Oumar Malik
Oumar Malik
Chief Financial Officer
Oumar Malik is the Chief Financial Officer of iNewkhusi.com, a top financial platform offering banking, loans, credit cards, and insurance. With deep financial expertise, Oumar is key in developing strategies for growth and effective management of financial products and services. Based in Al Hamriya, Dubai, Oumar provides valuable insights and innovative solutions to help individuals and businesses manage their finances.
Are you looking for a way to earn extra profits while keeping your hard-earned money safe? If yes, then opening a Savings Account in UAE could be a good option for you.
Many banks in the UAE offer a variety of Savings Accounts and facilities, including different Interest rates, Free Debit Cards, and Perks like Cheque Books.
Therefore, it is necessary to compare different banks to choose the best option.
In this post, we will discuss the benefits of a savings account, explain the reasons to open one, and provide information on some of the best banks in UAE where you can open your savings account.
A savings account not only protects your money, but it also helps in securing your financial future, so that you can move towards your financial goals with peace of mind.
What is a savings account in UAE?
Savings account is a bank account which helps in keeping your money safe as well as earning interest on the deposited amount.
Most savings accounts also offer facilities like a free debit card and cheque book. Here are some key points:
- Savings account is a safe way to keep your money safe.
- Interest rates may vary from bank to bank.
- Some banks also offer additional facilities like free debit cards.
Why should you open a savings account?
Opening a savings account in the UAE can be a wise decision for several reasons.
- Firstly, it provides safety and security for your money. A savings account is a safe place to keep your money from theft or loss, and the bank insures your money, so you can be free from the worry of losing your money.
- Second, the interest rates offered on savings accounts may not make you rich instantly, but they do provide you with a steady source of passive income. Over time, your money can grow significantly.
- Third, unexpected expenses can arise in life, and in such circumstances a savings account ensures readily available emergency funds, keeping you safe from financial difficulties.
- Fourth, a savings account motivates you to save regularly. Instead of having cash on hand that can be easily spent, money held in a savings account is less accessible, allowing you to stick to your savings goals.
- Finally, some savings accounts in Dubai also offer exciting opportunities to win monthly cash prizes. This can make your savings journey even more fun and a profitable experience.
Best Banks to Open a Savings Account in the UAE
To open a Savings Account in UAE, you can visit various Banks, such as First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Emirates Islamic Bank and RAKBANK.
The benefits of these accounts can vary, such as higher Interest rates, Free debit cards, Multi-currency options, and other benefits.
Documents required to open an account may include Passport, Emirates ID, residence visa, and proof of income.
The account opening process may involve applying online on the bank website, visiting a branch, or contacting a bank representative.
Below, I have given detailed information about the various savings accounts of these banks, so that you can choose the right option as per your needs.
1. First Abu Dhabi Bank (FAB) Saving Account
There are different types of savings accounts available at First Abu Dhabi Bank (FAB), such as iSave Account, Elite Savings Account, Personal Call Account, and Personal Savings Account.
To open an account, you can visit the FAB website to get information about various accounts, collect the required documents, and apply online for the account of your choice or visit the bank branch.
After submitting the application, the bank will review your application and conduct the necessary checks, which may take a few days.
iSave Account
iSave Account is a special savings account from
This account can be opened instantly through FAB mobile app or online banking.
There is no minimum balance requirement for this account and customers get unlimited withdrawals. This account is only available to individual customers, who must hold a valid Emirates ID.
Documents required to open an account include account opening form, valid passport, residence visa, Emirates ID, and proof of income.
Features:
iSave Account is an attractive savings account from First Abu Dhabi Bank (FAB) that offers great benefits to customers. The key features of this account are explained in detail below.
- 5.25% interest rate: Earn 5.25% interest per annum on new deposits from May 01, 2023 to March 31, 2024.
- Instant Opening: Open an account instantly through the FAB mobile app or online banking.
- No minimum balance required: There is no minimum balance required to open an account.
- Unlimited Withdrawals: Enjoy unlimited withdrawals at any time.
Eligibility
Note the points given below to know about iSave account eligibility:
- For Individual Customers: This account is available for individual customers only.
- Must be a UAE resident: Applicants must be a UAE resident and have a valid Emirates ID.
Required Documents
Documents required to open an iSave account are detailed below:
- Account opening form: You have to fill the application form to open an account.
- Valid passport, resident visa, and Emirates ID:
Copies of valid passport, resident visa, and Emirates ID are required. - Proof of income: Documents will also have to be submitted as proof of your income.
Read this: FAB iSave Account: Key Features, Eligibility, and Documents Required
Elite Savings Account
Elite Savings Account is a multi-currency account with no minimum balance requirements and competitive interest rates.
