Best Savings Accounts in UAE

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Picking the best savings accounts in the UAE is challenging due to the oversaturated and competitive banking system. Comprising 22 local and 30 foreign banks, the high level of competition in the UAE allows excellent deals on savings accounts. Yet, this can cause confusion and uncertainty about which savings account to choose!

This guide covers the best savings accounts in UAE, comparing their pros and cons to help you whittle down your choices. While most banks in the UAE offer great options for short and long-term savings accounts, there are still things worth considering.

Product:Bank:Minimum Deposit:Annual Interest Rate:
iSave AccountFirst Abu Dhabi Bank (FAB)AED 0
AED 500,000 -
AED 500,000 +
Up to 4.5% (campaign rate)
0.1%—1.82%
1.82%-2.5%
Long-Term Wakala DepositDubai Islamic Bank (DIB)AED 25,0002.65%
Monthly Payment Wakala DepositDubai Islamic Bank (DIB)AED 25,0001.6% - 2.6%
Savings AccountAbu Dhabi Islamic Bank (ADIB)AED 5,0000.35% - 0.37%
Savings AccountRAKBANKAED 3,0000.25% (+1% p.a. campaign rate)
Bonus Booster DepositCommercial Bank of Dubai (CBD)AED 1,000Up to 2.02%
Currency Passport Savings AccountEmirates NBDAED 0Up to 0.15%
Fixed Deposit PlusRAKBANKAED 25,000
AED 100,000
AED 500,000
AED 1,000,000
AED 5,000,000
0.1%—0.4%
0.1%—2.1%
0.15%—2.1%
0.15%—2.1%
0.2%—2.1%
MaxSaver AccountMashreq BankAED 5,000Up to 1.2%
Active Saver AccountAbu Dhabi Commercial Bank (ADCB)AED 00.4%—1.15%

Our 10 BEST Savings Accounts Reviewed

Below is a detailed breakdown and comparison of all saving accounts we included in our list of best choices for UAE users. We have listed them and categorised them as best for: beginners, mobile traders, day traders, professionals and crypto traders, including their features and benefits to make the decision easier for you.

  1. iSave Account by First Abu Dhabi Bank (FAB)
  2. Long-term Wakala Deposit by Dubai Islamic Bank (DIB)
  3. Monthly Payment Wakala Deposit by Dubai Islamic Bank (DIB)
  4. Savings Account by Abu Dhabi Islamic Bank (ADIB)
  5. Savings Account by RAKBANK
  6. Bonus Booster Deposit by the Commercial Bank of Dubai (CBD)
  7. Currency Passport Savings Account by Emirates NBD
  8. Fixed Deposit Plus by RAKBANK
  9. MaxSaver Account by Mashreq Bank
  10. Active Saver Account by Abu Dhabi Commercial Bank (ADCB)

1. iSave Account by First Abu Dhabi Bank (FAB)

first-abu-dhabi-bank-fab-logo

With the highest interest rates in the industry, the FAB iSave Account is an excellent fit for users who want to save in AED and can make a deposit in the next 3 months. For a limited time, from 1st October until 31st December 2022, the bank offers a 4.5% interest rate for new funds deposited in the account. Additionally, there are no minimum balance requirements or restrictions on the number of withdrawals. 

Pros:

  • Instant account opening through the FAB Mobile app or Online Banking
  • No minimum balance requirement
  • No restrictions on the number of withdrawals
  • The campaign rate of 4.5% per year, available for individual customers with new funds deposited from 1st October to 31st December 2022
  • Regular conditions include flexibility and different rates for different balances, up to 1.82% for a balance of up to 500,000 and 1.82% – 2.5% for a balance over AED 500,000

Cons:

  • Certain fees may apply
  • Available only in AED
  • Eligibility is calculated on the average monthly balance

2. Long-term Wakala Deposit by Dubai Islamic Bank (DIB)

dubai-islamic-bank

For users, who have already accumulated AED 25,000 and are planning to open a long-term savings account in local currency with a tenure of no less than 3 years, a Long-term Wakala Deposit by Dubai Islamic Bank is a good choice. This account offers one of the highest interest rates for long-term investments at an annual interest rate of 2.65%. The drawbacks of the account are its 3-year tenure and comparatively high minimum balance requirement of AED 25,000. However, even if users are not sure about long-term investments, the Long-term Wakala Deposit offers a premature liquidation at some cost.

Pros:

  • No account maintenance fees
  • High interest rates
  • Opportunity to reinvest the investment amount
  • Premature liquidation available with some profit
  • Flexibility and different interest rates for tenures of 3 and 5 years

Cons:

  • Certain fees apply
  • Available only in AED
  • Minimum balance requirement of AED 25,000
  • Existing savings or current account relationship with Dubai Islamic Bank is necessary
  • Bank will pay out earned profit in full on the maturity of the deposit

3. Monthly Payment Wakala Deposit by Dubai Islamic Bank (DIB)

dubai-islamic-bank

Similar to the Long-term Wakala Deposit, Monthly Payment Wakala Deposit offers high-interest rates from a 1.6% annual interest rate up to 2.6% for savings in local currency and could be a good choice for users who require more flexibility in terms of the loan tenure. The minimum tenure available is 3 months, offering a 1.6% profit rate. In contrast, 2- and 3-year savings accounts offer up to 2.35% and 2.55% annual profit rates, respectively, while you can earn as much as 2.6% annually for a 5-year account. The account has a minimum deposit requirement of AED 25,000.

