Best Bank Saving Account In the UAE

sendy|April 04, 2023
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The Best Bank Saving Account In UAE 2023 – Finding The Best Bank For Your Money

Is a savings account in the United Arab Emirates something you’re considering to make the most of your extra money? Finding the ideal bank for your needs among the many that provide varying interest rates, and terms may be a daunting task. A savings account is a safe place to put money down for the long term, whether that’s to pay for a big purchase down the road, like a vehicle or piece of property, or to create an emergency fund.

In this post, we will look at the many kinds of savings accounts available in the UAE and compare the offerings of some of the most well-known banks. Therefore, let’s get started on learning all there is to know about selecting the finest savings account in the UAE!

Yallacompare image

The Yallacompare website enables you to compare offers from the most prominent banks in the UAE on over 70 accounts, including the strongest savings accounts, so you can find the best savings account in the UAE with your preferred terms!

Discover the best bank to open a savings account in the UAE with the highest interest rate and favorable terms – compare savings accounts with all their features and select your preferred terms to get the best savings account in the UAE that meets your needs and expectations!

  • Compare over 70 accounts from the best savings accounts in the UAE.
  • Discover the best bank to open a savings account in the UAE according to your needs and expectations.
  • Get the best savings account in the UAE!
  • Compare interest rates of the major banks in the UAE, whether conventional or Islamic.
  • Use smart filters to filter banks according to the terms you are looking for.
HSBC image
HSBC Advance Account represents an exclusive banking solution specially created for residents in the United Arab Emirates with a salary exceeding 15K AED. This account is equipped with a broad range of services and advantages tailored to the particular necessities of high-income earners, thus enabling them to effectively manage their finances. One of the most significant benefits of the HSBC Advance Account is its customized financial solutions. As an account holder, you will gain access to a specialized relationship manager who will assist you in financial planning, investment guidance, and other financial services personalized to your unique needs. Furthermore, the HSBC Advance Account offers top-notch customer service, ensuring your banking requirements are fulfilled in a timely and efficient manner. In addition, you will have access to higher ATM and cash withdrawal limits, as well as free international transfers.
  • Preferential rates on personal loans
  • Instant account opening online
  • Cash withdrawals at any bank ATM in the UAE with no fees
  • Overdraft up to AED2,000 with no processing and renewal fee
ADCB image
“ADCB Excellency” is a product designed for High Net Worth Individuals (HNWI) that offers a range of benefits, including a certified relationship manager, personalized wealth solutions, exclusive lifestyle benefits, dedicated Excellency centers across the UAE, Excellency status, a complimentary card, and family banking services.
  • Access to preferential pricing and banking services
  • Access to experts and exclusive events
  • Exclusive and priority access to services
  • Access to exclusive products and benefits
  • Convenient banking services
  • Family banking services
  • Free credit card
Mashreq image
Mashreq Bank is a leading financial institution in the UAE, with over 50 years of experience and a strong presence in the financial capitals of the world. It offers high-quality financial services to customers across various industries and has expanded its reach across the Middle East. Mashreq Bank provides various financial services, including current and savings accounts, loans, credit cards, and other financial services.
Why We Picked it
  • Open a Happiness Account & get up to AED 2,000*
  • Free international debit card and cheque book**
  • 2 for 1 deals on food, entertainment and shopping
  • Use QuickRemit to send money faster to over 35 countries
  • Offering a combination of convenience, flexibility, and coupled with a host of benefits, it’s the perfect current account for your day-to-day banking needs.

What Exactly Is A Savings Account?

A savings account is a good choice if you want to make the most of your spare income. A savings account, which is distinct from a checking account, is a financial mechanism that enables you to put aside money for a specific purpose and receive interest or a fixed yearly profit rate.

Accredited banks and financial institutions in the United Arab Emirates provide their clients with savings accounts that pay a monthly, quarterly, semiannual, or annual interest rate on the account amount. The variety of savings accounts out now, though, might make picking the right one seem like a Herculean task.

Keep reading so you can make an educated choice and lock in the maximum interest rate on your existing amount by learning about the advantages, terms and conditions and how to choose the best bank to create a savings account in the UAE.

Different Types Of Savings Accounts In The UAE

There are several different types of savings accounts available in the United Arab Emirates, each with its own set of terms and interest rates.

These are the 4 main ones:

  1. Standard or traditional savings account

This is the most common savings account and is great for those who want to save money on easy terms and with a low-interest rate.

  1. High-yield savings account

A high-yield savings account offers a better return on deposits each month due to its higher interest rate compared to other savings accounts. However, banks may impose certain terms and restrictions, such as a minimum balance or wage requirement, and may require you to open a current account with them.