Additionally, tiered interest facility is also available for AED accounts.
For this account, you must
Document requirements are the same as for an iSave account.
Features:
Information about the features of Elite Savings Account is given below:
- Multi-currency account with no minimum balance: In this account you can save in different currencies and no minimum balance is required.
- Competitive interest rates: On this account you get the best interest rates available in the market, which enhance your savings in a better way.
- Tiered interest for AED accounts: Interest rates on AED accounts are tiered, which means higher balances get higher interest rates.
Eligibility:
Information about eligibility for Elite Savings Account is given below: To open this account you must fulfill the following criteria:
- 500,000 AED in Total Relationship Balance: You must have a total balance with the bank of 500,000 AED, which can be the entire balance of various products and services.
- 2,500,000 AED in Mortgage: If you have a home loan of 2,500,000 AED with FAB, you are eligible for this account.
- 50,000 AED Salary Transfer: Your salary must be transferred to a FAB account in the amount of 50,000 AED or more.
Documents Needed
The documents required for Elite Savings Account are the same as those required for iSave Account.
Below is the information about the documents required for this account:
- Account Opening Form: To open an account you will have to fill an application form.
- Valid Passport, Resident Visa, and Emirates ID: You will need a valid passport, resident visa, and Emirates ID.
- Proof of Income: You will have to provide proof of your income.
Read this: FAB Elite Account: Key Features, Eligibility, and Documents Required
Personal Call Account
Personal Call Account provides you the convenience of earning interest and accessing funds anytime. This account is available in AED and other major currencies.
UAE is open to both residents and non-residents and is suitable for both salaried and non-salaried individuals.
The documents required for this account are the same as for iSave account. More details about the features, eligibility, and documents required for these accounts are given below.
Features
Information about the features of Personal Call Account is given below.
- Earn Interest and Access Funds Anytime: Interest can be earned on this account and you can access your funds anytime.
- Available in AED and Major Currencies: This account is available in AED and major currencies, so you can choose the currency as per your convenience.
Eligibility
Information regarding eligibility for Personal Call Account is given below.
- Open to Both UAE Residents and Non-Residents: This account is open to both UAE residents and expats, giving you the freedom to participate.
- Suitable for Salaried and Non-Salaried Individuals: This account is suitable for both salaried and non-salaried individuals, taking into account different professional situations.
Documents Needed
The documents required for Personal Call Account are the same as for iSave Account.
- Account Opening Form: This form has to be filled which provides the necessary information to open the account.
- Valid Passport, Resident Visa, and Emirates ID: Valid copies of passport, residence visa, and Emirates ID are required.
- Proof of Income: Documents will also have to be submitted to show proof of your income.
Personal Savings Account
Personal Savings Account is available in Dirham and major currencies in the UAE, and earns interest based on current interest rates.
With this account you also get a free FAB Mastercard debit card and free airport lounge access. Following is further information about this account:
Features
Information about the features of Personal Savings Account is given below:
- Available in Dirham and major currencies: You can open this account in Dirham and other major currencies.
- Earn interest (based on current rates): This account earns interest which is based on current interest rates.
- Minimum monthly balance of AED 3,000 or equivalent: It is mandatory to maintain a minimum balance of AED 3,000 or equivalent every month.
- Free FAB Mastercard debit card: A free FAB Mastercard debit card is provided with this account.
- Supplementary airport lounge access: Free airport lounge access is also available with this account.
Eligibility for Personal Savings Account
Detailed information about the eligibility criteria for this account is given in the following points:
- Must be 18 years or older: To open this account, the person must be 18 years or older.
- Open to UAE nationals, GCC nationals, resident expatriates, and non-residents: This account is open to UAE nationals, GCC nationals, resident expatriates, and non-residents.
- Suitable for salaried, self-employed, and non-salaried individuals: This account is suitable for salaried individuals, self-employed individuals, and non-salaried individuals.
How to Apply for a Savings Account at FAB
The process to apply for a savings account at FAB is as follows:
You can follow this simple process to open a savings account:
1. Choose the Type of Savings Account:
Visit the FAB website and get information about the different savings accounts available.
2. Gather Required Documents:
Typically, you need your Emirates ID, passport, visa (for expatriates), and proof of income.
3. Visit a Branch or Apply Online:
As per the bank’s procedure, you can start the application online or visit a branch. Check on the FAB website to see if an online application process is available for your desired savings account.
4. Complete the Application Form:
Fill the application form with all the required personal and financial details. This can usually be done online or with the assistance of a bank representative at the branch.
5. Submit the Required Documents:
Submit copies of all required documents along with the application form.
