Top 5 Online Savings Accounts to Open in the UAE

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Everyone needs a savings account to manage their finances better. With banks moving to virtual platforms, opening an online savings account has become a lot easier. Earlier, the banks offered online banking services to help the account holders access their account details any time, from anywhere. However, they still had to visit the bank’s branch to open an account. 

Currently, most banks in the UAE have made online account opening easier than ever. Online and Mobile Banking options have made it even more convenient for customers to open and manage their bank accounts online. 

Best Online Savings Accounts to opt for the UAE

Here are a list of the best online savings accounts that you can open in the UAE.

1. Al Islami E-Savings Account – Dubai Islamic Bank

Al Islami E-Savings Account is a leading savings account offered by Dubai Islamic Bank. The bank account provides an excellent set of features and benefits for the account holders. To open this savings account online, the applicants need to visit the bank’s official website and click on ‘Apply Now’. Further, they need to fill out the application form and submit their documents with the same.

Features and Benefits

  • Initial deposit of AED 1,000
  • Free monthly e-statements
  • Online and electronic banking
  • Easy utility bill payment options
  • Higher interest rates

2. Smart S@ver Account – Emirates NBD

The Smart S@ver Account offered by Emirates NBD is one of the best online savings accounts. It provides a lot of features and benefits for the account holders to help them manage their finances in an efficient way. To apply for this account, the applicant needs to log in to online or mobile banking and click on the option ‘Create New Account’. Once done, the bank representative will contact the applicant and open the bank account within two working days.

Features and Benefits

  • Available in multiple currencies
  • A higher interest rate of up to 1.25 per cent
  • Online fund transfers
  • Free use of Cash Deposit Machines
  • Quick money transfers with DirectRemit

3. MaxSaver Account – Mashreq Bank

The MaxSaver Account provides reasonable interest rates to help account holders raise their funds in no time. To open this savings account online, the applicants need to click on the ‘Apply Now’ or ‘Let’s Do It’ button on the bank’s official website. Once done, they need to fill out the application form and provide the necessary documents to open the bank account. 

The applicant must be an existing saving or current account holder with Mashreq Bank to open this bank account.

Features and Benefits

  • Attractive interest rates of up to 1.10 per cent per annum
  • A minimum monthly income of AED 5,000
  • No minimum balance to be maintained
  • Available in AED and USD
  • No monthly fees
  • One debit transaction to earn interest on the balance maintained
  • Instant account opening using online and mobile banking

4. Online S@ver Account - ADIB

This is one of the best online savings accounts in the UAE. The applicants can open this savings account online in just a few clicks. To open this account, they need to click on the ‘Apply Now’ button on the bank’s official website and follow further instructions.

Features and Benefits

  • Full-time access to funds
  • Unlimited withdrawals
  • No minimum balance requirement
  • No account opening fees
  • Attractive interest rates

5. Active Saver Account - ADCB

This is another excellent online savings account to open in the UAE. The bank account helps account holders save money and increase their funds to fulfil their financial goals. To open this savings account online, the applicants need to log in to their Internet Banking and click on ‘Open New Account’. Next, they can select the currency of their choice and complete their online account opening application. The best part about this bank account is that it generates the account number instantly.

Features and Benefits

  • Instant account opening
  • Available in AED, GBP, and USD
  • TouchPoint rewards on paying bills and transferring funds using this account
  • Online access to the bank account from anywhere
  • No ATM or chequebook to encourage the savings
  • Transfer funds in a single click
  • Interest calculated daily and paid out monthly

Now that you have gone through the best online savings accounts let us help you learn how you can open one for yourself in just a few clicks.

Steps to Open Savings Account Online

Here are the simple steps to open a savings account online.

1. Visit the Bank’s Online Portal

Most banks in the UAE allow applicants to open online savings accounts by logging in to their online banking or mobile banking portals. If you are an existing customer of your chosen bank, you can log in to your online banking and apply for opening a savings account.

On the other hand, if you are a new customer, you can try to open a savings account online by visiting the bank’s official website. 

2. Check the Available Bank Accounts

Now check the online savings accounts available to open online. The banks in the UAE offer a variety of savings accounts to meet the users’ financial expectations. Analyse your financial needs and choose the type of online savings account you wish to create.

3. Fill in the Application Form

Once you have selected the account type, fill in the application form for the same. The account opening application form asks for the details like your name, age, address, nationality, minimum salary, etc. 

4. Upload Your Documents

After filling out the application form to open a savings account online, you need to upload the essential documents based on the eligibility criteria of the specific account. The standard documents to open a savings account online are copies of your Emirates ID, passport with the residency visa page. The list of required documents may vary from bank to bank.

5. Submit Your Application

You need to submit the application form along with the documents required. Once done, the bank representative will contact you and provide your bank account number and other details. The banks in the UAE usually take two working days to open an online savings account.

The Bottom Line

We hope this article helps you in finding the best online savings account for yourself. To find the best online savings account for yourself, you must first perform an online research. Make sure you go through a bunch of online banking websites and find the best-fit savings account for yourself. You must compare the minimum balance required, interest rates, additional fees, etc. 

Not all banks ask for the same documents and have the same process. Make sure you check the eligibility criteria for opening a savings account online before you choose a bank. This will help you have all the required documents and details handy to quickly save your time and open a savings account online.

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