Saving Accounts

Get a savings account today and enjoy great savings. With the best savings accounts in UAE, you can keep your funds safe, earn interest on them, and build a corpus for emergency funds, daily needs, and more.

What is a Savings Account?

Savings accounts are a type of bank account where you can store your money and even earn interest on it. Unlike a fixed deposit, a savings account UAE allows you access to your money without any major restrictions on deposits or withdrawals. Just keep in mind that some accounts may have minimum balance requirements.

Features and Benefits of Savings Account

Here are the key benefits of the best savings accounts in UAE –

  • Attractive interest rates — up to 2.25%*
  • Easy option to make emergency funds
  • Free debit card and chequebook when you open your account
  • Easily access your savings account UAE with online, mobile, and phone banking
  • Access to wide range of ATMs across the country
  • High liquidity — access your funds without any limits regarding cash withdrawals

*T&Cs apply

How Does a Savings Account in UAE Work?

After you open a savings account UAE, you can add money to it. The bank, in turn, will give interest on the same.

Here’s how you can deposit funds into your account –

  • Branch visit
  • Cheque deposit
  • Online or mobile transfers
  • Wire transfers and more

Whenever required, you can withdraw money from your account. This can be done via ATMs, branch visits, and more.

For instance, let’s assume that you open a saving account in Dubai and deposit AED 100,000 in it. You keep it in an account that has an interest rate of, say, 1%. After 1 year, you can withdraw AED 101,000. This extra AED 1,000 will be the interest on your deposited amount.

Note: This interest amount is based on the assumption that you didn’t withdraw or deposit any amount in the duration. Any such transactions can affect the interest amount.

Which Savings Account is the Best in the UAE?

Whether you’re looking for a high interest savings account UAE or the one with easy online banking, you can refer to the list below to find the best options –

Saving Account in UAE Minimum Salary Minimum Balance Interest / Profit Rate (Up to) Features
Emirates Islamic Bank – Kunooz Savings Account AED 5,000 AED 3,000 0.1%
  • Sharia-compliant account
  • Chance to win a grand cash prize of AED 1 million every quarter
Al Hilal – Savings Account AED 5,000 Zero Balance Savings Account NA
  • Monthly prize of AED 1 million
  • Physical and virtual debit card
  • Sharia-compliant account
Liv. – Savings Account AED 10,000 AED 3,000 1.5%
  • 100% digital account opening
  • Cashback of up to 15%
First Abu Dhabi Bank – iSave Account NA Zero Balance Account 2.25%
  • Online savings account
  • Available in AED currency
HSBC – Savings Account AED 5,000 AED 3,000 0.1%
  • Available in AED, EUR, RMB, GBP, and USD
  • Free Visa debit card

How Do I Know Which Savings Account is the Best?

Interest Rates

Look for a high interest savings account UAE as the higher the interest rate, the more your savings will grow over time.

 

Security Features

Considering the sensitivity of your financial details and the savings themselves, it’s crucial to ensure there’s no compromise in terms of safety. With online banking and the increased risk of online scams, the importance of security is difficult to overstate. To avoid this risk, open a savings account in UAE only with a bank that has robust security measures.

 

Online Banking Facility

To easily access your savings account online, check out the top banks that have facilities for both online and mobile banking.

Note that you can find many savings accounts UAE which have a 100% digital account opening process.

 

Bank’s Reputation

To ensure that your money is safe and that it can be accessed easily, open a savings account in Dubai or any other Emirate only with a reputed bank. You can check out the user reviews of banks and compare your options to get the most reliable bank.

 

Complimentary Features

As we saw earlier, many banks offer additional features beyond basic banking — free debit cards, chequebooks, and more. If you have any specific requirements for the same, check the terms of your chosen savings account in UAE.

 

Fees and Terms 

While many banks allow you to keep a zero balance, others may charge a fee if your balance falls below a specified limit. Similarly, you can be charged if you exceed certain limits with respect to ATM withdrawals, over-the-counter transactions, and more. 

To avoid any unpleasant surprises later, check out the terms and conditions of your chosen savings account UAE before applying.

Open Bank Account in Top UAE Banks

Citi Bank Credit Card
First Abu Dhabi Bank
Standard Chartered Bank

HSBC

ADCB

Liv

Emirates NBD

Invest Bank

RAK Bank

ADIB

Commercial Bank of Dubai

Dubai Islamic Bank

Sharjah Islamic Bank

Finance House

Ajman Bank

deem

Dubai First

NBQ

Emirates Islamic

Emirates Islamic

CBI

NBF

Al Hilal Bank

United Arab Bank

Arab Bank

Al Mawarid

AAFAQ

Mashreq

Bank of Sharjah

Wio Bank

Eligibility Criteria for Savings Accounts in UAE

To open an offline or online saving account in the UAE, you must meet a few criteria –

  • Age: As per most banks’ requirements, you must be at least 18 years old

Note: Several banks allow children to open a saving account in UAE too. In this case, a parent can act as a guardian and operate the account on the behalf of the child.

  • Minimum Salary: As per the bank

Some banks allow you to open a savings account in UAE even if you don’t have a salary. However, others may require you to have a minimum monthly salary.

  • Minimum Balance: Varies as per the bank

Just like income, the requirement for minimum bank balance differs. For instance, some zero balance accounts allow you to open an account without any balance. Other savings accounts UAE, however, may need you to meet certain balance conditions.

Which Documents are Needed to Open a Savings Account in UAE?

Although the documentation requirements vary as per the bank, here are some documents generally required for the best savings accounts in UAE –

  • Emirates ID
  • Address proof such as utility bills
  • Residence visa or passport 
  • Proof of salary or employment, if applicable

Got a question?

The best bank for a savings account in the UAE will depend on your specific preferences, including interest rates, fees, the convenience of branches and ATMs, and more.

Types of savings accounts in the UAE typically include regular savings accounts, zero balance accounts, minor accounts, and more.

Yes, you can easily withdraw money from a savings account in the UAE through ATMs, branches, online banking, or mobile banking, subject to any withdrawal limits or fees set by the bank.

You need to provide a residence visa to open a savings account. While non-residents can certainly open an account, there are some limitations to it. 

Some banks in the UAE may allow you to open a savings account without a regular income, although you may need to meet other eligibility criteria or maintain a minimum balance as per the bank’s instructions.

If you open one of the top savings accounts in the UAE and don't use it, it may become dormant or inactive as per the bank's policies. Inactivity fees or other charges may apply, and the bank may eventually close the account if it remains unused for an extended period.

Yes, there are some banks that don’t ask for a minimum balance for Savings Account UAE.  To name a few are FAB’s i-Save Electronic Account, Emirates Islamic Bank’s e-Savings Account, etc.

Yes, you can open a joint savings account in the UAE.

 

Yes, housewives can open a savings account in the UAE. It is, in fact, a good way for them to become financially independent.

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