6. Wait for Approval:
After submitting the application, the bank will review your application and conduct the necessary background checks. This process may take a few days.
Comparing FAB Savings Accounts: Which is the Best for You?
FAB offers different types of savings accounts, which have different features and benefits. Which account you apply for depends on your individual needs and preferences. For detailed information and comparison, see the table below.
| Account Type | Interest Rate | Minimum Balance | Multi-Currency | Special Features | Eligibility |
|---|---|---|---|---|---|
| iSave Account | 5.25% | None | No | Open online, unlimited withdrawals | UAE residents, valid Emirates ID |
| Elite Savings Account | Competitive | None | Yes | Tiered interest | High balance requirements |
| Personal Call Account | Variable | None | Yes | Access funds anytime | Residents and non-residents |
| Personal Savings Account | Based on rates | AED 3,000 or equivalent | Yes | Free debit card, lounge access | 18+ years, various customer types |
2. Abu Dhabi Commercial Bank Savings Account
Abu Dhabi Commercial Bank (ADCB) offers a variety of savings accounts, including Savings Account and Calla Account for regular savings. Each account has different features and benefits that may best suit your savings needs.
Features
Abu Dhabi Commercial Bank’s savings account is designed for regular savings and includes various benefits. Below are the main features of this account.
- Interest Rate: 0.10% per annum (in both AED and USD)
- Currency Options: AED and USD
- Interest Calculation: Based on monthly minimum balance, paid every six months
- Statements: Free Electronic Statements
- Debit Card: Available only for AED Savings Account
Eligibility
Below are the eligibility criteria for Abu Dhabi Commercial Bank’s savings accounts, which are suitable for different types of customers.
- Minimum Salary: AED 5,000 per month
- Residency: Residents working primarily in the UAE
Documents Required
The information about the documents required for the savings account of Abu Dhabi Commercial Bank is as follows:
- UAE Residents: Valid passport, UAE residence visa, and Emirates ID
- Non-Residents: Valid passport, copy of visit visa, bank statement (three months old), and recommendation letter from an existing ADCB customer
ADCB Bank Call Account
Abu Dhabi Commercial Bank’s Call Account is specifically designed for customers who wish to earn interest on a daily basis and prefer to open accounts in different currencies.
Features
The features of this account are given in detail below:
- Interest Rate: Interest rate is calculated on a daily basis and paid monthly.
- Eligibility Criteria: This account is available to both UAE residents and non-residents.
- Required Documents: Documents required to open an account include valid passport, visa (if required), and Emirates ID.
- Currency Options: Account can be opened in AED, USD, and other major currencies.
- Statements: Free electronic statements are provided to customers.
Eligibility
Eligibility information for Abu Dhabi Commercial Bank’s Call Account is given below:
- Minimum Salary: There is a minimum salary requirement of AED 5,000 per month.
- Residency: This account is primarily for individuals resident in UAE.
To open this account, you will have to fulfill these conditions, which will make your application process easier.
Required Documents
The documents required for Abu Dhabi Commercial Bank Call Account are given below:
- For UAE Residents:
- Your original passport and UAE resident visa (valid for at least 30 days)
- Your original Emirates ID
- a salary certificate
- For Non-Residents (except Aspire Segment customers):
- your original passport
- A copy of your visa and entry stamp page or e-gate card
- Bank Statement: Three months stamped statement from your current bank
- A recommendation letter from an existing ADCB customer (they should be with the bank for more than one year)
Abu Dhabi Commercial Bank Savings Account vs. Call Account
A comparison table is presented below to understand the difference between Savings Account and Call Account of Abu Dhabi Commercial Bank. This table compares the key features, interest rates, currency options, and other important information of both the accounts to help you decide which account is more suitable for you.
| Feature | Savings Account | Call Account |
|---|---|---|
| Interest Rate | 0.10% p.a. | Daily calculation, paid monthly |
| Currency Options | AED and USD | AED, USD, and other major currencies |
| Interest Calculation | Based on the monthly minimum balance, paid every six months | Calculated daily and paid monthly |
| Statements | Free electronic statements within the statement cycle | Free electronic statements within the statement cycle |
| Debit Card | Available for AED Savings accounts only | Not available |
| Minimum Balance | AED 3,000 or equivalent | Typically higher minimum balance required |
| Eligibility | Minimum salary of AED 5,000 per month; UAE residents | Similar to Savings Account; generally higher minimum balance |
| Documents Required | • UAE Residents: Passport with UAE residence visa, Emirates ID, salary certificate; • Non-Residents: Passport, visit visa, entry stamp page, bank statement, recommendation letter | Similar to Savings Account |
3. Emirates Islamic Bank
Information about the features and benefits of various savings accounts of Emirates Islamic Bank is given below. These accounts are designed according to various needs and benefits, such as cash rewards, opportunity to earn miles, and Shariah-compliant options. Below are information about all the best bank accounts available from this bank.
