Best Savings Account in Dubai
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What is a Savings Account?
Due to its high liquidity, a savings account typically earns a lower interest rate than a fixed deposit. The savings account interest rates may vary from bank to bank.
What is the Importance of a Savings Account in the UAE?
Highly Secure: Money deposited in a bank savings account is 100% safe with no risk of theft or loss
High Liquidity: Depositors can withdraw any amount from their savings accounts with very few restrictions
Interest Income: A savings bank deposit earns a reasonable interest rate and enables steady investment growth
Instills Discipline: Unlike cash holdings, a savings account helps you save money regularly from your income
Flexibility: Money accumulated in a savings account can be utilized for other purposes, including high-return investments
List of Best Banks for Savings Accounts in the UAE
1) Abu Dhabi Commercial Bank (ADCB) Active Saver Account
ADCB is one of the best banks for a savings account in the UAE. Both UAE citizens and residency visa holders can open a savings account with ADCB.
Interest Rate: Up to 2% per annum
Eligibility: Existing savings or current account holders in ADCB who are at least 21 years of age are eligible to open an Active Saver account.
Features & Benefits:
Anywhere, any time online access
Attractive interest rates to grow your savings
Calculation of interest based on minimum monthly balance and payable every six months
Choice to hold money in either AED or US Dollar currencies
A maximum of five accounts can be opened at a time
2) Commercial Bank International (CBI) Saver Account
The CBI Saver Account is one of the top savings accounts in Dubai with high interest rates and a wide array of features. The bank offers an unparalleled banking experience for all its customers.
Interest Rate: Up to 3% per annum
Eligibility: The applicant must be aged 18 years or above and has to be a resident of the UAE. Children below 18 years can open an account as a joint applicant with their parents or guardians.
Features & Benefits:
Unlimited withdrawals with periodic interest credits
Interest calculation based on average daily balances and payable monthly
The account is available in the local currency, i.e. AED
An international debit card is provided free of cost to every account holder
3) Emirates NBD Smart Saver Account
The Emirates NBD Group is one of the most respected financial services brands in the UAE. The Smart Saver Account is one of the best savings accounts in Dubai, with its high interest rates and customer-friendly features.
Interest Rate: Up to 1.50% per annum
Eligibility: The applicant must be at least 18 years old. Both UAE nationals and expatriates with valid residency visas can open the account.
Features & Benefits:
Facility to hold savings in multiple currencies such as the USD, EUR, GBP, and AED
Salaried, non-salaried, and self-employed individuals can open this account.
There is no facility for having joint accounts.
No monthly or annual fees are charged for this account. The Smart Saver Account does not offer a chequebook or a debit card.
4) RAK Bank Savings Account
The RAKBank’s savings account is one of UAE’s best savings accounts due to its zero balance option. The account can be set up within minutes due to next-gen digital banking practices adopted by RAKBank.
Interest Rate: Up to 0.25% per annum
Eligibility: The applicant must be at least 18 years old. Both UAE residents and non-residents can open the account.
Features & Benefits:
Zero minimum balance requirement for the first three months
Interest is accrued on daily closing balances and paid bi-annually in June and December
Instant and seamless money transfer with RAKMoney Transfer
Multiple currency options to hold your savings
5) HSBC Term Deposit Account
You can choose to open a savings account in the UAE through the HSBC Term Deposit Account. This is one of the highest-interest savings accounts in the UAE, offering investors the opportunity to reinvest both principal and interest amounts on maturity.
Interest Rate: Up to 3.00% per annum
Eligibility: Any existing savings or current account holder with HSBC who is aged 18 years or above can open this account.
Features & Benefits:
Facilitates reinvestment of both interest and principal amounts on maturity
Offers competitive interest rates on savings accounts with low minimum deposit requirements
Multiple currency options for deposit holders
24×7 banking support with free message alerts
6) First Abu Dhabi Bank (FAB) Savings Account
The FAB iSave Account is undoubtedly the best savings account in the UAE. You can open this account seamlessly through the FAB mobile app or online banking.
Interest Rate: Up to 5.25% per annum
Eligibility: Only individuals who are UAE residents with a valid Emirates ID are eligible to open this account.
Features & Benefits:
One of the highest interest-savings accounts in the UAE.
No restrictions on the number of withdrawals
Instant account opening through the FAB mobile app or online banking
7) Standard Chartered XtraSaver Account
Standard Chartered is one of the best banks for savings accounts in the Emirates and across the globe. Customers can easily withdraw cash from a Standard Chartered ATM anywhere in the world.
Interest Rate: Up to 2% per annum
Eligibility: Any UAE citizen, resident, or non-resident who is at least 18 years of age is eligible to open this account.
Features & Benefits:
Daily compound interest for regular monthly payments
Flexibility of both AED and US Dollar currencies
Zero monthly service charges
Provision for local utility bill payments
Free contactless debit card for savings account holders
8) National Bank of Fujairah (NBF) Max Saver Account
NBF offers a high-yield savings account in the UAE to enable investors to maximize their savings. Only the existing savings or current account holders of the bank can open this account as a supplementary account.
Interest Rate: Up to 2.50 % per annum
Eligibility: Only UAE citizens or expats with a valid residency visa can open this account if they are at least 18 years of age. However, parents can operate the account on behalf of their minor children.
Features & Benefits:
Interest is calculated on daily balances and paid out monthly
The account is available in both AED and US Dollar
Existing account holders can open up to two Max Saver accounts
Flexible monthly withdrawals with no penalties
How to Open a Savings Account in the UAE?
- Visit the official website of the bank (any of the banks from the list above). Go to the ‘Savings Account’ section on the homepage.
- Select an appropriate savings account type from the list based on your requirements.
- Start the online application process by clicking on the ‘Apply Now’ button.
- Fill out the application form with all the requisite details. Please ensure that the information is complete and accurate. Tick the box to agree to the bank’s terms & conditions.
- Submit the application form. You will soon receive a call from the bank to guide you toward the subsequent course of action
Frequently Asked Questions on Savings Accounts in Dubai
Can I open a savings account in the UAE?
Most banks in the UAE allow citizens and resident visa holders to open a regular savings account if they are at least 18 years of age. However, some of the special savings accounts may be open only to the bank’s existing customers.
What are the differences between savings and current accounts?
A savings account is suitable for salaried individuals or those with regular incomes who wish to save. A current account is best suited for businessmen and traders who undertake frequent bank transactions. While a savings account earns a modest interest, there is no such earnings on a current account.
Which bank in Dubai gives the highest interest rate?
Currently, the First Abu Dhabi Bank is offering 5.25% p.a. interest on new funds deposited in the FAB iSave account between 1st May 2023 to 30th September 2024.
Can a foreigner open a savings account in Dubai?
Yes. Non-residents can open a savings account in Dubai by visiting the bank and applying in person. Documents such as the original passport, address proof, latest bank statements, and a detailed CV are essential to open a savings account.
Which is the safest bank in the UAE?
The First Abu Dhabi Bank (FAB) has been consistently ranked among the safest banks in the Middle East and the world by the renowned Global Finance magazine.