  1. Certificate of deposit savings account

A certificate of deposit savings account functions similarly to a savings plan, except that you lock in a greater interest rate in return for putting in your money for a certain period of time. There is often a waiting time of 30 days to several years before the funds are made available for withdrawal.

  1. Dedicated savings account

Designed for a specific person or goal, dedicated savings accounts include options like a children’s savings account, a savings account for purchasing a car, or a savings account for buying a property.

The Benefits Of Having A Savings Account In The UAE

A savings account is a special kind of bank account that allows you to save money and receive interest on the money you have saved. 

Among the many benefits of creating the best savings account in the UAE are:

  • It is not a checking account

A savings account differs from a checking account, making it suitable for saving money while keeping it apart from your regular expenses.

  • Saving Money

A savings account’s primary objective is to store money for future projects or to create a financial safety net.

  • Earning interest

In line with the bank’s terms and conditions, your account balance will earn interest at a rate specified by the bank and applied at regular intervals (monthly, quarterly, semiannually, or annually).

  • Easy access to funds

With a savings account, you may quickly and simply access your funds, whether you need to make a withdrawal, a transfer, or add to your savings.

  • Alternative to loans

A savings account may serve as an alternative to taking out a loan for things like a vehicle or a wedding since it can be used to build up an emergency fund or for investment purposes.

  • Digital Banking

Savings accounts are digital banking services, which means you may manage and transfer money from your account online.

  • Custom savings goals

Several banks provide savings accounts for families or children, enabling you to save for particular purposes.

  • Tailored terms and conditions

Each bank has its own set of terms and conditions for savings accounts, which might include withdrawal limits, wage and balance requirements, and other factors.

By comparing different banks and their savings account options, you can choose the best savings account in the UAE to suit your needs and goals!

Factors To Consider When Comparing Banks For Opening A Savings Account in the UAE

While searching for the best bank to create a savings account in the UAE, it’s crucial to examine the various banks and the savings account terms they provide. 

These are some important variables to consider:

Interest rates and annual profit rate: Check the interest rate, the estimated yearly profit rate, and the date when the interest is charged. Savings accounts often pay interest on a monthly, quarterly, semi-annual, or yearly basis.

Initial deposit amount: Certain banks in the UAE demand a minimum initial deposit amount to start a savings account.

Minimum balance: Verify the needed minimum amount to start the account and collect interest. If your balance goes below this amount, you may be charged a penalty fee.

Account and banking fees: Check for any account service costs, such as those for creating a savings account, withdrawing or transferring funds, or receiving an account statement.

Fund withdrawal limits: Find out how frequently you may make withdrawals from your account. There are financial institutions that do not place limits on the number of withdrawals you may make, while others will charge you a fee when a certain threshold has been reached.

A debit card linked to the account: Your savings account balance may usually be accessed with the swipe of a debit or ATM card, which is offered by most major financial institutions.

Online account management: These days, most people save their savings in an online account, which they can access through the bank’s website or mobile app.

Available currencies: Make sure you know the currencies you may use to start a savings account. It’s possible to create a bank account in either US dollars or UAE dirhams at most institutions.

You can choose the finest savings account in the UAE that matches your financial requirements by examining these variables and comparing various banks.

The Best Savings Account In The UAE For 2023 – FAQs

Question 1: How to find the best savings account in the UAE?

Answer: To find the best savings account in the UAE, it’s important to compare the offers of various banks according to your financial needs. Here are some tips to help you choose the best bank and account:

Research different banks and their savings account offers.
Determine your financial goals and choose an account that aligns with them.
Check the interest rates offered by each bank and choose the one with the highest rate.
Consider the initial deposit amount and minimum balance requirements.
Look into any fees associated with the account, such as account maintenance fees or withdrawal fees.
Evaluate the bank’s online banking capabilities for easy account management.

Question 2: What is the difference between a savings account and a current account?

Answer: A savings account and a current account are two different types of bank accounts. While a current account is designed for daily transactions and managing payment orders, a savings account is meant for saving money and earning interest on the deposited funds. With a current account, no interest is applied to the account balance, whereas a savings account will accrue interest either monthly or annually, based on the bank’s terms and conditions.

Question 3: How do I open a savings account in the UAE?

Answer: In the United Arab Emirates, opening a savings account is often done digitally (via the bank’s official website or app), since savings accounts are part of the digital banking service. To start saving in the UAE, you need to choose the best bank for you and then follow the bank’s online instructions to create a savings account.

Question 4: What is the range of annual interest rates offered by savings accounts in the UAE?

Answer: The annual interest rates offered by savings accounts in the UAE vary depending on the bank and the type of account. Generally, the interest rates range from 1.5% to 2%, with some banks offering higher interest rates for high-yield savings accounts or deposit certificates. However, it’s important to note that the interest rates are subject to change and may also depend on the account balance and other factors.