Banks are financial institutions that provide services to various companies, organizations, and individuals. Banks consist of two types of accounts, namely savings account and current account.
The savings account is for those people who want to keep their hard-earned safe and at the same time increase their total amount on a monthly or yearly basis. This increment is due to the interest rate, which differs from bank to bank. In this article, we will take a look at some of the best savings accounts in the UAE.
CBI bank has been serving people since 1991 in UAE. It is one of the leading banks which earned itself a great reputation among local people and businessmen. Also, it is rated highly by a rating agency based on its investment. It gives bank holders full freedom to withdraw money any number of times from the account, thus making it easily accessible. Some of its features are as follows:
- It is available for joint as well as minor account holders.
- An international debit card is free.
- Monthly payment of interest and number of pins have no upper limit.
- It has an interest rate of almost 1.75% for an account.
EMIRATES ISLAMIC E-SAVINGS ACCOUNT
Emirates e-savings account is listed among the best online savings accounts in UAE. It is preferred by a large number of individuals. It offers an interest rate of 0.20% annually. It is easily accessible by all. Down below is what the bank offers.
- It consists of online banking facilities.
- Easily accessible from anywhere in UAE
- Minors can avail of this account facility
- It allows you to open an account at a lower deposit.
RAK bank is one of the top-rated banks in UAE. It is voted as 1st in the United Arab Emirates and stood at 17th in the world ranking. It lends loans to businesses on a large scale. It has a wide network of over 39 branches and more than 250 ATM facilities in the UAE itself. It provides an interest rate up to 0.50% to account holders. Some of its features are listed down below.
- You can open an account at 0 balance.
- Payment of bills is free without any extra charge.
- Payment of interest every month.
- Free debit card along with online banking services.
ADCB is an abbreviation of “Abu Dhabi Commerical Bank”. It was established in 1985 after the congregation of Khaleej Commercial Bank along with Federal Commercial Bank and Emirates Commercial Bank.
It provides interest rates of up to 2%. Following are what the bank has to offer.
- Payment of interest rate is monthly.
- There is a system of touchpoints that allow you to use them for purchases of various items.
- Easy transfer of money to an active account.
- Internet banking is available and no issue with a checkbook and ATM card.
STANDARD CHARTERED XTRASAVER ACCOUNT
Standard chartered bank is one of the oldest banks in the UAE. It was established in Sharjah in the year 1958. Now, it has several branches in UAE along with Asia, the Middle East, and Africa. Its subsidiaries are in different countries managing all the trade processes. It is one of the largest banks in the UAE and the world. It offers all help to its account holders and is a reliable option. Some of its features are given below.
- Its interest rate is up to 1.10% annually.
- Availability of online banking services.
- A debit card is free and easily accessible by residents of UAE and outside UAE.
NATIONAL BANK OF FUJAIRAH MAX SAVER ACCOUNT
It is the most respected and reputed bank in UAE. It has earned itself many awards for its quality services and a better understanding of markets. It has been serving UAE for more than 25 years now.
Different services provided by it include personal banking, corporate banking, and business banking. As of now, online banking is also available in the bank. Here is what the bank offers.
- It offers interest rates of up to 1.5%.
- Payment can be either in US Dollars or Dirham,
- The interest rate is added to the total deposit each month.
- You can have only two maximum accounts in this bank.
EMIRATES NBD STANDARD SAVINGS ACCOUNT
Emirates NBD bank was established in the year 1963 in Dubai by the ruler itself. Earlier, NBD and Emirates were two different banks but following their congregation, it was named Emirates NBD in 2007.
This bank is also extending online services along with some other better options. It provides impressive interest rates of up to 1.5% depending on the amount deposited and was also voted as one of the best savings accounts. Down below is what the bank offers.
- Money is easily transferrable through online mode.
- No issue of checkbook or ATM
- No facility of joint accounts.
This HSBC bank provides an annual interest rate of up to 3% but the monthly rate of interest is starting from 0.43%. Account-holders of this bank can avail the facilities of phone or banking along with information on mails and messages. The term of a saving account can last from 1 month to 36 months. Some of its features are listed down below.
- You can open an account at the lowest deposits.
- Impressive interest rates.
- Banking facility available for 24 hours a day.
- Returns are high enough.
As already discussed above CBI is popular in UAE but it consists of several saving options among which the E-Saver account is the most popular. It has online banking facilities and an annual rate of interest of up to 3%. At low deposits also it lends up to 2% interest rates. Here are some of the features of the bank.
- Since it’s an e-saver account, no minimum deposit is necessary.
- No issue of checkbook or ATM
- A debit card can be issued.
- Offers joint account facility.
- Minors are eligible for a joint account.
- Monthly payment of interest rate.
Hence, this can be concluded that a variety of savings accounts are available in the UAE. You can select the one according to your demand and affordability. The above-listed banks are among the best options. We hope that this gave you an insight into the basic functioning of these banks so that you can compare and choose the right option.
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