Saving money for emergencies or big expenses, like a mortgage down payment, becomes easier by keeping your funds in a high-yield savings account. This guide will show you the best bank for savings accounts in UAE from well-known banks along with their features and benefits. It will help you find the right home for your cash and reach your financial goals faster.
What is a Savings Account?
A savings account is an interest-bearing deposit account kept at a financial institution such as a bank. It offers a secure location for you to deposit your money that is other than your regular daily expenses. Money kept in a savings account is eligible for earning interest, and depending on the type of account you have, you should have easy access to your funds.
These accounts are a decent choice for storing money that you wish accessible for unexpected expenses even though they normally only offer a little interest return due to their dependability and safety.
Working of a Savings Account in the UAE
Banks use funds present in deposit accounts such as savings accounts to give out to clients who want loans from them. This is why you will find savings accounts in all banks, credit unions, and even certain investment and brokerage firms.
The interest rates associated with savings accounts differ from bank to bank. Barring fixed-rate promotions with specified expiration dates, banks and credit unions retain the flexibility to adjust their rates at any time period. Generally, the competitive nature of a rate correlates with its susceptibility to fluctuations, making it crucial for investors to keep an eye on market trends.
Different Types of Savings Account in UAE
the types of savings accounts available in the UAE may include:
Regular Savings Account
It is a standard savings account that allows you to deposit and withdraw money as needed. Interest rates may vary depending on the bank.
Fixed Deposit Account
This account requires you to deposit a specific amount of money for a fixed period at a fixed interest rate. The interest earned is generally higher than that of regular savings accounts.
Children’s Savings Accounts
Designed specifically for minors, these accounts often come with lower minimum balance requirements and may offer additional features such as educational benefits.
Joint Savings Accounts
Joint Savings Accounts are those accounts that can be opened and operated by two or more individuals, often family members or business partners.
Online Savings Accounts:
Online savings accounts are those that clients can access online. These are the accounts that can be managed primarily through online banking platforms, providing convenience and often higher interest rates compared to traditional accounts.
Salary Transfer Accounts
Many banks offer savings accounts tied to salary transfers. Employees can have their salaries directly deposited into these accounts, and they may come with additional benefits such as lower fees, cashbacks, and higher interest rates.
Senior Citizens Savings Accounts
Senior Citizens Savings Accounts are tailored for elderly individuals and can offer preferential interest rates, lower fees, and other benefits.
Islamic Savings Accounts
Islamic Savings Accounts are compliant with Islamic banking principles. These accounts do not involve interest (riba) but instead, they may offer profit-sharing arrangements.
Premium Savings Accounts
Such accounts require a higher minimum balance but offer additional perks such as priority customer service, higher interest rates, discounts, and exclusive banking privileges.
Best Savings Account in UAE
These are the best savings accounts in the UAE that you can go for:
| Account | Interest Rate | Initial Deposit | Minimum Balance | Account Opening Fee | Fall Below Fee |
| Emirates NBD Standard Savings Account | 0.20% p.a. | N/A | AED 5,000 | No fees | AED 26.25 |
| Mashreq Basic Savings Account | 0.15% p.a. | AED 3,000 | AED 3,000 | N/A | AED 25 |
| UAB’s Savings Account | N/A | N/A | AED 3,000 | No fees | AED 26.25 |
| Commercial Bank International Saver Account | 3.52% | AED 3,000 | AED 3,000 | No fees | AED 25 |
| HSBC Term Deposit Account | Up to 2.30% p.a. | AED 10,000 | AED 10,000 | No fees | N/A |
| Maximiser Wakala Deposit Account | Up to 6% per month | AED 10,000 | AED 10,000 | N/A | Not specified |
| Emirates NBD Tiered Savings Account | Up to 0.50% | AED 10,000 | AED 3,000 | AED 52.50 | AED 26.25 |
1. Emirates NBD Standard Savings Account
Emirates NBD Savings Account is an account that offers a high-interest rate against your funds. It gives easy access to your funds and supports multiple currencies.
