Best Digital Bank Accounts in UAE

Businessmen, entrepreneurs, and investors have embraced digital banks in the digital age, ditching traditional banking institutions. In fact, the ease and convenience of banking from home are increasing the number of digital bank users on a daily basis. In the future, we may see that some digital banks eventually fully replace traditional banks.

Sure it’s easy to select a secure digital bank to keep your hard-earned money with the abundance of digital bank accounts available in the Emirates. The difficult thing is figuring out which bank best suits your needs. To help you with this important choice, we’re going to highlight the best digital bank accounts in the UAE. Let’s jump into the details right away.

Best Digital Bank Accounts in UAE (Current and Savings)

These are the best accounts from digital banks in the United Arab Emirates that you can open right away to fulfill your banking needs:

Mashreq Neo Accounts by Mashreq Bank

Mashreq Bank introduced Mashreq Neo, its digital banking platform, in 2017. It offers a number of services, including current accounts, savings accounts, wealth management, credit cards, personal loans, and online banking. Customers can use their face as their primary identification method by simply scanning their Emirates ID, which is one of the most noteworthy characteristics of this banking facility.

The following digital banking accounts are offered by Mashreq Neo to its customers:

1. Neo Current Account
2. Neo Nxt Kids Account
3. Neo Savings Account
4. Non-Resident Account
5. Neo Foreign Currency Accounts
6. Term Deposit

The most suitable online Mashreq bank accounts for most customers are Neo Current Account and Neo Savings Account. Let’s check out the details of these digital banking services.

Neo Current Account

These are the features of the Neo Current Account

• Convenience and flexibility set this account apart from other current accounts
• Easy and fast processing of the account
• Access to cash in 200+ countries is available
• You can withdraw cash from 1.8 Million ATMs present worldwide
• Instant Visa Debit Card & cheque book is provided

Required Documents:

• Emirates ID
• Passport

Eligibility Criteria:

• Minimum Monthly Income: AED 5,000
• Age: 18 years and above
• Complete the account opening process

Neo Savings Account

Here are the features of Neo Savings Account:

• No paperwork is required
• Open a NEO Savings Account and transfer your pay to receive a joining bonus of up to AED 2,500. The monthly salary deposited in the account will decide your bonus.
• Interest on deposits with freedom for banking transactions for free.
• Easy & instant processing of account.
• The interest rate is 0.15% p.a. which is credited every 6 months
• A free Platinum Debit Card is given

Required Documents:

• Emirates ID for UAE residents
• Passport

Eligibility Criteria:

• Minimum Monthly Income: AED 5,000
• Age: 18 years and above
• Complete the account opening process

Liv Bank Accounts by Emirates NBD

Liv. Bank is a digital bank in UAE. It is operated and managed by the Emirates NBD Group. It is specifically designed for and by millennials. This digital-only lifestyle required a technology platform that is both flexible and open to bring its vision to life, smoothly integrating lifestyle choices with banking. By leveraging the Finacle Core Banking platform, Liv. financial tools are tailored to meet the lifestyle needs of the customers.

The platform ensures a user-friendly and simple banking experience, designed to understand customer preferences and offer a unique digital service. Choosing Emirates NBD, with its extensive global experience spanning over a decade, was a clear and natural decision for Liv. Digital Bank.

It offers five types of accounts:

• Bonus Multiplier Account
• Primary Account
• Goal Account
• Liv Young
• Money Ahead Deposit

Let us discuss the Bonus Multiplier account which is a salary account.

Bonus Multiplier Account

Here are the features of this online account:

• You can earn interest of up to 3.00% by utilizing various banking services. You will make more money the more you use our services.
• Worldwide availability of free ATM withdrawals for cash on demand
• The World Credit Card is free for the first year.
• Interest is capped at AED 2000 per month and is credited to the customer account monthly
• Free local transfers are provided.
• To be eligible for getting interest paid in the month, customers must transfer an AED 10,000 salary or maintain a Monthly Average Balance of AED 30,000.
• Hassle-free, free, and quick international remittances to Pakistan, India, the Philippines, and the UK.

Required Documents

• Emirates ID
• A physical address
• Contact information
• Passport
• Residence Visa

YAP by RAK bank

YAP is an online bank based in Dubai. It has joined forces with RAKBANK to introduce an independent digital banking platform who have zero presence of physical branches in the UAE. Their mobile banking app is transforming the way people handle their finances, offering international money transfers free of charge and eliminating minimum balance requirements. The platform provides a comprehensive display of consumer spending and analytics, facilitating improved budget management.

