Comparing Best Savings Account in UAE: 2025 Guide

Choosing the right savings account in the UAE is essential for protecting and growing your money. With a variety of options available, from high-yield accounts to zero-balance options, the UAE banking sector offers solutions tailored to diverse financial needs and goals.

In 2025, banks are competing to provide enhanced digital tools, personalized services, and innovative features that make managing your savings easier than ever. Whether you prioritize higher returns, convenience, or unique benefits, understanding what each account offers can help you maximize your financial potential in a dynamic and evolving market.

Top savings accounts in the UAE

Overview of Banks in UAE and Their Savings Account Offerings

The UAE’s banking landscape features a diverse mix of local, international, and Islamic banks, each offering tailored savings solutions for residents across income levels and financial goals. From major institutions like Emirates NBD, FAB, and ADIB, to digital-first challengers like Liv. and Al Hilal, customers benefit from a range of accounts that combine competitive returns with modern convenience.

Many banks in the UAE operate both conventional and Shariah-compliant banking arms, giving customers the flexibility to choose according to their values and lifestyle. Whether you prioritise high interest rates, mobile-first experiences, or premium relationship banking, understanding the background and focus of each institution can help you make better-informed decisions when choosing a savings account.

Abu Dhabi Islamic Bank (ADIB)

Established in 1997 and headquartered in Abu Dhabi, ADIB is one of the UAE’s most prominent Islamic financial institutions, offering a full spectrum of Shariah-compliant services to individuals, businesses, and government clients. It began operations in 1998, expanding across markets including Egypt, Iraq, Sudan, and the UK.

ADIB is known for combining faith-based banking with modern convenience, delivering services through both a comprehensive branch network and award-winning digital platforms. While its Smart Banking Account—a zero balance, fully digital product—has been closed to new customers, ADIB continues to lead in personalised banking, offering savings accounts that include debit card rewards, Shariah-compliant features, and mobile-first functionality, making it a strong choice for those seeking ethical and flexible savings options.

National Bank of Fujairah (NBF)

Founded in 1982, the National Bank of Fujairah is a UAE-incorporated bank headquartered in Fujairah, with a well-established presence in corporate, commercial, and Islamic banking. Over time, NBF has built a solid reputation in retail banking, particularly with its Max Saver Account, which offers interest rates of up to 2.50% p.a. in both AED and USD.

The account requires no minimum salary or balance, supports one free withdrawal per month, and allows customers to open up to two separate accounts, making it ideal for budgeting toward different savings goals. With a growing focus on digital banking and a reputation for customer-first service, NBF appeals to professionals, expats, and savers seeking flexibility without compromising on returns.

Commercial Bank International (CBI)

CBI, established in 1991 and headquartered in Dubai, is a full-service bank that provides both conventional and Islamic banking solutions. While traditionally focused on corporate banking, CBI has expanded into the personal finance space with products like the CBI Saver Account, which offers up to 2.25% p.a., unlimited withdrawals, and a free international debit card.

A minimum balance of AED 3,000 is required to avoid a monthly fee of AED 25, and the account supports joint and children’s ownership, catering well to families. Though smaller in scale compared to the national banks, CBI’s strategic push toward digital innovation and streamlined retail products has made it a growing choice among UAE savers.

Emirates NBD

Formed in 2007 through the merger of Emirates Bank International and National Bank of Dubai, Emirates NBD is the UAE’s largest banking group by assets and one of the most technologically advanced in the region. With operations spanning the Middle East, North Africa, Turkey, and Asia, it serves over 14 million customers.

The bank offers a comprehensive range of savings products, including the Smart Saver and Tiered Savings Accounts, which feature multi-currency support (AED, USD, GBP, SAR), tiered interest rates, and tools such as cardless ATM withdrawals and contactless payments. Most savings accounts require a minimum balance of AED 3,000. Known for its digital-first strategy, strong branch presence, and commitment to innovation, Emirates NBD remains a leading choice for UAE residents across income tiers.