Features:
- Debit card deals can help you save up to AED 4,000
- Transfers take 60 seconds with DirectRemit
- No fees for opening accounts
- Supports foreign currencies including QAR, USD, AUD, CAD, BHD, SGD, JOD, KWD, GBP, SAR, and OMR
- An annual interest rate of 0.20%
- Monthly maximum of ten free teller transactions (depending on your banking plan)
- Half-yearly online statements
- Self-employed, salaried, and non-salaried individuals can open the account
- The required minimum balance is AED 5,000
2. Mashreq Basic Savings Account
This Mashreq Bank account is one of the best savings accounts in the Emirates. It lets you get a decent return on your funds. Here are the features of this account:
Features:
- Initial balance requirement is AED 3,000 to set up your account
- Free transactions
- Profit is credited every six months
- Easily open account via the website or mobile app
- Up to 6 manned transactions per month
- Free Visa Debit Card with VISA MENA offers
- The interest rate is 0.15% per annum
- AED 25 is the fall below fee for non-maintenance of Total customer relationship balance
- Minimum monthly average balance requirement is AED 3,000
3. UAB’s Savings Account
Introducing the UAB’s Savings Account for UAE entrepreneurs and investors, offering attractive interest rates depending on the account balance. This account promotes savings for higher interest, accompanied by various exciting features.
This provides extra financial benefits and motivates savers with varied rates. Customized for the unique needs of UAE investors and businessmen, these accounts promise financial sophistication and the best possible returns.
Features:
- An AED 26.25 fee will be charged if the minimum balance is not maintained
- A free ATM card is given
- You will get free eStatement
- You will get account-related SMS notifications
- Minimum balance required per month is AED 3,000
- Account is available in USD, Euro, GBP, and other currencies upon request
- Residents or nonresidents can open the account
- No maintenance or monthly charges are there
- Minors can also open the account
- Interest depends on the account balance you have in the account
4. Commercial Bank International Saver Account
Experience the advantages of the CBI Saver Account, where you can enjoy a competitive interest rate on your savings along with the flexibility of countless withdrawals. CBI credits monthly interest, calculated based on your daily balance and account activity. Plus, account holders have the convenience of accessing their accounts from any part of the world, ensuring a smooth and efficient banking experience.
Features
- The Savings account minimum balance requirement is AED 3,000.
- Accessible to joint candidates as well as minors
- Free international debit card
- Only AED can be used to open accounts.
- Interest on a 5 million to 10 million AED amount is paid monthly at a rate of up to 3.52%.
- No limits on withdrawals
- AED 25 fee if the minimum balance is not maintained.
- No charges for opening an account
- No monthly fees
5. HSBC Term Deposit Account
HSBC Term Deposit Account lets you multiply your savings like no other account. Let’s have a look at the features it offers.
Features
- Fixed interest rate which is payable at maturity, up to 2.30% (against more than AED 750,000 for 36 months) and 2.50% annually (against more than USD 5,000 for 12 months). Check complete rates here.
- Zero account opening fee
- You can choose to fund your Term Deposit account using AED, USD, or GBP.
- The minimum deposit amount required is merely 10,000 AED (or $5,000 USD/GBP).
- At maturity, decide whether to reinvest capital as well as interest.
- Free text message notifications, and phone, mobile, and internet banking are offered for account holders.
- The term for the account starts from 1 month and goes up to 36 months.
6. Maximiser Wakala Deposit
With the Maximizer Wakala Deposit, you can grow your savings faster than ever before and take care of tomorrow. Make a deposit over the course of 18 months, and you should anticipate faster-than-expected returns on your investment.
Features
- The minimum investment is AED 10,000
- You can open it via online banking or mobile banking
- Profit is calculated every month
- You can get up to 6% profit per month at term of 18 months.
- UAE national or a legal resident/non-resident in the UAE can open the account
- AED only account
7. Emirates NBD Tiered Savings Account
It is another savings account offered by the Emirates NBD. This account offers high-yielding interest rates so that you can earn more interest if you have a lot of savings.
Features
- No premature withdrawal is allowed
- Interest depends on daily closing balances
- Interest is paid every month
- You can do partial withdrawal
- Available currencies are AED, USD, and SAR
- Self-employed, salaried, and non-salaried individuals can open this account
- Earn interest up to 0.50% against AED 500,000 and more.
- The minimum monthly average balance is AED 3, 000
- AED 26.25 fee if the minimum balance is not maintained per month
- The account is opened for free
- Initial deposit of AED 10,000 is required to earn profit.
- If the account is closed within 6 months, its fee will be AED 105.