A standout feature is the multi-currency option, enabling swift exchange of digital currency. Users can conveniently view their digital bank balance through facial or fingerprint authentication. YAP is revolutionizing the financial management game, making this new approach accessible to all users.

The YAP digital banking platform has a range of products, including new multi-currency offerings, products tailored for the younger generation and house-helpers, as well as products for loans and equity trading. YAP has introduced various unique products to the market, allowing users to choose and apply for them online. Among these are as follows:

YAP Young

Yap Young is a digital account designed to teach kids about finance and give them the leverage of funds management. This account can only be created by parents

With the help of savings, income, and spending within their own YAP account, this account helps young people improve their understanding of money management.

YAP Household

You can set up this digital bank account for your household helper to keep funds organized and track all your spending in one spot. This account is made just for household helpers, so they can get their pay online directly in the account. If you have a helper at home, go ahead and create this account for them—it makes sending their salary super easy.

CBD (Commercial Bank of Dubai) Digital Current Account

Unlock the convenience of the CBD (Commercial Bank of Dubai) Digital Current Account, where you have the option for a salary transfer that can offer fee waiver benefits. You can quickly open a digital account within minutes using your Emirates ID. This account offers convenient banking with a free debit card, free international money transfers, instant foreign currency account opening, and more.

Additionally, enjoy access to hundreds of discount offers from various merchants through the CBD Mobile App. Plus, you can earn up to 2,500 smiles for maintaining a monthly average balance of AED 50,000 or above. Check the account details for more in-depth information about this account.

Required Documents

• Emirates ID
• Letter from employer

Sharjah Islamic Bank (SIB) Digital Account

Experience the future of banking with Sharjah Islamic Bank’s Digital Account. You can instantly open an account through Mobile Banking. Tailored for the tech-savvy, the Digital Account delivers a smooth, efficient, and remarkable financial experience.

Customers can enjoy monthly profit rewards with no minimum balance or hidden fees. This exclusive digital product provides a free cheque book, debit card, and zero-cost remittances to India and Pakistan. Eligible applicants must be 18 years and above. They can embrace a modern approach to local and foreign banking with Sharjah Islamic Bank’s commitment to simplicity, accessibility, and financial prosperity.

Required Documents

• Emirates ID
• Photograph

Zand

Embrace a new era in online banking with Zand, where innovation, customer-centricity, and independence redefine the landscape of financial services. Zand is a Dubai-based digital bank established in June 2022. It is at the forefront of digital banking in the UAE. Pioneering independence, it aspires to be the first fully autonomous digital bank, uniquely offering both retail (a personal current account which is launching soon) and corporate banking (business account) services.

In the personal account, you can save, earn, and spend money at the same time. Zand is breaking free from obsolete systems and cultures. As a result, the bank has emerged as a contemporary financial institution, committed to supporting customers throughout every financial milestone. It is centered around technology and is dedicated to humanizing the digital customer experience.

E20 by Emirates NBD

E20, a mobile app by Emirates NBD, transforms daily banking for startups, sole proprietors, fintechs, freelancers, and various business entities, providing a reliable platform for financial management. This digital banking solution specifically fulfills the requirements of entrepreneurs and SMEs.

Key Features

• User-friendly dashboard displaying investments, savings, and expenses
• Direct access to a dedicated Relationship Manager
• No subscription fees or minimum balance
• Fast access to all beneficiaries for remitting money
• Fast payment initiation within five days of signing up for the account
• Comprehensive business management, including invoicing, payments, and financial insights

ADIB Smartbanking Account

ADIB Smart Account is a zero balance account providing a lot of advantages for the account holder. The account is suitable for personal and non-commercial use.

Features:

• 0.7136% interest rate against saved funds in the account
• Get rewards upon monthly salary transfer
• One free domestic and international transfer per month ​​​​​​​​
• Get a free debit card
• Housewives and students can also open an account
• Zero minimum monthly balance (Minimum monthly income of AED 5000 for income-based clients)
• There is no need for a card to withdraw cash
• No annual charges
• Possible to earn a profit on the account balance
• Avail more than 1500 discounts and deals via the smartdeals app

Required Documents

• Valid UAE residence visa
• Original Passport
• Valid Emirates ID (for UAE Nationals and residents)

ADIB Amwali Account

The Abu Dhabi Islamic Bank has carefully designed and created the digital bank account known as ADIB Amwali. It is a focused program meant to teach kids financial responsibility. This account is designed for children ages 8 to 18. It enables the next generation of UAE citizens to make early savings habits in them.

If parents already have an ADIB bank account and follow the guidelines set forth by the bank, they can easily open an ADIB Amwali account for their kids.

