A common misconception is that a savings account’s entire balance will earn upwards of 3.5%. But, that’s almost never actually what the fine print says. Average savings accounts have confusing tiered interest rates that require customers to satisfy multiple criteria, including salary credits, credit cards, and minimum monthly expenditures. And, fixed deposit accounts have rates that range from 1.5% to 2.1% p.a., but lock up deposits for up to 12 months.
On the contrary, being a cash management portfolio, Simple allows customers to enjoy a 1.2% projected rate without any lock-up period and minimum deposit. Customers can even make deposits in both USD and AED.