Best Saving Accounts in UAE

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The United Arab Emirate’s banking system is oversaturated and competitive. Comprising 22 local and 30 foreign banks, the sector is divided into four types: commercial banks, industrial banks, merchant banks, and Islamic banks. The high level of competition in the UAE allows great deals on savings accounts and other bank products. Nevertheless, this can also cause confusion and uncertainty. Simply choosing the right bank is challenging in itself, not to mention which savings account to go for!

In this guide we go over the best saving accounts in UAE, comparing their pros and cons to help you whittle down your choices. You will find everything you need to know about savings accounts offered by the largest banks in the UAE. While most banks in the UAE offer great options on short/long-term savings accounts, there are still account options worth consideration.

  1. First Abu Dhabi Bank (FAB)
  2. Emirates NBD
  3. Abu Dhabi Commercial Bank (ADCB)
  4. Dubai Islamic Bank (DIB)
  5. Mashreq Bank
  6. Abu Dhabi Islamic Bank (ADIB)
  7. Commercial Bank of Dubai (CBD)
  8. RAKBANK
BankProductMinimum DepositAnnual Interes Rate
RAKBANKSavings AccountAED 3,0000.0025
Call DepositAED 3,0000.001
Fixed Deposit PlusAED 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%
Commercial Bank of Dubai (CBD)Bonus Booster DepositAED 1,000Up to 2.02%
Step-Up DepositAED 10,0000.7%—1.4%
EsaverAED 00.5%—1.25%
Abu Dhabi Islamic Bank (ADIB)Mudaraba Investment DeposiEGP 3,000-
EGP SukukEGP 0-
Mashreq BankBasic Savings AccountAED 3,0000.0015
Easy Saver AccounAED 0Up to 1.2%
Dream Saver AccountAED 00.01
MaxSaver AccountAED 0Up to 1.2%
Dubai Islamic Bank (DIB)Advance Profit Payment WakalaAED 250,0001.75% - 2.25%
Maximiser Wakala DepositAED 10,0001.5%
cumulative expected profi rate
Monthly Payment Wakala DepositAED 25,0001.6% - 2.6%
Long-Term Wakala DepositAED 25,0002.65%—2.75%
Abu Dhabi Commercia Bank (ADCB)ADCB Savings AccountAED 00.001
ADCB Active Saver AccountAED 00.4%—1.15%
Emirates NBDSmart [email protected] AccountAED 25,0000.5%—1.25%
FlexiDeposit AccountAED 10,0000.05%—1.0%
Fixed DepositAED 10,0000.05%—1.0%
Currency Passport Savings AccountAED 0Up to 0.15%
First Abu Dhabi Bank (FAB)Smart DepositsAED 30,000-
Fixed DepositsAED 5,000-
FAB iSave AccountAED 0Up to 3.5%

Our TOP 8 Saving Accounts Reviewed

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

1. First Abu Dhabi Bank (FAB)

first-abu-dhabi-bank-fab-logo

With total assets of AED 940.75 billion, the First Abu Dhabi Bank (FAB) is the largest bank in UAE. In an ongoing campaign, the bank offers an unprecedented interest rate of 3.5% per year for individual customers with new funds only until 30 September 2022. FAB is also one of the few banks in UAE which offers high tenure savings accounts and high rates, even outside their campaign. 

The FAB offers three different saving accounts:

Smart Deposits Account

Pros:

  • Flexible tenures available for two, three, four, five, seven and ten years
  • Available in multiple currencies, including AED, USD, GBP and EUR
  • An opportunity to choose whether interest is paid monthly, bi-annually or on maturity.

Cons:

  • Certain fees and charges may apply
  • A minimum deposit is required
  • A fee of AED 100 applies for premature withdrawal or early breakage of fixed deposit
  • Interest will be paid only if the deposit is retained for a minimum period of 6 months
  • Partial withdrawal is not allowed.