Pros:

  • No account maintenance fees
  • High interest rates
  • Opportunity to reinvest the investment amount
  • Flexibility and different interest rates for different tenures, ranging from 3 months (1.6%) to 60 months (2.6%)

Cons:

  • Certain fees apply
  • Available only in AED
  • Minimum balance requirement of AED 25,000
  • Existing savings or current account relationship with Dubai Islamic Bank is necessary


4. Savings Account by Abu Dhabi Islamic Bank (ADIB)

adib-logo

With a choice of 7 different currencies, the ADIB Savings account could be a good fit for users who plan to invest in foreign currencies. Even though at a lower interest rate of 0.35%-0.37%, ADIB offers savings in AED, USD, EUR, GBP, CHF, CAD, or JPY. The profit rate depends on the minimum balance requirement that ranges from 5,000 units to 25,000 and higher. Even though this might not be the best choice for local currency savings, users can maintain accounts in foreign currencies.

Pros:

  • Available in 7 different currencies: AED, USD, EUR, GBP, CHF, JPY, CAD
  • Offers 24-hour banking services via the internet, telephone, or SMS banking
  • Profits are calculated every month
  • Free ADIB Visa Debit Card is available for users
  • Free unlimited teller transactions at over 60 branches across the UAE

Cons:

  • Certain fees apply
  • The ATM Card is for use in AED Currency only
  • Minimum balance requirement of 5,000 units
  • Profits are credited to the account every quarter

5. Savings Account by RAKBANK

rakbank-logo

Another multiple-currency savings account is available at RAKBANK. Offered for only 4 to 6 currencies and at a lower interest rate of 0.25%, the RAKBANK Savings Account is less appealing than the ADIB Savings Account. However, this account is perfect for users who plan to open a USD account within the following 5 months since a promotional offer is available for new users. By increasing their monthly average balance in USD savings accounts during the promotion period from 1st September 2022 to 28th February 2023, users will earn an additional 1% p.a. interest rate. The minimum monthly balance requirement for this account is 3,000 units.

Pros:

  • Multiple currencies: AED, USD, GBP, EUR, CHF, JPY
  • Easy and convenient money transfer
  • Additional 1% p.a. (per annum) interest offer is applicable for USD savings accounts during the promotion period
  • Free debit card is issued to users
  • Interest is accrued daily on closing balances

Cons:

  • Interest is paid quarterly, in June or December
  • A minimum balance requirement is set at 3,000 units
  • Debit card is issued only for AED-denominated accounts
  • A fee of AED 25 is incurred if a balance of at least AED 3,000 is not maintained

6. Bonus Booster Deposit by the Commercial Bank of Dubai (CBD)

commercial-bank-dubai

Bonus Booster Deposit account, offered by the Commercial Bank of Dubai, is perfect for users who plan to invest small or large amounts every month. With a small monthly deposit requirement of AED 1,000, the savings account users can earn up to 8.25% total return at the end of 36 months or an average of 2.02% annual profit rate. Even though profit is accrued on the average balance, the Bonus Booster Deposit account could still be helpful for people who plan to save small amounts from their salary or other income sources every month.

Pros:

  • Instant opening through CBD Online Banking for CBD customers
  • Guaranteed interest income of 1% and a bonus at maturity, equal to one monthly deposit
  • Low monthly deposit amount of AED 1,000
  • Complimentary Attijari Rewards Points available

Cons:

  • Available only in AED
  • Interest is paid upon maturity
  • Monthly deposits are required
  • Fixed, long-term tenure

7. Currency Passport Savings Account by Emirates NBD

emirates-nbd-logo

For all the users who want to see even more currency options for their savings accounts, the Emirates NBD offers a Currency Passport Savings Account. Even though available at a low-interest rate of up to 0.15%, this account includes several unique benefits. For example, the Currency Passport Savings Account is ideal for users who either convert different currencies often or transfer them abroad. So users who need to complete foreign money transfer operations frequently can do so instantly and with no fees via DirectRemit.

Pros:

  • Flexible tenure from 7 days to 5 years
  • Available in multiple major foreign currencies, such as AUD, BHD, CAD, CNH, GBP, HKD, JOD, KWD, OMR, SAR, SGD and USD
  • Quarterly statement of account
  • Flexibility to withdraw, transfer, or exchange currencies conveniently

Cons:

  • Certain fees may apply
  • Interest calculation based on minimum monthly balance
  • Varied interest rates may apply to different currencies
  • Low-interest rate is offered

8. Fixed Deposit Plus by RAKBANK

rakbank-logo

Available only in AED and USD, RAKBANK Fixed Deposit Plus is a good choice for long-term investors in USD who already have significant savings and want to invest or reinvest those. Even though better interest rate offerings might be available for AED savings accounts in other banks, RAKBANK offers one of the highest interest rates for funds in USD. With a minimum deposit of over $25,000, users can earn 1.25% for a 1-year tenures, 2% annually for 2 years, or an annual interest of 2.1% for a 3-year savings account.

