An interest-yielding savings account is the best way to save and earn, especially for the masses, in every growing economy across the globe. With no exception to UAE, the following banks offer great facilities and interest rates, with minimum documentation, on savings accounts for their customers.
However, it is to be noted that Sharia-compliant accounts do not offer returns on your money or offer overdraft facilities as it is against Islamic law to pay or charge interest on capital/funds.
Let us have a look at some of the best high-interest savings accounts in UAE for the current financial year, 2019.
CBI eSaver account
- Offers an attractive interest rate of up to 3 percent per annum
- Requires no minimum balance to be maintained
- Existing CBI customers can open the account online while new customers need to apply for another CBI account initially.
- Withdrawal can be done only by transferring the amount to an already existing CBI account
FAB’s iSave Electronic Account
- The First Abu Dhabi bank offers an interest rate of 3% annually on this particular savings account
- There are no restrictions on the number of withdrawals or minimum balance to be maintained
- If the account balance falls below Dh3,000, the customer has to pay a monthly fee of Dh25.
- However, the 3% interest rate is applicable only on a balance of more than Dh5 million.
- Customers having a balance of less than Dh50,000 earn only 0.50% interest annually and those with Dh100,000 to Dh500,000 get 2% annual rate of interest.
ABCD Active Saver Account
- It is an online-account only
- It offers an interest rate of 1.7% per annum for balances between Dh10,000 to Dh500,000 and a maximum 2% interest annually on balances above Dh2m.
- Bank offers loyalty reward points called TouchPoints every time the balance goes up by Dh1000
- These TouchPoints can be redeemed to pay utility bills or can be used with various UAE merchants like retail shops, hotels, etc.
Standard Chartered XtraSaver Account
- Requires initial deposit of only Dh3,000
- Requires no minimum monthly balance
- For the first two months, the interest rate is 1% and then it increases to 2% after that.
- Customers can avail of a contactless debit card which allows them to make one transaction every month. However, more than one transaction in a month would make you lose on your interest rate for that month.
Emirates Islamic e-Savings account
- This is a Sharia-compliant account that offers highest expected profit rate of 2% for balances between Dh5,000 to Dh50,000.
- With balances of Dh50,000 to Dh3m, the earnings fall down to 1.3% while for balances of Dh3.5 to Dh25, the earning rate is only 1% per annum
- Profit is distributed quarterly
- The account has no minimum balance criteria and no restriction on the number of withdrawals.
- The account can be accessed only through the internet (online).