Fixed Deposits Account

Pros:

  • Flexible tenures from one week to 12 months
  • Available in multiple major currencies
  • Joint ownership allowed

Cons:

  • Certain fees and charges may apply
  • A minimum deposit is required
  • The applicant must hold a current, savings or call account with FAB
  • An AED 100 fee applies for premature withdrawals or early breakage of a fixed deposit
  • Partial withdrawal is not allowed

FAB iSave Account

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 3.5% per year is available for individual customers with new funds until 30 September 2022
  • Flexibility and different rates for different balances, up to 1.57% for a balance up to 500,000 and 1.57%—2.25% for a balance over AED 500,000

Cons:

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

2. Emirates NBD

emirates-nbd-logo

Holding total assets worth AED 695.06 billion, Emirates NBD is the second largest bank in UAE. It offers products with the widest variety of foreign currencies, including AED, USD, GBP, AUD, BHD, CAD, CNH, GBP, HKD, JOD, KWD, OMR, SAR, and SGD and is a great bank to consider, If you are looking to open a savings account in a foreign currency. The bank offers some flexibility for the term and balance of the loan, while also offering the flexibility to withdraw, transfer or move cash between currencies conveniently.

Smart [email protected] Account:

Pros:

  • High interest rate
  • Available in AED, USD, or GBP
  • Interest calculation based on daily closing balance
  • Monthly Interest Pay-out (credit to account)
  • Higher flexibility and different interest rates for different monthly average balances, ranging from AED 25,000 to AED 2,000,000
  • Transfer funds through online banking and cash deposit machines

Cons:

  • Certain fees and charges may apply
  • Lower interest rates are earned for higher balances

FlexiDeposit Account:

Pros:

  • High interest rate
  • Available in multiple currencies, such as AED, USD, GBP, SAR, AUD, or CAD
  • Higher flexibility and different interest rates for different tenures ranging from 3 to 60 months
  • Premature and partial withdrawals with unlimited withdrawals
  • Redeem at branches or through online banking

Cons:

  • Certain fees and charges may apply
  • Interest is paid out upon maturity
  • Requires a minimum deposit

Fixed Deposit:

Pros:

  • Flexible tenure from 7 days to 5 years
  • Available in multiple currencies, such as AED, USD, GBP, SAR, AUD and CAD
  • Freedom to make partial withdrawals during emergencies
  • Redeem through branches or online banking
  • Premature unlimited withdrawals permitted

Cons:

  • Certain fees and charges may apply
  • Interest is paid out upon maturity
  • An existing current or savings account is required to open a fixed deposit account
  • Requires a minimum deposit

Currency Passport Savings Account:

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, USD
  • Quarterly statement of account
  • Flexibility to withdraw, transfer or exchange currencies conveniently

Cons:

  • Certain fees and charges may apply
  • Interest calculation based on minimum monthly balance
  • Varied interest rates may apply on different currencies

3. Abu Dhabi Commercial Bank (ADCB)

adcb-logo

With total assets of AED 395.82 billion, the Abu Dhabi Commercial Bank is the 3rd biggest bank in UAE. ADCB offers interest profits that are calculated daily and credited (paid out) monthly. The bank also offers debit cards for some of its products, as well as online and mobile banking. Free e-statements are also available for ADCB users.

ADCB Savings Account:

Pros:

  • Free e-statements
  • Debit card available
  • Interest is accrued monthly on the minimum balance

Cons:

  • Certain fees and charges may apply
  • Interest is paid half-yearly
  • Available only in AED and USD
  • A minimum monthly income of AED 5,000 is required
  • An existing current or savings account relationship with Dubai Islamic Bank is required for non-residents

ADCB Active Saver Account:

Pros:

  • High interest rate
  • Interest is calculated daily on the daily closing account balance
  • Interest is paid monthly based on the balance tier and the corresponding interest rate
  • An active savers account can be opened online through ADCB Personal Internet Banking
  • Available in AED, USD or GBP
  • Higher flexibility and different interest rates for different monthly average balances up to AED 20,000,000

Cons:

  • Certain fees and charges may apply
  • An existing ADCB current or savings account is required to open the account

4. Dubai Islamic Bank (DIB)

dubai-islamic-bank

Next on our list is Dubai Islamic Bank (DIB), holding a total of AED 291.71 billion worth of assets. If you are planning to save in AED, you might be able to find some of the best offers at DIB. However, the bank offers higher rates than its competitors, together with high flexibility on the loan term and balance amount. Please note: if you would like to be able to save in other currencies too, you should look for a different bank.

