Need to save money for a vacation or an upcoming wedding in the family? Or perhaps, you require a financial backup to cover imminent monthly expenses such as school fees and utility bills. A medical emergency just came up and you need an urgent fund. For unforeseen circ*mstances like these as well as for everyday situations and leisurely retreats, you need to create a financial safety net by opening a savings account in Dubai. This works even if you want to save up for something as huge as buying a dream house or a luxury car.
Which are the top savings accounts in Dubai?
Keeping your money in the best savings accounts in Dubai can also reap a good return. Saving money in a bank account also restricts easy access to credit, which in turn, encourages financial discipline. These Dubai savings accounts with attractive interest rates will help you deal with all kinds of immediate or long-term financial requirements.
Emirates NBD Smart Saver Account
Apart from the percentage of interest, if you want the best experience for online banking in Dubai, then the Emirates NBD savings account is a good option for you. Their Smart Saver Account is also the best savings account in Dubai that offers great interest rates as per the total account balance.
- For an amount between AED 25k and AED 100k, they offer a 1.50% interest rate every month.
- Monthly interest of 1.25% is applicable for balances between AED 100k and AED 2M. T
The best thing about the Emirates NBD Smart Saver Account is that these rates are also applicable to savings held in currencies such as EUR, USD and GBP, besides Arab Emirate Dirham (AED).
It also offers a user-friendly online interface to operate your account from the comfort of your home. No wonder Emirates NBD is considered one of the top banks in Dubai.
Annual interest rate: up to 1.5%
Features:
- Funds can easily be transferred electronically through online banking or cash deposit machines
- In order to facilitate regular savings, Smart Saver Account does not offer an ATM card or cheque book
- Joint accounts are not permitted
- No monthly or annual fee
Contact: +971-60-054-0000
ADCB Active Saver Account
You can achieve your ambitions and fulfil your dreams sooner with Active Saver Account offered at ADCB, one of the best banks for savings accounts in Dubai. Every individual can open up to five accounts.
While ADCB Active Saver Account offers a maximum of 1.90% interest on USD accounts, you can earn up to 2% interest in AED accounts per year.
For a daily account balance that ranges between AED 5k and AED 2M, an interest of 1.80% is applied. However, for a balance above 2M, the rate is 2%.
ADCB is considered the best bank in Dubai for a savings account, specifically aimed at the UAE nationals as well as for residents with a valid visa. To open their Active Saver Account, all that is required is for you to be at least 21 years old and have an existing ADCB current or savings account.
Annual interest rate: up to 2%
Features:
- Open a maximum of five Active Saver Accounts at a time
- Interest percentage is calculated regularly
- You can earn a significant amount on your savings
- Both AED and USD currencies are supported
- Online access is offered anywhere
Contact: +971-60-050-2030
CBI eSaver Account
The list of banks in Dubai that offer a good rate of interest and a rewarding banking experience includes CBI.
They have up to six different saving options but the most popular is their eSaver Account. So if you have absolutely no balance in your account or are looking for an option that garners high-interest rates, this may be the best zero balance savings account in Dubai for you! If you have over AED 5M, they offer an attractive interest rate of 3%. Even their minimum rates are impressive enough, starting from 2% for an amount less than AED 300k. However, these rates are applicable to new funds only.
Annual interest rate: up to 3%
Features:
- No minimum balance required
- Minors can open CBI eSaver account with a joint account holder
- No cheque book is issued, however, a debit card is provided
- Interest is paid on a monthly basis
Contact: +971-60-054-4440
HSBC Term Deposit Account
You can choose to grow your savings with the HSBC Term Deposit Account by reinvesting both the principal and interest amounts. The choice of currencies offered includes AED, GBP and USD. The HSBC Term Deposit Account customers get special services such as the free online, phone and mobile banking as well as free text message alerts. Their saving term ranges from one month to 36 months, however, the longer you commit, the better would be the interest yield. Monthly interest rates start from AED 0.43% for a balance of less than AED 150k.
Annual interest rate: up to 3%
Features:
- Offers competitive interest rates
- Supports powerful currencies such as AED, USD and GBP
- Minimum deposit requirement is as low as AED 10k
- 24-hour banking support
- Great for maximising returns
Contact: +971-60-055-4722
Standard Chartered XtraSaver Account
For a more straight-forward personal banking in Dubai, you can trust Standard Chartered XtraSaver Account. You can easily withdraw your cash from any Standard Chartered ATM across the world. This account also offers flexibility between the USD and AED currencies. You simply need to initially deposit a minimum amount of AED 3k to open XtraSaver Account in Standard Chartered. Standard Chartered Deira branch has also made to our list of top banks in Deira that offers savings account in Dubai with no minimum balance.
Annual interest rate: up to 2%
Features:
- Offers easy account access
- Compounds interest daily for regular monthly payments
- Facilitates local utility bill payments
- Award-winning online and mobile banking
- No monthly service charges
- Minimum monthly balance can be as low as AED 0
Contact: +971-60-052-2288
Timings and Location: 08:00 am – 03:30 pm, Saturday to Wednesday; 08:00 am – 02:00 pm on Thursdays (Al Maktoum Road, Deira – Dubai)
08:00 am – 03:30 pm, Saturday to Wednesday; 08:00 am – 02:00 pm on Thursdays (Sheikh Zayed Road – Dubai)
From flexibility on withdrawals and easy account access to tiered returns, each of these top five Dubai savings accounts are good options to consider for financially savvy professionals. If you are based in the capital, check out MyBayut’s list of best banks in Abu Dhabi that will take care of your money matters in the most efficient way.
