Comparing Best Savings Account in UAE: 2024 Guide

26 May 2024

In the rapidly evolving financial landscape of the United Arab Emirates (UAE), selecting the right savings account is becoming more important. In fact, the importance of this choice cannot be overstated, as the right savings account not only safeguards your hard-earned money but also ensures it grows over time.

The banking sector in the UAE, known for its robustness and diversity, offers a wide array of savings account options designed to cater to the varied needs of its customers. From high-yield accounts that maximize interest earnings to zero-balance accounts that eliminate the need for maintaining a minimum balance, the choices are extensive.

In 2024, the savings account landscape in UAE is characterized by a competitive environment where banks are increasingly leveraging technology to offer enhanced online banking features, customer service, and personalized financial solutions. This digital transformation not only provides customers with the convenience of managing their finances remotely but also introduces innovative features aimed at improving the savings experience.

Moreover, the UAE banking sector's commitment to sustainability and customer-centric approaches has led to the introduction of accounts that support environmentally friendly practices and offer benefits aligned with customers' lifestyles and values. With such a dynamic banking environment, individuals are encouraged to carefully consider their financial objectives, spending habits, and future plans when choosing a savings account.

Top Savings Accounts in the UAE

BankInterest RatesMinimum SalaryMinimum BalanceFeatures
ADIB Smart Banking AccountUp to 0.7184% per annumAED 5,000No minimum balance required• Zero balance account• Digital banking• Shariah compliant• Personalized debit card• Rewards and discounts• Easy account opening
National Bank of Fujairah Max Saver AccountInterest rate of up to AED 2.50% p.a. or USD 2.00% p.a.*0.25 % per annum interest will be paid on AED accounts and 0.15% for USD accounts in the event of more than one withdrawal in a month.No minimum salary requirementNo minimum balance required• Zero balance account• Access to AED and USD currencies• Flexibility of one monthly withdrawal• Up to two NBF Max Saver accounts per customer
CBI Saver AccountInterest rate of up to 3.52%. For amount lesser than AED 300,000, you can earn 1.75%N/A• AED 3,000• Charges of AED 25 if balance is below AED 3,000• Children and Joint Account Holders• Free International Debit Card• Unlimited Withdrawals
Emirates NBD Tiered Savings AccountInterest rate of up to 0.50%AED 5,000AED 3,000• Available in AED, USD and SAR• Free debit card (AED only)• Online and mobile banking• Cardless withdrawals and contactless payments
RAKBank Savings AccountInterest rate of up to 0.25% (AED, USD, GBP)No minimum salary requirementNo minimum balance for the first 3 months*A monthly charge of AED 26.25 will be applied if your account falls below the minimum monthly balance of AED 3000• Different currency options• Convenient money transfers
Standard Chartered XtraSaver AccountInterest rate of up to 2.00%No minimum salary requirementNo minimum balance required*Minimum initial deposit of AED 3,000• Zero balance account• Complimentary contactless debit card• Available in USD and AED• No fall below fee• No monthly fee
Emirates NBD Smart Saver Account• Up to 2.00% for AED• Up to 1.25% for USD• Up to 0.70% for GBPAED 5,000AED 3,000• Multicurrency supporting AED, USD, GBP• Utility bill payments are not considered as withdrawals• One withdrawal per month
FAB iSave AccountInterest rate of up to 3.251%. For amount lesser than AED 500,000, you can earn up to 2.465%No minimum salary requirementNo minimum balance required• Instant account opening• No monthly fees• No restrictions on the number of withdrawals
Emirates Islamic Bank Kunooz Savings AccountInterest rate of up to 1.05%AED 5,000AED 3,000• Rewards based savings account• Free internationally recognized debit card
First Abu Dhabi Bank Elite Savings AccountUp to 0.07%Minimum monthly salary transfer of AED 50,000No minimum balance required• Zero balance account• FAB rewards• Complimentary elite world Mastercard debit card• High daily cash withdrawal limit of up to AED 25,000 and purchase limits of up to AED 75,000• Free cash withdrawals from any ATM in UAE• Four free cash withdrawals per month outside of UAE
Al Hilal Savings AccountUp to 0.29%AED 5,000No minimum balance required• Zero balance account• Chance to win AED 1 million every month• 20 AED 1000 prizes every month• No fall below fee• Multi-currency account options (AED, USD, GBP, EUR, CAD)• free personalized visa debit card
Liv. Goal AccountUp to 4% per annumNo minimum salary requirementNo minimum balance required• No minimum balance• No fall below fee• No maintenance fee• Exclusive savings and offers