Advance Profit Payment Wakala:

Pros:

  • High interest rates
  • Flexibility and different interest rates for different tenures of 6 or 12 months

Cons:

  • Certain fees and charges apply
  • A minimum balance of AED 250,000 is required
  • An existing current or savings account relationship with Dubai Islamic Bank is required

Maximiser Wakala Deposit:

Pros:

  • High interest rates
  • Monthly expected profits will be calculated on an incremental basis
  • Flexibility and different interest rates for different tenures, ranging from 1 to 18 months

Cons:

  • Certain fees and charges apply
  • Available only in AED
  • Earnings will be paid out on deposit maturity
  • An existing current or savings account relationship with Dubai Islamic Bank is required

Monthly Payment Wakala Deposit:

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 to 60 months

Cons:

  • Certain fees and charges apply
  • Available only in AED
  • An existing current or savings account relationship with Dubai Islamic Bank is required

Long-Term Wakala Deposit:

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 different tenures of 3 and 5 years

Cons:

  • Certain fees and charges apply
  • Available only in AED
  • An existing current or savings account relationship with Dubai Islamic Bank is required
  • Earned profit will be paid out in full upon maturity of the deposit

5. Mashreq Bank

mashreku-logo

Mashreq Bank is the 5th largest bank in the UAE, holding AED 162.25 billion worth of total assets. It offers free online banking with a mobile app, a free debit card and several transaction options on penalty free basis. Most of the other products have no fees or charges, which might also be a benefit worth considering. Mashreq Bank, does not offer a wide variety of options when it comes to foreign currency accounts.

Basic Savings Account:

Pros:

  • Apply online via the Mashreq Mobile app
  • Receive a free Visa debit card
  • Up to 6 free manned transactions per month
  • Free online, mobile and telemarketing access
  • Flexibility to use your money anytime through Debit Card or Cheque

Cons:

  • A minimum monthly income of AED 5,000 is required
  • If the combined minimum average balance on the account falls below the “monthly minimum balance”, a “fall below fee” will be applied
  • Interest is credited to the account every 6 months

Easy Saver Account:

Pros:

  • No minimum balance required
  • No monthly fees
  • High interest rate
  • One debit transaction per month without any effect on the interest payment for that month

Cons:

  • Available only in AED or USD
  • A minimum monthly income of AED 5,000 is required
  • If more than 1 debit transaction is completed within a month, the interest for that month is forfeited and will not be credited

Dream Saver Account:

Pros:

  • No minimum balance required
  • There are no fees or charges applicable on the Dream Saver Account
  • High interest rate
  • Interest on the account is accrued monthly
  • Apply for a Dream Saver Account online through Mashreq Mobile or online banking

Cons:

  • Available only in AED
  • You would need to have an active Mashreq Current Account or Savings Account in order to open a Dream Saver Account
  • The product is not suitable for those who may need to withdraw funds before completion of the savings period
  • Interest is credited at the maturity date

MaxSaver Account:

Pros:

  • No minimum balance required
  • There are no fees or charges applicable on the Dream Saver Account
  • High interest rate
  • Interest on the account is accrued monthly
  • Apply for a Dream Saver Account online through Mashreq Mobile or online banking

Cons:

  • Available only in AED
  • You would need to have an active Mashreq Current Account or Savings Account in order to open a Dream Saver Account
  • The product is not suitable for those who may need to withdraw funds before completion of the savings period
  • Interest is credited at the maturity date

6. Abu Dhabi Islamic Bank (ADIB)

adib-logo

With total assets of AED 130.69 billion, the Abu Dhabi Islamic Bank finished up on the 6th spot. ADIB is one of the few banks in the UAE that offers savings accounts in euros. If you are planning to save in EUR, you should take a closer look at what ADIB has to offer.

The ADIB offers an option to withdraw your profits through ATMs 24/7, as well as the possibility of redemption based on an early redemption table.

Mudaraba Investment Deposit:

Pros:

  • Multiple currencies: Egyptian pound, US dollar, euro, pound sterling, Saudi riyal
  • Higher flexibility and different interest rates for different tenure, ranging from 180 days (6 months) up to 720 days (2 years)
  • Profits are calculated based on the actual number of days depending on deposit tenure
  • The option to withdraw profits through ATMs 24/7
  • Possibility of redemption based on early redemption table

Cons:

  • Does not offer clear interest rates
  • It is unclear whether the interest rates are flexible, based on a tenure ranging from 1 to 12 months

EGP Sukuk:

Pros:

  • Instant opening through CBD Online Banking for CBD customers
  • Possibility of Suk redemption after 6 months based on early redemption table
  • Possibility of profit withdrawal through ATMs 24/7

Cons:

  • Available only in EGP
  • Does not offer flexible tenures, only 3 years and 5 years
  • Does not offer clear interest rates
  • It is unclear whether the interest rates are flexible for 3- and 5-year accounts

7. Commercial Bank of Dubai (CBD)

commercial-bank-dubai

Commercial Bank of Dubai (CBD) finished up at on 7th on our list, with assets equaling AED 102.47 billion. CBD offers several options, including a savings account with no initial minimum deposit requirement. Their high flexibility and diversified options for different balances and tenures allow users to find competitive interest rates that suits their current needs. The CBD also offers a guaranteed interest income of 1% and a one-month deposit bonus at maturity. Bear in mind that the bank offers only local currency accounts and if you are planning to save in another currency, you this bank might not be a good option for you.