This ADIB account functions as a specialized savings account that teaches kids money management skills and lets guardians or parents supervise debit card usage and fund transfers via the ADIB app’s parent dashboard.

Key Features

• Regular money transfers allow parents to easily fund their children’s accounts.
• You can choose a debit card which makes it easier to shop both offline and online.
• Kids can get extra money by doing things that their parents assign them.
• After finishing a course, children receive points that serve as the foundation for parental awards.
• Users are in total control over the money that their kids spend and take out.
• Amwali uses clever financial planning tools to improve the understanding of kids about money management.
• Fun and interesting games and movies enhance the learning process of finance.

OGPay

OGPay stands for On the Go Pay. It is a product of OG Bank. It is a digital bank which can be accessed by smartphones. It markets itself as a chat-based payment wallet and mobile digital banking solution. OG Pay converts mobile devices into flexible payment terminals and provides a number of features for simple financial transactions.

OG Pay functions as an online point of sale (PoS) and chat-based payment system. With a closed-loop operation, its economical operational structure offers many benefits to the customers

Key Features

• Use the OG Pay Wallet Debit Card or transfer money from your mobile wallet to another account with ease.
• Get 2% interest on account balances per year.
• Use an easy-to-use, well-integrated digital platform to streamline your banking process.
• It is easy for customers to ask for money from others, one time or often.
• Create regularly scheduled transactions to pay utility or credit card bills and set reminders.
• Upon registration, you can use a virtual debit card right away. You can also request a physical card to be sent right to your door.

Dubai Islamic Bank Alt Account

DIB has introduced a mobile app called ALT. The app is available on the iOS store and Google Play store. The app allows you to open a DIB account easily through your mobile in no time. All you have to do is sign up, take a picture of yours, enter your required details, and submit the application.

Key Features

The following services and features are available in the app:

• Blocking a card
• Fund transfers
• Bill Payments
• Managing your finances via saving goals and spending limits.
• Viewing banking calendar
• Requesting e-mail statements
• Setting up card payments standing order instructions
• Card Activation
• Viewing accounts, cards, and finance details
• Opening an investment deposit account
• Requesting cheque book
• Making card payments

Is It Safe to Do Digital Banking in the UAE?

Digital banks prioritize security with advanced encryption and two-factor authentication, empowering clients to stay protected from suspicious transactions. So, yes most digital banks in the UAE are considered safe.

U.A.E-issued licenses act as the bedrock of financial security in the country, with varying regulatory requirements depending on service types. In the UAE, digital banks follow strict regulations similar to traditional banks, ensuring solid protection for customer data.

Vigilance is key, with regular account monitoring and prompt reporting of any anomalies to the digital bank. This proactive approach is best for swift detection and response to potential security breaches, minimizing the risk of financial losses.

Mitigating fraud and cyber threats involves adopting best practices such as keeping devices updated, avoiding public Wi-Fi, and creating strong passwords. Choosing a digital bank with a proven track record is crucial, and app installations should be done from trusted platforms like the Google Play Store or Apple Store.

Open Bank Account in the UAE with RIZ & MONA CONSULTANCY

Adopt the future with digital banking. When selecting a digital bank in the UAE, in-depth research on supported currencies, investment avenues, and other crucial factors is paramount. This diligence will make sure you pick a well-informed choice tailored to your needs. Take a step into the world of digital banking—open a new digital account today for an efficient financial experience.

Now that you are aware of the top options in the UAE, it’s time to open your account. If you are a businessman or investor and are looking for assistance or expert advice to open a bank account, you can contact RIZ & MONA CONSULTANCY, top-rated business setup experts in Dubai. With years of experience in the banking sector, we have opened countless accounts on behalf of businesspeople as well as provided assistance with the process to various entrepreneurs and investors. Contact us today to open your bank account in the Emirates and get going with your financial journey in the country.

FAQs

What is the best digital bank in the UAE?

The best digital banks in the UAE are as follows:

1. ADIB
2. OGPay
3. Sharjah Islamic Bank (SIB)
4. Rakbank
5. Mashreq Bank
6. CBD (Commercial Bank of Dubai)
7. Liv

Which bank is best for a digital savings account?

Mashreq Bank and ADIB offer digital savings accounts with amazing features.

How can I open a digital account in the UAE?

To open an online account in the UAE:

1. Download and install the digital banking app from the Google Play Store or Apple store of the bank
2. Sign up and make an account on the app.
3. Choose an account and upload the required documents
4. Wait for the approval of the account from the bank

Can I open a UAE bank account online?

Yes, a customer can open a bank account online in the UAE.