Pros:

  • Higher interest rates, especially in USD
  • Higher flexibility and different interest rates for a different total amount of savings, ranging from AED 25,000 up to AED 10,000,000 or USD 10,000 up to USD 2,720,000
  • Higher flexibility and different interest rates for different tenures, ranging from 1 month up to 3 years

Cons:

  • Only in AED and USD
  • No interest is earned for a balance below AED 25,000 / USD 10,000 and a tenure below 1 month
  • Fixed deposit product is not available on digital banking platforms

9. MaxSaver Account by Mashreq Bank

mashreku-logo

Also available in two currencies, AED and USD, MaxSaver Account at Mashreq Bank is perfect for users who still would like to save in USD and earn higher profit but currently do not have any savings. With no minimum balance requirement and monthly fees, users can make an annual interest rate of 1.2% on both local currency and USD savings accounts. Additionally, 1 debit transaction per month is allowed without impacting the interest payment of that month.

Pros:

  • No minimum balance required
  • No monthly fees apply
  • High interest rate regardless of the amount
  • Interest on the account is accrued and credited monthly
  • One debit transaction per month allowed
  • Users can open an AED MaxSaver account with online and mobile banking

Cons:

  • Available only in AED or USD
  • A minimum monthly income of AED 5,000 is required
  • It is necessary to have an active Mashreq current or savings account to open a Dream Saver Account
  • User can only open a MaxSaver account in USD in a branch (not available with online or mobile banking).

10. Active Saver Account by Abu Dhabi Commercial Bank (ADCB)

adcb-logo

Even though available at lower interest rates, users can open ADCB Active Saver Accounts in AED, USD, or GBP. The bank offers quite some flexibility for different minimum balances and tenures. This account is a good choice for users who would like to start saving in GBP, earning as much as 0.55% annual interest for balances between GBP 10,000 and GBP 100,000 and 0.75% annually for a balance higher than GBP 250,000. At the same time, the bank offers up to 0.85% in USD and up to 1.15% in AED. However, minimum balance requirements are higher, over USD 1,000,000 and AED 10,000,000, respectively.

Pros:

  • Available in AED, USD, or GBP
  • Interest is calculated daily on the daily closing account balance
  • Interest is paid monthly based on the balance tier and the corresponding interest rate
  • You can earn TouchPoints can be earned by paying credit card bills or transferring funds
  • Can be opened online through ADCB Personal Internet Banking
  • Higher flexibility and different interest rates for different monthly average balances, ranging from AED 0 up to AED 20,000,000; USD 0 up to USD 5,000,000; GBP 0 up to GBP 250,000

Cons:

  • Certain fees may apply
  • You can earn higher interest rates can be earned only for high minimum balance requirements
  • Available only for UAE nationals and residents
  • An ADCB current or savings account is required to open the account

How to Choose the Right Savings Account in the UAE?

While each bank savings account listed is slightly different, choosing the best savings account in UAE depends on your needs and personal preferences. This short guide will help you define the key features you need to know to make an informed decision.

1. Do you have a starting capital, or are you just deciding to start saving?

If you have already accumulated some money, you need to look for the minimum deposit requirements of a specific savings account. Banks offer higher interest rates for more significant investments, meaning you will earn more by investing more money.

2. What level of flexibility do you want?

If you want to deposit money and forget it for a while, choose a savings account without withdrawal options because it offers users a better annual interest rate. If you think you need to use some or all of your savings before the maturity date, you should choose an option with more flexibility but a lower interest rate.

3. How long are you planning to keep your savings bank account open?

Plan and ensure you know your saving period's timeline. If you know you can lock away your savings for three years, opening a 3-year account is a wiser choice than opening a 1-year account three times. The former will offer you a better interest rate and guarantee higher profits.

4. Which currency do you want to use for your savings bank account?

Define the currency you will use to deposit money into your savings account! Besides AED, most UAE banks offer savings accounts in USD and GBP. Some savings accounts have even more flexibility and provide multiple currency accounts, including currencies such as AUD, BHD, CAD, CNH, HKD, JOD, KWD, OMR, SAR, and SGD. Always remember that banks set different conditions and sometimes even different interest rates for foreign currency savings accounts.

5. Satisfying the eligibility criteria for the loans

Most savings accounts require you to already have an active account with the bank. This criterion is mainly set for foreigners, while locals must provide proof of monthly income of more than AED 5,000.

Conclusion

This analysis should be considered a guide for selecting the best saving account in UAE. Before you sign up with any of the listed banks, you need to check the information in the table above and investigate the benefits and disadvantages of each banking account based on your preferences. After making your final decision, follow the links for each savings account and check the terms on the bank’s official website.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

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