Bonus Booster Deposit:

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

Cons:

  • Available only in AED
  • Interest accrued monthly and paid upon maturity
  • Fixed tenure

Step-Up Deposit:

Pros:

  • Instant opening through CBD Online Banking for CBD customers
  • Higher flexibility and different interest rates for different tenures ranging from 180 days (6 months) up to 720 days (2 years)
  • Interest accrued on daily
  • Offers premature withdrawal penalty rates

Cons:

  • Available only in AED
  • Average minimum deposit of AED 10,000
  • Interest credited on liquidation or maturity

Esaver:

Pros:

  • Instant opening through CBD Online Banking for CBD customers
  • Higher flexibility and different interest rates for different monthly average balance, ranging from AED 0 up to AED 5,000,000
  • No minimum account balance or account maintenance charges
  • Check your Esaver account balance and statements online
  • Esaver Accounts are offered to self-employed and salaried individuals

Cons:

  • Available only in AED
  • Branch transactions are restricted for this account
  • The minimum salary requirement for salaried individuals to open an Esaver account is AED 5,000

8. RAKBANK

rakbank-logo

RAKBANK is the 8th largest bank in the UAE with total assets of AED 52.8 billion. While RAKBANK offers higher interest rates than some other banks in UAE, all of their savings accounts require you to have a minimum deposit; meaning this bank is an interesting choice only if are starting out with AED 3,000 or more in savings.

They offer free debit cards and easy and convenient money transfers, which aren’t always on offer with other banks.

Savings Account:

Pros:

  • Multiple currencies: UAE dirham, US dollar, euro, pound sterling, or others
  • Easy and convenient money transfer
  • Free debit card
  • Interest is accrued daily on closing balances

Cons:

  • Interest is accrued on daily but applied only monthly
  • A debit card is issued only for AED accounts
  • A fee of AED 25 is incurred if a balance of at least AED 3,000 is not maintained

Call Deposit:

Pros:

  • Money can be accessed with just two working days’ notice
  • Interest is accrued daily on closing balances

Cons:

  • Even though accrued on a daily basis, interest is paid quarterly
  • Only a low interest of 0.1% is earned

Fixed Deposit Plus:

Pros:

  • Higher interest rates than other saving options offered by RAKBANK
  • Greater flexibility and different interest rates for different total savings amounts, ranging from AED 25,000 up to AED 2.72 million
  • 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 balances below AED 25,000 and a tenure less than 1 month
  • No fixed deposit product is available on the digital banking platforms

How to Choose the Right Savings Account in the UAE?

Each of the saving accounts listed are slightly different. Choosing the right account depends on your needs and personal preferences. This short guide will help you define the key features you need to know about to make an informed decision.

1. Do you have a starting capital or did you just decide to start saving?

If you have already accumulated some money, you need to look for savings accounts that have minimum deposit requirements. Banks offer higher interest rates for bigger investments, meaning you will earn more by investing more money.

2. What level of flexibility do you want?

If you are looking to deposit money and forget it for a while, choose a saving account without a withdrawal options, because it offers better conditions to the users. Keep in mind that if you think you might 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 you are planning to keep your savings account open

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

4. What currency you want to open your savings account in?

Define the currency which you will use to deposit money to your saving account! Besides AED, most of the banks in UAE offer savings accounts in USD and GBP. Some savings accounts have even more flexibility and offer multiple currency savings accounts, including currencies such as AUD, BHD, CAD, CNH, HKD, JOD, KWD, OMR, SAR, SGD. Always keep in mind 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 mostly set for foreigners, while locals are required to provide proof of monthly income of not less than AED 5,000.

Conclusion

This analysis of 52 foreign and local banks in UAE and their comparison in different categories, should be considered a guide for you to select 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 for each savings account based on your preferences. After making your final decision, make sure to follow the links for each savings account and check the loan terms on the bank’s official website.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 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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