Central Bank of UAE is now also encouraging UAE nationals and residents to go cashless. Here is the list of top 10 E-wallets in the UAE.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Here is the list of the five best savings accounts in the UAE that you can compare to find the best fit for yourself.
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.
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.
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.
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.
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.
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.