If you’re looking to open a bank account in the UAE with a view to earning interest on your deposits, you will want to choose an account that offers high yield rates. With so many banks and financial institutions to choose from, identifying the best high yield accounts can be a time-consuming exercise. In this article, we will review the top 5 bank accounts in the UAE that offer attractive interest rates to help you make an informed choice.
Number 5
ADCB Active Saver
This account offers attractive interest rates of up to 1.25% per annum on deposits as low as AED 10,000. Additionally, the account provides free online banking, free ATM withdrawals, and an opportunity to earn bonus interest rates by maintaining a minimum balance and making regular monthly deposits.
Number 4
Dubai Islamic Bank Al Islami eSavings
This account offers a competitive profit rate of 1.50% per annum, with profit distributions made on a quarterly basis. The account requires a minimum opening balance of AED 3,000, and customers can enjoy free ATM withdrawals, online banking, and phone banking services.
Number 3
HSBC Time Deposit
For those looking for a long-term deposit solution, the HSBC Time Deposit offers high interest rates of up to 3.00% per annum for tenors of three to five years. Higher tenors come with higher interest rates, and the account requires a minimum deposit of AED 10,000.
Number 2
RAKBANK Super Savings Account
This account offers a tiered savings rate that starts at 0.60% for deposits below AED 50,000 and goes up to 1.75% for deposits above AED 500,000. Additionally, customers can enjoy free cash withdrawals, free online banking, and an attractive range of lifestyle benefits.
Number 1
Emirates NBD E-Savings Account
With no minimum balance required, this account offers a competitive rate of 2.50% per annum. Customers can enjoy unlimited deposits and withdrawals, free online banking, and the convenience of 24/7 customer service.
Overall, these top five bank accounts offer the best interest rates and a lot of features designed to help you grow your savings faster. Before you open an account, make sure you read the terms and conditions carefully. Like anything, you want to way out the risks before making any decisions.