Choosing the best savings account involves understanding various factors that can impact your financial growth and accessibility to your funds. Here’s a guide to help you navigate through the process:

In addition to traditional savings accounts offered by banks, investors in the UAE now have access to cash management products from robo advisors like StashAway Simple. This product provides a unique blend of liquidity, competitive returns of a projected 4.7% p.a., and ease of management, making it an attractive alternative for those looking to maximize their savings.

Unlike generic savings accounts, StashAway Simple offers higher potential returns and greater flexibility, with no minimum or maximum deposit requirements. This adaptability, coupled with the convenience of automated management, makes StashAway Simple a compelling choice for those seeking a smarter and more accessible way to grow their savings.

Types of Savings Accounts

  1. Basic Savings Accounts: These are the most common type of savings accounts offered by banks. They usually provide a safe place to store your money with low interest rates. Basic accounts are easy to open and manage, often with no minimum balance requirements and minimal fees. They are suitable for everyday savings where frequent access to funds is necessary.
  2. High-Yield Savings Accounts: These accounts offer higher interest rates compared to traditional savings accounts, making them suitable for long-term savings goals where your money can grow faster. They may come with certain restrictions like higher minimum balance requirements or limits on the number of withdrawals you can make each month.
  3. Feature-Rich Accounts: Some savings accounts come with additional features such as the ability to write checks, linked investment services, or tiered interest rates based on account balances. These accounts are suitable for users who want more from their savings accounts than just a place to store money.

Online-Only vs. Traditional Banks

When comparing online-only banks and traditional banks, it's essential to consider their differences in accessibility, interest rates, and service quality, as these factors significantly influence customer experience and satisfaction.

Pros and Cons of Online-Only Banks


  1. Higher Interest Rates: Online-only banks typically offer higher interest rates on savings products due to lower overhead costs. This can significantly benefit savers looking for the best returns on their deposits.
  2. Lower Fees: With no physical branches to maintain, online banks often have lower operating costs, which allows them to charge lower fees. This includes minimal or no monthly maintenance fees, and some even offer fee reimbursements for ATMs.
  3. Accessibility: Online banks provide the convenience of banking from anywhere at any time, as long as there is internet access. This is particularly advantageous for users who prefer banking outside of traditional hours or who do not live near bank branches.


  1. Limited Personal Service: Without physical branches, customers miss out on face-to-face interactions, which can be a drawback for those who prefer personal service or need assistance that may be more complex than what can be handled online.
  2. Cash Handling: Online banks often do not have facilities to handle cash directly. Depositing cash may require using an ATM or transferring from a different bank account, which can be inconvenient.
  3. Limited Product Range: Some online banks may offer a narrower range of financial products compared to traditional banks, which might not include services like safe deposit boxes or specialized investment advice.

Pros and Cons of Traditional Banks


  1. Personal Customer Service: Traditional banks offer in-person customer service, which can be beneficial for complex transactions or for customers who value personal interaction and immediate assistance.
  2. Wide Range of Services: They typically provide a broader array of financial services, including checking and savings accounts, loans, credit cards, and investment services, all under one roof.
  3. Cash and Deposit Services: Traditional banks handle cash directly and provide immediate services like cash deposits and withdrawals, which is a significant advantage for those who deal with cash regularly.


  1. Lower Interest Rates: Traditional banks generally offer lower interest rates on deposits compared to online banks. This is partly due to the higher overhead costs associated with maintaining physical branches.
  2. Higher Fees: They also often charge higher fees for services, including monthly maintenance fees, ATM fees, and other service charges, which can add up over time.
  3. Limited Accessibility: Physical banks have specific operating hours, which might not be convenient for everyone. Outside these hours, customers can only rely on ATMs or online banking services, which may not offer full functionality.

The choice between online-only and traditional banks depends largely on the individual's banking needs and preferences. Those who value high interest rates and low fees may prefer online banks, while those who prioritize personal service and a wide range of services might find traditional banks more appealing.

