The best savings accounts in the UAE offer compound interest. With this type of interest rate, the interest applies to the increased amount in your bank account. 

2. Online Banking

Most banks in the UAE provide internet banking facilities to help account holders make transactions in just a few clicks. Make sure that the one that you choose offers the same. This helps you make transfers, pay bills, set up standing instructions, etc. in no time. Additionally, you can keep a close check on your finances to manage them in a better way.

You can get internet banking credentials from your bank at the time of opening an account. This gives you instant access to your savings account.

3. Ease of Use

Another thing you need to keep in mind while choosing the bank to open a savings account is accessibility. You need to check how you can access and use your bank account. It should come with an easy account opening process with a strong verification system. Check the processes of making transfers, depositing and withdrawing the funds, and much more.

Do not forget to check if your savings account offers mobile banking to help you access your account details using your smartphone. Also, check the number of ATM withdrawals it allows.

4. Minimum Balance Requirements

Most banks in the UAE offer savings accounts with minimum balance requirements. You need to keep some balance in your savings account to keep it activated and not to get charged for any penalty. The minimum balance maintained in your account typically gets assessed by your bank daily. 

Find the bank account that comes with the least minimum balance requirements. There are a few banks in the UAE that allow you to open savings accounts with no minimum balance requirements. You can choose one of them if they meet all your other expectations.

5. Initial Deposit

Various banks in the UAE require some initial deposits for creating a savings account. Make sure you check the requirements before you apply to open an account. The initial deposit requirement varies from bank to bank in the UAE.

6. Account Fees

There are different types of fees like ATM fees, maintenance fees, inactivity fees, etc. that the banks in the UAE charge. Some of these banks waive off these fees when you meet certain requirements like having multiple accounts, maintaining minimum account balance, and others set up by your bank. Make sure the bank that you choose doesn’t charge you for any unnecessary fees or hidden charges.

7. Threshold to Earn Interest

Most banks provide you higher interest rates only if you meet certain requirements like activating automatic transfers, setting up standing instructions, maintaining a minimum balance, etc. Make sure your bank comes with a low threshold for earning interest on the balance maintained. 

Best Savings Accounts in the UAE

Here is the list of the five best savings accounts in the UAE that you can compare to find the best fit for yourself.

1. Emirates NBD Standard Savings Account

The bank provides an excellent set of features and benefits for the savings accounts in the UAE. It offers an amazing feature called mePay to help account holders make online transfers in just a few clicks. With this feature, the account holders can make transfers using mobile banking instead of entering the complete account number of the recipient. The bank also offers an enhanced Chip & Pin card to help double secure the savings account. 

Features and Benefits

  • Free international debit card 
  • Minimum balance required – AED 3,000
  • Easy bill payments 
  • Phone banking facility 
  • Internet banking facility
  • Free local and international remittances
  • Interest rate – 0.20%

2. ADCB Active Saver Account

The bank provides simple savings account opening procedure. The applicants should be 21 years old or above, to be able to open a savings account in this bank. You can open the savings account online with the least documents requirement and no additional paperwork at any branch. 

Features and Benefits

  • Easy online money transfers
  • Daily interest calculation
  • Minimum balance required - AED 0
  • 5 Active Saver Accounts per customer 
  • Monthly interest payment
  • Available in AED, USD, and GBP
  • Earn and redeem touch-points for dining, shopping, and entertainment
  • Interest rate - 1.30%

3. Mashreq Set up Saver Account

Mashreq bank provides savings accounts with a huge range of benefits. It offers rewards and benefits for the account holders based on the balance they maintain in their bank account. The savings account provides the account holders with various amazing opportunities for saving money and getting higher returns.

Features and Benefits

  • Account is available in AED only
  • Minimum Salary required - AED 5,000
  • Up to 10,000 complimentary Salaam points
  • Interest credited on maturity 
  • Easy Salaam Rewards
  • Step up Saver tenure of 18 months
  • Initial Deposit/Minimum balance - AED 10,000
  • Existing customers can open Step up Saver Online
  • No Checkbook
  • Interest rate - 2%

4. Al Hilal Bank – Ahlan

With Al Hilal Bank, you can open the savings account in a few simple steps – submit the application, share your documents, provide your details, and get your debit card at your doorstep. The bank offers an excellent set of features to help account holders deal with their finances in all different ways.

Features and Benefits

  • Attractive rewards and prizes
  • No charges or fees applicable
  • Minimum balance required – AED 0
  • No minimum balance required
  • Interest rate calculated on the average monthly balance
  • Interest rate – 0%

5. Emirates Islamic e-Savings Account

The bank allows account holders to access the bank account online and keep track of their finances. They can simply log in to their online banking to avail of the attractive benefits. The bank lets account holders carry out an unlimited number of transactions both online and offline. 

Features and Benefits

  • Quarterly profits 
  • Minimum balance required – AED 0
  • No minimum balance requirement 
  • Available in AED and USD
  • No monthly transactions limitations 
  • Interest rate - 1%
The Bottom Line

To find the best savings account in the UAE, you must go through the features and benefits offered by different banks and then compare them to each other. What’s most important in this comparison is the interest rate that the chosen bank offers. This will help you increase your account balance. 

If you try to maintain a minimum with the bank, there is a possibility you get some extra rewards. Try to get the best out of your chosen savings account and manage your finances in a better way.

Ruchi Gohri
Ruchi Gohri12 Posts

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.