Top 5 Savings Accounts in UAE to Boost You Savings in Pandemic

By Ruchi Gohri
  | Published: 06 September 2021

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Tough times call for a financial safety net that you can always fall back to. The uncertainty of the future has made people spend less and save more to in a bid to be prepared for a rainy day.   

As per a recent report shared by the Central Bank of the UAE’s Banking and Monetary Statistics, the funds in the savings accounts in the UAE surged to AED 199 billion in April 2021 from AED 189 billion in December 2020. 

According to the International Monetary Fund, the Covid-19 pandemic slanted the world into its worst recession, forcing countries into lockdowns, leading to reduced salaries and higher unemployment.

People have realised how crucial it is to save and have an emergency fund for sudden financial needs with the pandemic going on. The banks in the UAE have also introduced more useful features and enhanced interest rates to encourage savings. 

Keeping your funds in a savings account is one of the best ways to make it worthwhile. These bank accounts offer competitive interest rates and access to funds at any time. Let us learn about the top five bank accounts in the UAE that offer low minimum balance requirements with higher interest rates. You can consider opening any one of these bank accounts to grow your savings.

Best Savings Accounts to Help Increase Your Savings

Here is a list of the top five savings bank accounts in the UAE that offer the best interest rates and help you grow your savings quickly. 

HSBC E-Saver Account

HSBC E-Saver Account is one of the best savings bank accounts that can be opened online in just a few clicks. The bank account offers competitive interest rates and allows account holders to grow their savings in no time.

Features and Benefits

  • Minimum Balance Requirement: The applicants need not maintain any minimum monthly balance in their HSBC E-Saver Account. 
  • Online Banking: HSBC E-Saver account holders can access their funds online by logging into their internet banking account. 
  • Easy Withdrawals: With the HSBC E-Saver Account, the account holders can easily withdraw funds using online banking or telegraphic transfers.
  • Debit Card and Chequebook: The HSBC E-Saver Account offers no ATM card or chequebook for the account holders.
  • Monthly Fees: The account holders need not pay any monthly fee to keep their HSBC E-Saver Account active.
  • Available in AED: The applicants can open this HSBC account in AED only.
  • Competitive Interest Rates: The E-Saver account offers a competitive interest rate of up to 0.05 per cent on the savings. The bank calculates interest daily and pays the same on a monthly basis.
Account Balance Interest Rates
Less than AED 100,000 0.01 per cent
AED 100,000 to AED 1 million 0.02 per cent
AED 1 million to AED 5 million 0.03 per cent
AED 5 million and above 0.05 per cent

Emirates NBD Smart S@ver Account

Emirates NBD Smart S@ver Account is another useful savings account to increase savings in the UAE. The account offers attractive interest rates to help account holders earn a considerable amount of profit by simply maintaining the minimum monthly balance in the account.

Features and Benefits

  • Available in Multiple Currencies: The account holders can open and operate the Emirates NBD Smart S@ver Account in multiple currencies, including AED, USD and GBP.
  • Minimum Balance Requirement: The bank account comes with a minimum balance requirement of AED 3,000. The account holders need to limit withdrawal of funds to one every month to become eligible for earning interest on their account balance.
  • Transfer fee: The account holders need not pay any additional bank charges for making transfers using Emirates NBD Smart S@Ver Account.
  • Online/Mobile Banking: The account holders can easily access their funds using both online banking and mobile banking.
  • Online Funds Transfer: With Emirates NBD Smart S@ver Account, the account holders can make easy fund transfers by logging into their online banking portal. The best part is that they can also use cash deposit machines to deposit money in their bank account.
  • Easy Bill Payments: With Emirates NBD Smart S@ver Account, the account holders can make hassle-free bill payments using their online banking account.
  • Interest Rates: Emirates NBD Smart S@ver Account offers an attractive interest rate of up to 1.25 per cent on the account balance. The bank calculates interest on the daily closing balance and credits it every month in the bank account.
Account Balance Interest Rate Per Annum
Less than AED 25,000 0.00%
AED 25,000 to less than AED 100,000 1.25%
AED 100,000 to less than AED 2,000,000 0.75%
AED 2,000,000 and above 0.50%

National Bank of Fujairah Max Saver Account

National Bank of Fujairah Max Saver Account offers various useful benefits for the account holders to help them view and manage their finances efficiently.