RAKBANK (National Bank of Ras Al Khaimah)

Established in 1976, RAKBANK rebranded in the early 2000s to focus more on retail and SME banking, positioning itself as a customer-friendly, value-driven institution. Headquartered in Ras Al Khaimah, the bank offers a suite of personal savings products with competitive base rates up to 0.75%, and an additional booster of up to 1% for eligible accounts.

Savings accounts support multiple currencies, and new customers enjoy three months of no minimum balance requirement, after which a AED 3,000 minimum is enforced to avoid a monthly fee of AED 26.25. With a well-integrated digital banking platform, wide ATM access, and a reputation for no-frills, reliable services, RAKBANK is a preferred option for everyday savers and small business owners alike.

Standard Chartered

Standard Chartered has operated in the UAE for over six decades, making it one of the country’s most established foreign banks. Headquartered in Dubai, the bank is part of the UK-based Standard Chartered PLC, a global banking group with deep expertise in emerging markets.

Its XtraSaver Account offers up to 2.00% p.a., with no minimum balance, no monthly fees, and is available in AED and USD. The account includes a complimentary debit card and allows customers to benefit from full digital onboarding and management. Known for its premium service and international reach, Standard Chartered appeals to professionals, expats, and customers seeking global banking solutions.

First Abu Dhabi Bank (FAB)

Formed in 2017 from the merger of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), FAB is the largest bank in the UAE by total assets. Headquartered in Abu Dhabi, it has a strong domestic footprint and operations spanning five continents.

FAB’s Elite Savings Account offers interest of up to 0.045% p.a., with no minimum balance requirement and exclusive FAB Rewards. Customers with monthly salary transfers of AED 50,000 or more receive Elite status, granting perks like high withdrawal limits, free ATM access across the UAE, and four free overseas withdrawals per month. FAB is known for combining scale with premium service, catering primarily to affluent and high-income individuals.

Emirates Islamic Bank

Launched in 2004, Emirates Islamic is a wholly owned subsidiary of Emirates NBD, serving as its Shariah-compliant banking arm. Headquartered in Dubai, the bank offers a wide range of Islamic financial products and has earned a strong reputation among individuals and SMEs looking for faith-based banking solutions.

The Kunooz Savings Account offers interest of up to 0.10%, with a minimum balance of AED 3,000. What sets it apart is its prize-linked savings feature, giving customers the chance to win up to AED 1 million quarterly. The account also comes with a free internationally accepted debit card, combining Islamic banking values with lifestyle incentives.

Al Hilal Bank

Al Hilal Bank was founded in 2008 as an Islamic bank wholly owned by ADQ, one of the UAE’s largest holding companies. It operates under a digital-first strategy, recently relaunching as a fully mobile-only bank targeting young adults and families seeking ethical financial solutions.

Its Savings Account offers interest of 0.12% p.a. and provides multi-currency support (AED, USD, GBP, EUR, CAD). Customers also stand a chance to win AED 1 million quarterly, or one of 20 AED 1,000 prizes monthly. With no fall below fee, a free Visa debit card, and Shariah compliance, Al Hilal is ideal for customers who value both savings discipline and digital simplicity.

Liv.

Launched in 2017, Liv. is the digital lifestyle bank created by Emirates NBD, designed to appeal to a mobile-first, millennial audience. It is one of the UAE’s first digital-only banks, offering a completely app-based onboarding and account management experience.

The Liv. Goal Account offers interest rates ranging from 0.5% to 4%, depending on the amount saved and whether salary is credited to Liv. The account comes with no minimum balance requirement, no maintenance fees, and includes tools for budgeting, tracking goals, and unlocking exclusive offers. With its user-centric design and lifestyle perks, Liv. stands out as a savings solution for those who prioritise simplicity, flexibility, and digital innovation.

Choosing the best savings account involves understanding various factors that can impact your financial growth and accessibility to your funds. 

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 4.3% p.a., and ease of management, making it an attractive alternative for those looking to maximize their savings.

*The projected rate is not guaranteed and is as of 31 Aug 2024. It is based on the Gross Yield provided by the fund manager.

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.

*The projected rate is not guaranteed and is as of 31 March 2024. It is based on the Gross Yield provided by the fund manager.

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 but often come with extra costs/ fees.
   

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

Pros

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.

Cons

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

Pros

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.

Cons

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.