Understanding Savings Account Fees

When managing a bank account in the UAE, it's important to be aware of the various fees that can affect your overall banking costs. 

Monthly Maintenance Fees

  • Monthly Maintenance Fee: This is a fee charged by banks to cover the cost of maintaining your account. It can vary widely depending on the type of account and the bank. Some banks waive this fee if certain conditions are met, such as maintaining a minimum monthly balance or having a regular salary transferred into the account.

ATM Usage Fees

  • Using ATMs within the Bank’s Network: Typically, there are no fees for using ATMs within your bank’s network in the UAE. However, if you use an ATM outside of your bank’s network, you might be charged a fee.
  • Using ATMs Internationally: When using your debit card internationally, banks usually charge a foreign transaction fee, which can be a percentage of the transaction amount. Additionally, there might be charges for withdrawing cash from international ATMs.

Overdraft Fees

  • Overdraft Protection: This service allows you to overdraw your account to a specified limit when you run out of funds. Banks charge for this service either per transaction or as a fixed monthly fee. The cost can vary significantly between banks.
  • Unauthorized Overdraft: If you overdraw your account without an arranged overdraft protection, the fees can be much higher. This includes daily fees for each day the account remains overdrawn, and there might be additional charges per transaction while the account is overdrawn.

Additional Fees

  • Account Setup Fees: Some banks may charge a one-time fee for setting up a new account, although this is uncommon.
  • Minimum Balance Fee: If your account balance falls below a certain threshold, banks might charge a minimum balance fee. This is common in savings accounts or premium checking accounts where a higher balance is expected.
  • Cheque Book Fees: While some banks provide a first cheque book for free, subsequent books may incur a fee. Additionally, if a cheque is returned due to insufficient funds, hefty penalties may apply.

Always read the terms and conditions of your bank account to be fully aware of all potential charges. Also, consider contacting your bank directly for the most accurate and up-to-date information regarding their fee structure. Taking a proactive approach can help you avoid unexpected charges and make more informed decisions about which bank services best meet your needs.

Understanding the Importance of APY in the UAE

The Annual Percentage Yield (APY) is a crucial metric for evaluating savings accounts, as it represents the real rate of return on your deposits over a year, taking into account the effect of compounding interest. In the UAE, where a variety of banks offer diverse savings products, understanding and comparing APYs can significantly impact your savings growth. Here’s how APY plays a vital role in evaluating savings accounts:

Understanding APY

  • Compounding Interest: APY reflects how often interest is compounded — daily, monthly, or annually. The more frequently interest is compounded, the higher the yield, allowing your savings to grow faster.
  • True Earnings: Unlike the simple interest rate, APY gives a more accurate picture of your potential earnings, as it includes the effect of compounding. This makes it easier to compare different savings accounts on a like-for-like basis.

Evaluating Accounts Based on APY

  1. Compare APYs, Not Interest Rates: When comparing savings accounts, focus on the APY rather than just the nominal interest rate. An account with a higher interest rate but less frequent compounding could end up offering a lower yield than an account with a lower interest rate but more frequent compounding.
  2. Consider the Impact of Fees: Account fees can eat into your earnings. Even if an account offers a high APY, high monthly maintenance fees or other charges could negate the benefits. Calculate the net yield after fees to get a true comparison.
  3. Look for Promotional Rates: Banks in the UAE sometimes offer promotional APYs that are higher than their standard rates. While these can be attractive, it’s important to know how long the promotional rate lasts and what the APY will be afterward.
  4. Minimum Balance Requirements: Some accounts offer tiered APYs based on the account balance. Ensure you can comfortably meet any minimum balance requirements to qualify for the higher APYs without incurring fees.
  5. Frequency of APY Changes: Banks can change their APY based on market conditions. While a high APY might attract you to open an account, it’s important to consider the bank’s history of APY changes. A bank that frequently adjusts rates might not offer the best long-term growth for your savings.
  6. Online vs. Traditional Banks: Online banks often offer higher APYs compared to traditional banks due to lower operational costs. Consider the trade-offs between potentially higher yields and the lack of physical branches.

Choosing the right savings account depends on your personal financial needs and goals. Consider what features are most important to you, whether it's high interest rates, low fees, or access to branch services, and use this information to find the account that best suits your needs.

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