Features and Benefits

  • Minimum Balance Requirement: The account holders need not maintain any minimum account balance to keep their Max Saver Account active. However, the minimum balance requirement to earn interest is AED 2 Million.
  • Available in Multiple Currencies: The account holders can open and operate their National Bank of Fujairah Max Saver Account in AED and USD. 
  • One Monthly Withdrawal: To be eligible to earn interest, the account holders need to make only one withdrawal in a month.
  • Competitive Interest Rates: National Bank of Fujairah Max Saver Account offers an attractive interest rate of up to 1.5 per cent on the savings/funds deposited.
  • Interest Paid Monthly: National Bank of Fujairah Max Saver Account calculates interest on the daily account balance and pays interest for the same at the end of every month. 
Account Balance Interest Rates
Up to AED 2 Million 1.50 per cent per annum
AED 2 Million to AED 5 Million 1.25 per cent per annum
Above AED 5 Million 0.25 per cent per annum

Mashreq Bank Max Saver Account

Mashreq Bank Max Saver Account is one of the best savings accounts available in the UAE. The bank account offers higher interest rates to help account holders increase their savings in no time.

Features and Benefits

  • Available in Multiple Currencies: Mashreq Bank Max Saver Account is available in two currencies – AED and USD.
  • Monthly Fees: The account holders need not pay any monthly fees to keep their Mashreq Bank Max Saver Account active.
  • Minimum Balance Requirement: Mashreq Bank Max Saver Account comes with no minimum balance requirement for the account holders.
  • Easy Access to Funds: Mashreq Bank Max Saver Account allows account holders to make one withdrawal per month without impacting the applicable interest on the account balance.
  • Minimum Monthly Income: The applicants need to have a minimum monthly income of AED 5,000 to apply for this bank account.
  • Attractive Interest Rate: Mashreq Bank Max Saver Account offers an attractive interest rate of up to 1.10 per cent per annum on the account balance. The bank credits the interest on a monthly basis.

First Abu Dhabi Bank iSave Account

First Abu Dhabi Bank iSave Account offers the best interest rates based on the account balance the account holders maintain. 

Features and Benefits

  • Only for Individuals: First Abu Dhabi Bank iSave Account can be opened by individuals only.
  • Unlimited Withdrawals: First Abu Dhabi Bank iSave Account allows account holders to make unlimited withdrawals.
  • Minimum Balance Requirement: The account holders do not need to maintain a minimum balance in First Abu Dhabi iSave Account.
  • Available in AED: The account holders can open and maintain their First Abu Dhabi Bank iSave Account in AED only.
  • Instant Account Opening: The applicants can easily open the First Abu Dhabi Bank iSave Account by logging into their online banking or FAB mobile app.
  • Higher Interest Rates: First Abu Dhabi Bank iSave Account offers attractive interest rates of up to 1.68 per cent for the account holders. They can earn interest based on the account balance maintained in the account.
Account Balance Interest Rates
Less than AED 500,000 Up to 1.30 per cent
AED 500,000 to AED 5,000,000 1.30 per cent to 1.68 per cent
AED 5,000,000 or above 1.68 per cent and less

ADCB Active Saver Account

ADCB Active Saver Account is another bank account in the UAE that offers higher interest rates. The bank account also offers excellent Loyalty Reward Points and TouchPoints for the account holders every time their account balance goes above AED 1,000.

Features and Benefits

  • Instant Online Account Set-Up: The account holders can open an ADCB Active Saver Account by logging into their internet banking portal.
  • Online/Internet Banking: The account holders can easily access their funds and make easy transfers via an online banking account. With internet banking, they can make single-click transfers and credit card payments without any hassle.
  • Available in Multiple Currencies: The account holders can open and operate their ADCB Active Saver Account in AED and USD.
  • Monthly Fee: The account holders do not need to pay any monthly fee if they meet the minimum monthly balance requirement for ADCB Active Saver Account.
  • Interest Rates: ADCB Active Saver Account offers an attractive interest rate of up to 0.60 per cent based on the account maintained by the account holders.
Account Balance Interest Rate per annum
Less than AED 10,000 0.00 per cent
AED 10,000 to AED 500,000 0.25 per cent
AED 500,000 to AED 2 Million 0.40 per cent
AED 2 Million to AED 10 Million 0.60 per cent
AED 10 Million and above 0.20 per cent

Conclusion

Several bank accounts in the UAE offer attractive interest rates and help account holders boost their pandemic savings in no time. You can visit the savings account section on our official website to find the bank account that meets all your financial requirements. 

Make sure you contact our customer support helpline if you need any further assistance. Our professional experts will take you through the features and benefits of multiple bank accounts based on your preferences and help you out in opening one for yourself.

Ruchi Gohri
Ruchi Gohri61 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.