Kunooz Savings Account
Information about various features and benefits of Kunooz Savings Account is given below. This account is specially designed to provide opportunities to win attractive cash prizes and luxury cars. The details are explained in the following points:
Information about various features and benefits of Kunooz Savings Account is given below. This account is specially designed to provide opportunities to win attractive cash prizes and luxury cars. The details are explained in the following points:
Features
- Weekly Cash Prize of AED 10,000: Every week there is a chance to win a cash prize of AED 10,000.
- Monthly Prize of a Mercedes EQS: Every month there is a chance to win a Mercedes EQS car.
- Quarterly Grand Cash Prize of AED 1 Million: A grand cash prize of AED 1 million can be won every quarter.
- Benefits: There are chances to win big cash prizes and luxury cars with this account. Additionally, a free international debit card is also provided.
Kunooz Savings Account Eligibility
- Minimum Balance: The minimum balance to open this account should be AED 3,000.
- Account Types: This account is available for individuals, joint accounts, and minors.
- Individuals: It is necessary to fulfill the eligibility criteria to open an account as an individual.
E-Savings Account
Information about various features and benefits of E-Savings Account is given below. In this account, you get the facility to save conveniently through online banking. Information about the main benefits of the account is as follows:
Features
E-Savings Account gives you the opportunity to save conveniently through online banking. Following are the features and benefits of this account:
- Up to 1.50% Expected Profit Rate: In this account you can get an expected profit rate of up to 1.50% in AED and USD.
- Online Banking Convenience: Complete online banking facility is available, so you can easily manage your account.
- Benefits: There are no limits on withdrawals, benefits are paid quarterly, and the account is Shariah-compliant wakala based.
Eligibility for E-Savings Account
E-Savings Account eligibility information is given below:
- Self-Opening Through Online Banking: This account can be opened on your own through online banking.
- No Minimum Balance Requirement: There is no minimum balance requirement for this account.
Documents required for E-Savings Account
Document information for E-Savings Account is given below:
Emirates ID: Valid Emirates ID.
Proof of Address: Proof of address (such as a utility bill or rent agreement).
Income Verification (if required): Proof of income (if required).
Investment Savings Account
The main features of Investment Savings Account are as follows:
- Available in AED and USD: This account is available in both AED and USD currencies, giving you versatility and convenience.
- Based on Mudaraba Structure: This account is based on the Islamic Mudaraba structure, a proven approach to Shariah-compliant investing.
- Benefits: Benefits of this account include a free international debit card, and benefits are distributed quarterly.
Eligibility and required documents
The eligibility and required documents for Investment Savings Account are as follows:
Eligibility
There are the following terms and conditions for Emirates Islamic Bank’s Investment Savings Account which you have to follow:
- 1. Minimum Balance: Minimum balance requirement of AED 3,000.
- 2. Account Types: This account is open to individuals, joint accounts, small businesses, and various types of companies (e.g., sole proprietorships, partnerships, joint stock, and limited liability companies).
Required Documents
Documents required for Investment Savings Account of Emirates Islamic Bank are given below:
UAE Residents:
- Valid passport and UAE residence visa (valid for at least 30 days).
- Emirates ID.
- salary certificate.
Non-Residents:
- Valid passport.
- Copy of visit visa and entry stamp page or e-gate card.
- Three months stamped statement from current bank.
- Recommendation letter from an existing ADCB customer (who has been with the bank for more than one year).
Super Savings Skywards Account
Information about various features and benefits of Super Savings Skywards Account is given below. In this account you get 2,000 bonus Skywards Miles on opening the account. The main benefits of the account are as follows:
Features
This account mainly provides many types of benefits. If you open this account, you will be able to use these benefits of this account:
- Earn up to 15,000 Skywards Miles per Quarter: Earn up to 15,000 Skywards Miles every quarter.
- 2,000 Bonus Skywards Miles on Opening: 2,000 Bonus Skywards Miles on account opening.
- Benefits: No minimum balance requirement, free savings account with various banking facilities.
Super Savings Etihad Guest Account
Earn up to 15,000 Etihad Guest Miles every quarter through the Super Savings Etihad Guest Account and get 2,000 bonus miles on account opening.
You get a free international debit card, no minimum balance requirement, and access to phone banking and SMS updates. This account requires you to transfer salary or maintain a minimum quarterly average balance.