List of Best Bank for Savings Account in Dubai
Here is the list of top-rated banks that provide the best bank accounts in the UAE:
- Emirates NBD (National Bank of Dubai)
Contact: +971 600 54 0000, customercare@emiratesnbd.com
Branches and ATMs: 900 branches and 4,000+ ATMs
- HSBC (Hong Kong and Shanghai Banking Corporation)
Contact: +971 600 56 7004, contactus.me@hsbc.com
Branches and ATMs: 12 branches and more than 200 ATMs
- ADIB (Abu Dhabi Islamic Bank)
Contact: +971 2 6100600, customerservice@adib.ae
Branches and ATMs: 48 branches and more than 430 ATMs
- Standard Chartered
Contact: +971 600 5222 88, complaint.resolution@sc.com
Branches and ATMs: 11 branches and more than 100 branches
- ADCB (Abu Dhabi Commercial Bank)
Contact: +971 2 6962222, contactus@adcb.com
Branches and ATMs: 55 branches and more than 425 ATMs
- Mashreq Bank
Contact: +971 4 424 4444, corporate-csu@mashreq.com
Branches and ATMs: 200 branches and more than 1000 ATMs
- FAB (First Abu Dhabi Bank)
Contact: tbchannel.support@bankfab.com, +971 2 6920766
Branches and ATMs: 172 branches and more than 1000 ATMs
- RakBank
Contact: +971-47047140, contactus@rakbank.ae
Branches and ATMs: 40 branches and more than 100 ATMs
- CBD (Commercial Bank of Dubai)
Contact: +971 600 575 556, customercare@cbd.ae
Branches and ATMs: 100 branches and more than 155 ATMs
- UAB (United Arab Bank)
Contact: +971 6 5075222, ir@uab.ae
Branches and ATMs: 6 branches and more than 42 ATMs
- NBF (National Bank of Fujairah)
Contact: +971 4 815 7555, nbfho@nbf.ae
Branches and ATMs: 15 branches and more than 29 ATMs
Best Savings Account in UAE with Zero Balance
Check out these top-rated zero-balance savings accounts in Dubai, UAE.
| Account | Interest Rate (AED) | Minimum Monthly Deposit (AED) | Maximum Monthly Deposit (AED) | Opening Methods | Free Withdrawals Per Year |
| NBF Max Saver Account | Up to 2.50% p.a. | Zero | 5 Million and more | Online, Branch | One withdrawal per month |
| RakBank Savings Account | Up to 0.25% | Zero for first 3 months and then AED 3,000 | N/A | Online | Not specified |
| Emirates Islamic e-Savings Account | Up to 1.50% p.a. | AED 5,000 | 25 Million and more | Online | Unlimited (Impact on profit) |
| ADIB Smart Account | 0.7136% | Zero | 5 Million and more | Online, Branch | One local and international transfer per month |
| Standard Chartered XtraSaver Account | 2.00% p.a. | Zero, an initial deposit of AED 3,000 | N/A | Online, Mobile App, Branch | Three debit transactions per month |
| ADCB Active Saver Account | Up to 2.25% p.a. | Zero, an initial deposit of AED 1,000 | 20 Million and more | Online | Not specified |
| CBD ESaver Account | Up to 1.25% | Zero | 5 Million and more | Online | Three debits per month |
1. National Bank of Fujairah Max Saver Account
The National Bank of Fujairah Max Saver Account is offered by the bank to give countless benefits to customers from their savings. NBF ensures attractive profits on the funds deposited into their account, prioritizing the financial well-being of account holders. The account also gives you easy access to your funds as well.
Features
- Availability of AED and USD currencies
- Your daily balance is used to calculate interest and is paid each month.
- You have the freedom to take one withdrawal each month without it impacting the interest collected. You will receive 0.25% annual interest on AED accounts and 0.15% interest on USD accounts if you make several withdrawals.
- You can have up to two NBF Max Saver accounts.
- Upon deposit of 5 million or more, you can get an interest rate of up to AED 2.50% p.a. or USD 2.00% p.a.
- The minimum balance requirement for this account is zero.
2. RakBank Savings Account
With the RakBank Savings Account, you can get multiple account currencies, competitive interest rates, and no minimum amount required for the first three months.
Features
- A zero minimum balance per month is required. After three months, it would be AED 3,000. The fall below fee is AED 26.25.
- You can earn interest up to 0.25%.
- Interest is paid bi-annually in June and December
- You will get an instant Virtual Debit Card and Debit Mastercard
- You have the option of cardless cash withdrawals
- The account is available in USD, EUR, GBP, Japanese Yen, and Swiss Franc
- Instant account opening facility
3. Emirates Islamic e-Savings Account
Emirates Islamic Bank offers excellent perks and profit rates on its online e-Savings Account. Here are the features of this account.
Features:
- It is a Shari’a-compliant Wakala-based profit-bearing Account.
- You can earn up to 1.50% p.a. profit rate (against 25 Million AED amount or more) for AED and USD
- Profit is earned quarterly.
- Profit is dependent on the average monthly balance
- Account holders can have multiple benefits such as bill payments and online transfers.
- transactions made on the account are unlimited, however, the transactions will have an impact on profit calculations.
- You can also take advantage of the 1.50% p.a. projected profit rate on all slabs for new customers for three months in AED and USD.
