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Opening a savings account is one of the most popular ways of ensuring you have backup funds in case of emergencies, or if you want to keep enough money for a life goal.
But not all savings accounts are created equal. That’s precisely why we went out to look for the best banks for a savings account in Dubai.
We explain the different factors we considered in choosing them and answer some FAQs about savings accounts in Dubai.
How much does opening a savings account in Dubai cost?
The cost of opening a savings account varies depending on the type, the fees, and the bank.
To give you a head start, we’ve made a table of the required minimum balance a person has to maintain with each of our entries and the profit rate you can receive.
The Best Banks for a Savings Account in Dubai
Before we get right into our list of the best banks for a saving account in Dubai, here are the criteria we considered in choosing them:
1. Emirates NBD
| Criteria | Ratings |
| Fees & Profits | ★★★★☆ (4/5) |
| Accessibility | ★★★★☆ (4/5) |
| Benefits | ★★★★★ (5/5) |
| Background & Experience | ★★★★★ (5/5) |
Known for being Dubai’s first national bank, Emirates NBD has one of the best savings accounts in UAE because of its high-interest yield and numerous benefits.
Its standard savings account has a profit rate of 0.20%. And while one can argue that it’s not the greatest, especially when it has an AED3000 maintaining balance requirement, its benefits more than makeup for it.
The bank’s 60-second transfers from all over the world make this perfect for expats, foreign workers, and businessmen needing to transfer money in and out of the country at a moment’s notice.
We also love its online platform that’s been designed to efficiently run on computers, smartphones, and tablets.
To add to its accessibility, its mobile banking allows its users to withdraw from ATMs without a card by using their mobile banking app on their phones.
And our favorite benefit to having an Emirates NBD savings account is the numerous exclusive deals from Aster medical and pharmaceutical services.
One of the few drawbacks with Emirates NBD, however, is that the accounts are only available in Dirhams.
All of these are rooted in its goal of becoming one of the best banks in the world, and its ambition has led it to multiple awards throughout the decades.
Emirates NBD is the recipient of multiple “Best Bank of the Year” awards, proving its prominent presence in the UAE banking industry.
Pros
- Multiple benefits across a wide range of services
- Quick and secure local and international fund transfers
- Accessible via any online device
- Offers cardless withdrawals
Cons
- Only available in Dirhmas
- 0.20% profit rate is lower compared to other banks
- Has a maintaining balance of AED3000
2. National Bank of Fujairah
| Criteria | Ratings |
| Fees & Profits | ★★★★★ (5/5) |
| Accessibility | ★★★★★ (5/5) |
| Benefits | ★★★★☆ (4/5) |
| Background & Experience | ★★★☆☆ (3/5) |
Born and built in UAE, National bank of Fujairah is dedicated to the economic development of the country both for the industries and the individuals.
The profits that clients gain compared to the fees you pay to open a savings account with this bank is easily one of its strongest points.
With no minimum maintaining balance and a 1% to 1.75% interest per annum that is calculated on the daily balance, its max saver account is one of the highest yielding accounts in the country.
We love how with a small surplus in our funds, we immediately see the impact of saving money with it. On top of that, one monthly withdrawal doesn’t affect the interest at all.
Besides dealing with AED, the bank also has access to US Dollars.
We also love how accessible it is. WIth online banking and a mobile banking app available for everyone, plus three free supplementary debit cards, this bank understands the importance of being able to move funds quickly.
But where our awe of the National Bank of Fujairah starts to come down for us is in the few benefits it offers.
Other than gaining access to exclusive discounts on travel, fine dining, leisure and retail options, and one free international money transfer and two free international ATM withdrawals every month, there isn’t really much to add to it.
And we feel the same way about its experience. The last time it won awards was back in 2019, which may be recent, but it speaks volumes to us that it didn’t get one award from 2020 onwards.
Despite that, the National Bank of Fujairah’s selling point is what matters: high interest rates that can easily snowball into a fortune for the ones who know how to handle their finances.
Pros
- No required maintaining balance
- Profit rates can go from 1% to 1.75% per annum
- Accessible via any online device
Cons
- Offers few benefits
- Has not received awards recently
3. CBI
| Criteria | Rating |
| Fees & Profits | ★★★★★ (5/5) |
| Accessibility | ★★★★★ (5/5) |
| Benefits | ☆☆☆☆☆ (0/5) |
| Background & Experience | ★★★★☆ (4/5) |
With a profit rate that can go as high as 2.10%, CBI is instantly one of our favorite banks for opening a savings account.
And even though it has an AED3000 minimum balance requirement, it really does not matter for us because the profit rate is the highest out of all the banks in Dubai.
On top of that, interest rates are paid on a monthly basis and there are no monthly fees that can affect the interest you can get.
We also love the fact that besides having an online banking app for digital accessibility, CBI also allows minors and joint account holders to open their own savings accounts.
This is perfect for those looking to have an early start on their financial journey, and for partners looking to have an account that’s just for them. Its savings accounts are also available in all currencies.
However, no bank can be perfect, and where CBI falls short is in the benefits it offers to its clients.
It has no other exclusive benefits for CBI savings account holders, at all. Thus, we can only recommend it for those looking into just purely having a savings account.
But when it comes to experience, CBI is a veteran. Operating since 1991, it is confident in its ability to manage finances and strategize solutions to financial goals.
Its skills have been graded highly by Fitch, a globally recognized, independent rating agency.