UAE residents need a valid passport and Emirates ID, while non-residents need a copy of the passport, visit visa and entry stamp page.
Features
This account mainly provides many types of benefits. If you open this account, you will be able to use these benefits of this account:
- Earn up to 15,000 Etihad Guest Miles per Quarter: Earn up to 15,000 Etihad Guest Miles per quarter through this account, which can make your travel experience even better.
- 2,000 Bonus Etihad Guest Miles on Opening: Get 2,000 Bonus Etihad Guest Miles on account opening.
- Benefits: With this account you’ll get a free international debit card, no minimum balance requirement, and you’ll get access to phone banking and SMS updates.
Eligibility
The following terms and conditions have been set for Emirates Islamic Bank’s Super Savings Etihad Guest Account which you have to follow:
Salary Transfer or Minimum Balance: This account requires you to either maintain a minimum quarterly average balance or make a salary transfer.
Required Documents
The documents required for Emirates Islamic Bank’s Super Savings Etihad Guest Account are given below:
- UAE Residents: Valid passport, Emirates ID. Visa (if applicable).
- Non-Residents: Valid passport, copy of visit visa and entry stamp page.
Comparing Emirates Islamic Bank Accounts: Which is the Best for You?
- Kunooz Savings Account is designed for those interested in high-value prizes and offers a range of significant cash and luxury car prizes.
- E-Savings Account offers an attractive profit rate and is highly convenient with online banking features.
- Investment Savings Account operates on an Islamic Mudaraba structure and provides quarterly profits.
- Super Savings Skywards and Etihad Guest Accounts focus on earning travel rewards with no minimum balance requirement.
- Emarati Family Savings Account caters specifically to UAE National families, providing enhanced benefits based on family balances and various cost-saving advantages.
4. RAKBANK Bank
RAKBANK offers a range of savings accounts designed to meet various needs, including competitive interest rates, easy account setup, and specialized features. The details of these accounts are explained below:
Features and Benefits of RAKBANK Savings Accounts
- Competitive Interest Rates: Offers an interest rate of 0.25% p.a., providing good returns on savings.
- No Minimum Balance Requirement: For the first three months, there is no need to maintain a minimum balance.
- Currency Options: Available in various currencies such as USD, EUR, GBP, etc.
- Convenient Money Transfers: Facilitated through RAKMoney Transfer for ease of transactions.
- Next-Gen Digital Banking: Access to advanced digital banking services for a seamless experience.
- Quick Account Setup: Easily set up your account using the RAKBANK App within minutes.
- Debit Mastercard: Includes access to over 1 million ATMs worldwide, secure chip & PIN technology, and transaction SMS alerts.
- Virtual Debit Card: Instant issuance for convenient online transactions.
- Cardless Cash Withdrawals: Provides enhanced convenience for accessing cash without a physical card.
- Bill Payment Options: Convenient facilities for easy bill payments.
Eligibility
- Age: Must be 18 years old or above.
- Residency: Open to UAE residents and non-residents.
Required Documents
- Valid Passport & Visa
- Valid Emirates ID
- Income Proof
Above Which bank will be right for you?
Here I have given you detailed information about four banks, which include First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates Islamic Bank and RAKBANK Bank. To choose a bank, you should pay attention to the following aspects:
1. Features and Benefits: Compare features and benefits across bank account types such as interest rates, bonus miles, or rewards.
2. Availability and Features: View the features provided by the bank such as digital banking, cardless cash withdrawals, and bill payment services.
3. Eligibility and Documents: Check the eligibility and documents required to open an account, so that you have all the necessary information.
4. Service and Customer Satisfaction: Review the quality of customer service and customer satisfaction towards the bank’s services.
5. Convenient Location and Facilities: Check the availability of bank branches and other facilities such as ATM network.
Choosing a suitable Savings Account in UAE can play a vital role in meeting your financial goals and needs. We've provided detailed information on Account Types from Different Banks, with each having its own Features, Benefits, and Requirements.
- Emirates Islamic Bank's Kunooz Savings Account, E-Savings Account, and other options can give you benefits like rewards, higher profit rates, and airline miles.
- Abu Dhabi Commercial Bank's Savings Account and Call Account provide you with an affordable and convenient banking experience.
- RAKBANK's Regular Savings Account, Emirates Skywards Savings Account, and RAKbooster Account offer you flexibility as well as various benefits.
Every account offers different features and benefits for you to choose from depending on your personal and financial needs.
Visit inewkhusi.com and get more detailed and simple information on these account options. The articles on our website are provided in simple and easy language so that you can get the right information. If you have any questions or problems, we will get a reply within hours.