- Fall below fee of AED 26.25 is charged on a total customer relationship balance of AED 3,000
- The account closure fee is AED 105 (if it closed in the first six months)
4. ADIB Smart Account
ADIB Smart Account is a zero balance account providing a number of advantages for the account holder. The account is suitable for non-commercial and personal use.
Features:
- 0.7136% interest rate against saved funds in the account
- One free domestic and international transfer per month
- Housewives and students can also open an account
- Zero minimum monthly balance (Minimum monthly income of AED 5000 for income-based clients)
- No annual charges
- Possible to earn a profit on the account balance
- Avail more than 1500 discounts and deals via the smartdeals app
- No need for a card to withdraw cash
- Get a free debit card
- Get rewards upon monthly salary transfer
5. Standard Chartered XtraSaver Account
It is a zero-balance savings account offered by an international financial institution working in Dubai, UAE. Here are the features of this bank account.
Features:
- A high interest rate of 2.00% p.a. is offered against your average monthly balance
- The starting balance required for the account is AED 3,000
- There is no minimum balance requirement
- Free contactless debit card
- You can open this account in USD and AED currencies
- You can go for online mobile banking via the SC Mobile app
- You’re free to do three debit transactions in a month. In the event that a month has more than three debit transactions, there will be no return earned.
- It is available for UAE residents and non-residents
6. ADCB Active Saver Account
Savings has never been so easy with the ADCB Active Saver Account. Here are the perks of this account:
Features
- You can open the account in USD, GBP, and AED currencies
- Interest is calculated every day and paid per month
- Earn interest Up to 2.25% Per Annum on AED Account (against the amount above AED 2 Million – AED 5 Million) and 2% on USD Account (against amount equal to USD 1 Million – USD 5 Million)
- You can Pay transfer funds, credit card bills, and redeem TouchPoints
- It is available for residents with a valid visa and UAE nationals only
- A minimum initial deposit of AED 1,000 is required
- Zero minimum balance requirement or monthly fees
7. Commercial Bank of Dubai (CBD) ESaver Account
This online digital account by the Commercial Bank of Dubai offers you maximum flexibility and excellent returns on your savings.
Features:
- You don’t have to maintain a minimum balance in the account
- Zero maintenance charges for the account
- Monthly average balances can get you up to 1.25% interest against an amount of AED 1,000,000 – AED 4,999,999
- Three debits per month (transfers, payments, etc) are allowed
- You can instantly open your account online
- The minimum salary requirement for salaried individuals is AED 5000
- UAE Nationals and Expats with a minimum age of 18 are eligible for the account
Open Savings Account in UAE with RIZ & MONA CONSULTANCY
So, those were some of the many top-rated savings accounts in Dubai, These are just a few of the high-yielding and favorable options available in the UAE. Various other accounts tailored to specific needs are present in the market. It is crucial to conduct thorough research before opening a savings account, as all charges and rates are subject to specific terms and conditions.
Prioritize understanding each charge, fee, and associated terms thoroughly before making the decision to open an account. A comprehensive study ensures informed choices and a clear awareness of the financial commitments involved.
If you are looking to open a new savings account or any other account in Dubai, UAE, you can get help from business consultants like RIZ & MONA CONSULTANCY to get it done for you. RIZ & MONA CONSULTANCY will assist you in preparing an account opening application and gathering everything you require for the process. Get in touch with RIZ & MONA CONSULTANCY today to get your personal or business bank account opened right away.
FAQs – Frequently Asked Questions
Which bank in UAE is best for a savings account?
The best banks in the UAE for savings accounts are:
- FAB (First Abu Dhabi Bank)
- RakBank
- CBD (Commercial Bank of Dubai)
- UAB (United Arab Bank)
- NBF (National Bank of Fujairah)
- HSBC (Hong Kong and Shanghai Banking Corporation)
- ADIB (Abu Dhabi Islamic Bank)
- Standard Chartered
- ADCB (Abu Dhabi Commercial Bank)
- Mashreq
Which bank is best for fixed deposits in the UAE?
Dubai Islamic Bank, Emirates NBD, CBD, RakBank, Mashreq, and many other banks offer good rates for fixed deposits in the UAE.
Do banks in the UAE give interest?
Yes, banks in the UAE give interest for a savings account.
Which Islamic savings account is best?
Emirates Islamic e-Savings Account is a good Islamic savings account in the UAE.
Which bank in UAE is giving the highest interest rate?
The banks in the UAE that are giving the highest interest rates are:
- Dubai Islamic Bank
- Emirates NBD
- RakBank
- Mashreq Bank
- HSBC
How can I save money in the UAE?
You can put your money in a savings account to save money in the UAE.
