Best savings accounts in Dubai for your money
Money may not buy happiness, but it certainly paves the way for a comfortable life. Whether it’s an unexpected situation, daily expenses or leisure pursuits, there are times when you’ll need more funds than your regular income provides. This is where a financial safety net like a savings account in Dubai becomes invaluable.
However, with inflation and rising costs, keeping money just as it is doesn’t add value – it’s almost like you’re just locking it away in a drawer or cupboard! Instead, depositing it into a savings account offering interest rates is the wisest choice in 2024. All you’re doing is storing money in your account, and you get to walk away with a little extra! So, to help you be wiser with money, we have curated a list of the best savings accounts in Dubai that offer attractive benefits.
Which are the top savings accounts in Dubai?
Keeping your money in the best savings accounts in Dubai can bring 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 meet all kinds of immediate or long-term financial requirements.
Emirates NBD Smart S@ver Account
Apart from the percentage of interest, if you want the best experience for online banking in Dubai, then banking with Emirates NBD is for you. Their Smart S@ver Account is the best savings account in Dubai as per many residents, offering great interest rates as per the total account balance.
The best thing about the Emirates NBD Smart S@ver Account is that these rates also apply to savings held in currencies such as EUR, USD and GBP, besides Emirati Dirham (AED).
Emirates NBD also offers a user-friendly online interface that allows you to operate your account from the comfort of your home. As one of the best banks in Dubai, they have multiple ATMs and banks all over the city for easy accessibility and customer service. For amounts between AED 25k and AED 100k, they offer a 2% interest rate every month. A monthly interest of 1.25% is applicable for balances between AED 100k and AED 2M.
Annual interest rate: up to 2%
Features:
- Funds can easily be transferred electronically through online banking or cash deposit machines
- To facilitate regular savings, Smart Saver Account does not offer an ATM card or chequebook
- Joint accounts are not permitted
- No monthly or annual fee
Contact: +971-60-054-0000
ADCB Active Saver Account
You can achieve your financial dreams sooner with an Active Saver Account, offered by ADCB, one of the best banks for savings accounts in Dubai. ADCB Active Saver Account provides a maximum of 2% interest on USD accounts. You can earn up to 2.25% interest in AED accounts per year.
For a daily account balance that ranges between AED 200k and AED 750k, an interest of 1% is applied. However, for a balance between 5M to 20M, the rate is 2%.
ADCB is considered the best bank in Dubai for a savings account, for both UAE nationals and residents with a valid visa. To open an Active Saver Account, you must be at least 21 years old and have an existing ADCB or savings account.
Annual interest rate: up to 2%
Features:
- 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 Saver Account
Commercial Bank International is one bank in Dubai that offers a good interest rate and a rewarding banking experience.
They have up to six saving options, but their Saver Account is the most popular. If you have no balance in your account or are looking for an account 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 3.25%. Even their minimum rates are impressive enough, starting from 1.50% for an amount less than AED 300k. However, these rates apply to new funds only.
Annual interest rate: up to 3%
Features:
- No minimum balance required
- Minors can open a CBI eSaver account with a joint account holder
- No chequebook is issued; however, a debit card is provided
- Non-residents can open a bank account if they have a reference letter from their bank
- Interest is paid monthly
Contact: +971-4-503-9100.
HSBC Term Deposit Account
HSBC UAE is one of the region’s most reliable banks. Their HSBC Term Deposit Account is an excellent savings account option allowing you to reinvest the principal and interest amounts.
The currencies offered include AED, GBP and USD. HSBC Term Deposit Account customers get special services such as free online, phone and mobile banking and free text message alerts.
Their saving term ranges from one month to 36 months; however, the longer you commit, the better the interest yield will be. Monthly interest rates start from AED 0.93% for a balance of less than AED 150k.
Please note that to open this specific savings account, you must be over 18 years of age, be a UAE resident and currently have an HSBC current or savings account
Annual interest rate: up to 3%
Features:
- Offers competitive interest rates
- Supports powerful currencies such as AED, USD and GBP
- The minimum deposit requirement is as low as AED 10k
- 24-hour banking support
- Great for maximising returns
Contact: +971-600-56-7004
Standard Chartered XtraSaver Account
For more straightforward personal banking in Dubai, you can trust Standard Chartered XtraSaver Account.
With this account, you can easily withdraw your cash from any Standard Chartered ATM worldwide. It offers flexibility between the USD and AED currencies. To open your XtraSaver Account in Standard Chartered, you must deposit a minimum amount of AED 3k. Standard Chartered Deira branch has also made it to our list of top banks in Deira that offer a 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
FAB iSave Account
First Abu Dhabi Bank (FAB) has a savings account that requires no minimum balance, yet offers interest rates up to a whopping 5.25% per year. This is the FAB iSave account, which is online and can be opened instantly if you’re currently banking with FAB.
If you open your FAB iSave account between 1 May 2023 and 30 November 2024, you can avail of their interest rate of 5.25% per year. For amounts less than AED 500k, the interest rate is up to 2.465% per year.
Annual interest rate: Up to 5.25% per year
Features:
- Requires a minimum balance of AED 3k
- Available in both AED and USD
- You can access your account via phone/online banking and a mobile app
Contact: +971-60-052-5500
Mashreq Easy Saver Account
One of Dubai’s top banks, Mashreq, has a great savings account option that requires no minimum deposit. Aptly called the Mashreq Easy Saver Account, this account is easy to use and offers up to 2.40% per annum.
The Easy Saver Account requires a Mashreq Neo account, which is relatively easy to open online. To open this bank account in Dubai, you only need an Emirates ID and the Mashreq bank app.
Once you set up your account, you can begin depositing money into your Mashreq Easy Saver account. It allows one free withdrawal every month, and you can save money in both USD and AED.
Annual interest rate: Up to 2.40% per year
Features:
- Interest up to 2.40% per annum
- Allows one withdrawal per month, along with free online money transfers
- No minimum balance or monthly fees
- Save in AED or USD
Contact: +971-4-424-4444
FAQS ABOUT SAVING ACCOUNTS IN DUBAI
Can a foreigner open a savings account in Dubai?
Non-residents can contact CBI UAE bank, whose Saver Account is available for non-residents. However, non-residents must visit the bank in person to set up an account.
Which bank account is best in the UAE with zero balance?
Mashreq Easy Saver is the best savings account in Dubai with no monthly fee or minimum balance requirement. It’s also quite easy to open, requiring your phone and Emirates ID. Emirates NBD Liv Account is also known to be one of the best bank accounts in the UAE for those with zero balance.
Which bank offers the highest interest rates on savings accounts in Dubai?
FAB’s iSave offers the highest interest rate, up to 5.25% per annum based on the amount in your account. CBI Saver Account also offers a competitive interest rate.
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 most efficiently. You can also refer to our guide to business bank accounts in Dubai if you’re an entrepreneur looking for a smarter way to handle your finances.
