Finding the right savings account is crucial to maximizing your savings and achieving your financial goals. The UAE boasts a rich and varied banking sector, with numerous banks offering competitive interest rates and unique features. Here are the top 5 savings accounts in the UAE, along with their interest rates:
Number 5:
Dubai Islamic Bank Savings Account:
Dubai Islamic Bank (DIB) provides a savings account that offers an interest rate of 1%. The minimum balance required to open and maintain the account is AED 5,000. The account is compliant with Sharia principles and comes with features like free online banking, SMS alerts, e-statements, and personalized debit cards.
Number 4:
Mashreq Bank Happy Savings Account:
Mashreq bank offers their Happy Savings Account, which provides an interest rate of 1.25% and has no account opening or maintenance charges. To qualify, customers must maintain a minimum monthly average balance of AED 3,000. In addition, the account comes with a debit card that offers discounts on dining, entertainment, and shopping.
Number 3:
Emirates NBD Savings Account:
Emirates National Bank of Dubai (ENBD) offers an interest rate of 1.5% on their savings account. However, you must maintain a minimum balance of AED 3,000 to qualify for the interest rate. The account also comes with benefits such as free online banking, a debit card, and SMS alerts for every transaction.
Number 2:
ADCB Active Saver Account:
This account offers a competitive interest rate of 2% with no minimum balance requirement. However, customers who maintain a minimum monthly average balance of AED 25,000 can enjoy an interest rate of 2.25%. Additionally, ADCB offers account holders discounts on dining, entertainment, and shopping, as well as free airport lounge access.
Number 1:
FAB Savings Account:
First Abu Dhabi Bank (FAB) offers a savings account that provides a good interest rate of 2.25%. To open a savings account with FAB, you have to maintain a minimum monthly average balance of AED 3,000. FAB’s savings account also includes features like personalized debit cards with cashback rewards, free online banking, and a mobile wallet that allows you to make payments and transfers easily.
While the above banks offer some of the best savings accounts in the UAE, other banks such as RAKBANK, Abu Dhabi Islamic Bank (ADIB), and Commercial Bank of Dubai (CBD) are also popular among UAE residents. However, these banks have slightly lower interest rates, ranging from 0.25%-1% on their savings accounts.
In conclusion, by choosing any of the aforementioned savings accounts, you will benefit from a competitive interest rate, flexibility, and access to various banking solutions while catering to your savings goals. Research and compare the different banking options available to determine which one is most suitable for your financial needs
Which bank is best for savings account in UAE?
Finding the right savings account is crucial to maximizing your savings and achieving your financial goals. The UAE boasts a rich and varied banking sector, with numerous banks offering competitive interest rates and unique features. Here are the top 5 savings accounts in the UAE, along with their interest rates:
Dubai Islamic Bank Savings Account:
Mashreq Bank Happy Savings Account:
Emirates NBD Savings Account: