Compare and Open the Best Savings Account in the UAE

Savings Accounts in the UAE enable you to earn considerable profits while keeping your funds safe and facilitating easy transactions. The interest rates on savings are attractive, hence a natural choice for anyone who’s looking forward to saving some extra bucks for a rainy day.  

Savings accounts in the UAE usually have a maintenance fee that can be waived off if you maintain the minimum average balance stated by your bank. The banks in the UAE offer a unique set of features and benefits with savings bank accounts. These benefits include a free debit card, free first chequebook, higher interest rates, no monthly fee, low minimum balance requirement and much more. 

Let us go ahead and learn about these benefits and features in detail, followed by the competitive interest rates offered by the top banks in the UAE. We will also take you through the savings account opening process to make it all simpler for you. 

Features and Benefits for Opening a Savings Account in the UAE

Here are the main benefits and features of the best savings accounts in the UAE.

• Minimum Balance Requirement: The savings accounts in the UAE offer different minimum balance requirements for the account holders. They need to maintain the minimum average balance to become eligible for earning profits.
• Monthly Fee: Savings accounts in the UAE charge monthly fee for the account holders who do not maintain the minimum average balance as required.
• Profit Rates: Savings accounts in the UAE offer attractive interest rates on the balance maintained by the account holders. These interest rates help encourage savings and enable account holders to grow their savings in no time. 
• Chequebook: Most savings accounts in the UAE offer a free first chequebook for the account holders to help them easily withdraw funds. However, they charge a fixed extra fee for additional chequebooks requested.
• Debit Card: The banks in the UAE offer a free ATM card for the account holders with their savings account. With this debit card, the account holders can withdraw funds from ATMs across the UAE.
• Branches: The banks in the UAE have branches in different cities that are available for their customers on all working days, except bank and public holidays. 
• Withdrawal Fee: Most savings accounts in the UAE come with withdrawal limits for the account holders. Some of the banks allow account holders to make only one withdrawal every month if they want to earn interest on the balance maintained. And if the account holders exceed the monthly transaction limit, the banks charge fees per additional transaction.
• Online Banking: The savings account holders in the UAE can access their bank accounts by simply logging into the specific bank’s online banking portal. All they need is a working internet connection and a desktop, laptop or smartphone.
• Phone Banking: Most banks in the UAE offer mobile banking applications for their customers to help them have all the features and benefits right at their fingertips.
• Security and Confidentiality: The banks in the UAE offer high-level security for savings accounts. They keep the account holders’ information strictly confidential and safe. 

Savings Account Interest Rates Offered by the Best Banks in the UAE

Documents Required for Opening a Savings Account in the UAE

Here is the list of documents required for opening a savings account in the UAE. Make sure you have all the essential documents in place and well-organised before applying for a savings bank account. This helps you streamline the process and open your preferred savings bank account with great ease.

• For Residents: The UAE residents can open a savings account with the documents listed below. 
• A valid passport with a residency visa page – Original and a Copy
• An account opening form
• Emirates ID
  Note: The applicants with no Emirates ID issued can submit a copy of the Emirates ID registration form that they submitted while applying for it.
• Salary Certificate/Appointment Letter/Salary Slips to verify the account holders’ income
  Note: Your Company’s HR can help you find the salary documents.
• For Non-Residents: Non-residents are not provided with a chequebook with the savings account in the UAE. However, they can request a debit card based on their financial preferences.
  Here is the list of documents that non-residents need to provide in addition to the above-mentioned documents. 
• Utility bill of the last three months.
• Bank account statement of the past six months from the applicant’s country of origin.
• Detailed information of the source of income for the applicants.
• A reference letter from a bank you already have/had an account with.

Steps to Open a Savings Account in the UAE

Here are the simple steps to open a savings bank account in the UAE. 

1. Gather the Required Documents: The savings accounts in the UAE come with a requirement of certain documents. So first, you need to gather all the essential documents in order to make the account opening process hassle-free.
2. Choose the Bank to Open an Account: Next, you need to choose the bank you want to open a savings account with. Make sure you analyse your financial requirements before you make this decision. 
3. Check the Account Opening Process: Most banks in the UAE allow account holders to open a savings account online, while some banks need applicants to visit their branch. Make sure you check the account opening process and open a savings account following the same. 
4. Submit Your Application: You need to fill out the application form, whether opening a savings account online or offline. Find that form and fill it with all your details. You need to submit this form with the required documents. 
5. Approval of Bank Account Application: If everything goes right, the bank verifies your details and approves your savings account application. Some banks deliver the welcome kit to your doorstep, while others need you to visit the branch to collect one. Make sure you check with the bank the whole process after the application gets approved.

Conclusion

Opening a savings account in the UAE does not only keep your funds safe but also help you earn profits. The banks in the UAE offer competitive interest rates on the balance maintained in your savings account. Although this interest won’t make you mega rich, it will gradually grow your savings. 

We, here at PolicyBazaar, help you find such investment options where you can earn from your savings. You can simply contact our support team and find a savings account that caters to all your financial requirements as well as offer the desired benefits and features.