It is also majority-owned by UAE shareholders, including the Ras Al Khaimah Government. This means that CBI operates with the best interest of Emirates in mind.
All in all, opening a savings account in this bank means accessing really high-profit rates that are perfect for reaching financial goals in no time.
Pros
- Has the highest profit rate
- Interest is calculated daily and paid out monthly
- Allows minors and joint account owners to open an account
- Highly rated by international financial organizations
Cons
- Has no exclusive special benefits
4. Emirates Islamic
| Criteria | Ratings |
| Fees & Profits | ★★★★☆ (4/5) |
| Accessibility | ★★★★★ (5/5) |
| Benefits | ★★★☆☆ (3/5) |
| Background & Experience | ★★★☆☆ (3/5) |
Following the principles of Shari’a, Emirates Islamic is one of the best when it comes to Islamic banking.
The bank does not believe that the pressure of paying back a loan falls completely on the borrower. Instead, it believes in sharing profits and risks in the business instead of becoming creditors.
While the profit rate is only 1%, new account owners can expect this profit rate across all slabs for their first 3 months. On top of that, we love that it doesn’t require any minimum maintaining balance.
Online transfers through the online banking app come for free and owners can use it without fees.
However, the payout for the profits is much slower compared to other banks. They are paid out quarterly, so we recommend exercising some patience.
And when it comes to benefits, besides unlimited bank transfers, there really isn’t much exclusivity with Emirates Islamic.
Another problem we have with it is that it doesn’t have many accolades or milestones that are worth noting, which explains a lot about the slower interest growth with its savings accounts.
Despite that, Emirates Islamic is a great bank because of its consistent and steady structure when it comes to saving. We definitely recommend this for those new to the Islamic banking system as it may prove to be fruitful for those seeking financial gain.
Pros
- No maintaining balance
- 1% profit rate across all slabs for first 3 months
- Online banking is available and has no usage limits
Cons
- Profits are paid quarterly
- No exclusive benefits
- Lacks accolades and awards
5. Standard Chartered
| Criteria | Ratings |
| Fees & Profits | ★★★★☆ (4/5) |
| Accessibility | ★★★★★ (5/5) |
| Benefits | ★★★☆☆ (3/5) |
| Background & Experience | ★★★★★ (5/5) |
As one of the most well-renowned banks in the world and with 150 years of experience, it was impossible not include Standard Chartered in our list.
From conventional Islamic bank offerings, it has acclimated itself to the financial ecosystem of Dubai and the entire Middle Eastern region.
With no minimum maintaining balance necessary and a 0.60% profit rate per annum, Standard Chartered offers higher financial gains compared to other international banks.
And while we realize that it is lower compared to our other entries on this list, it is made up by the fact that it is so much more accessible compared to other banks.
With a debit card that is accepted all over the world, accounts that are available in both AED and USD, and an award-winning mobile banking platform, it is one of the most convenient banks out there.
On top of that, Standard Chartered has the benefit of having access to major utility providers such as DEWA, Etisalat, and Du for bill payments through its app.
Another great benefit that we love about having a savings account with this bank is that there is no need for us to be UAE residents.
However, we were hoping to also gain exclusive access to deals on services and products. It was disappointing to find out that these are seasonal and not a staple with SC accounts.
Despite that, Standard Chartered is one of the best, especially for those looking to have quick and convenient access to their funds on a daily basis.
Pros
- Higher profit rate compared to other international banks
- Available in USD and AED
- Can get access to online and mobile banking facilities
- Both UAE residents and non-residents are eligible
Cons
- Lacks staple exclusive benefits
General Information About Savings Accounts in Dubai
1. What is a savings account in Dubai?
A savings account in Dubai is a bank account designed to help individuals save money while earning interest on the deposited amount. It often comes with features like online banking, debit cards, and withdrawal flexibility.
2. How does a savings account in Dubai work?
When you deposit money into a savings account in Dubai, the bank uses it for lending or investments. In return, the bank pays you interest on your deposit, calculated based on the account balance and the bank’s interest rate policy.
3. Can expats open a savings account in Dubai?
Yes, expats can open savings accounts in Dubai. They generally need to provide identification (passport, visa), proof of residence, and sometimes an employment letter or salary certificate.
4. What are the advantages of having a savings account in Dubai?
Savings accounts in Dubai offer benefits like earning interest, easy withdrawals, online and mobile banking, and access to debit cards. They also provide a secure place to store money.
5. Are savings accounts in Dubai Sharia-compliant?
Many banks in Dubai offer Islamic savings accounts that comply with Sharia principles, where profits are earned instead of interest, based on profit-sharing agreements.
Opening a Savings Account in Dubai
6. How do I open a savings account in Dubai?
To open a savings account, visit your chosen bank with the required documents (ID, passport, residence visa, and proof of address). Some banks also allow online account opening through their websites or apps.
7. What documents are needed to open a savings account in Dubai?
Commonly required documents include a valid passport, UAE residence visa, Emirates ID, proof of address (utility bill or tenancy contract), and a salary certificate (for salary-linked accounts).
8. Can I open a savings account in Dubai online?
Yes, many banks in Dubai offer online application services for savings accounts. You can complete the process through their official website or mobile app by uploading the necessary documents.
9. What is the minimum deposit required to open a savings account in Dubai?
The minimum deposit varies by bank, ranging from AED 0 to AED 10,000. Some banks may waive the minimum deposit requirement for specific account types.
10. Are there any fees associated with opening a savings account in Dubai?
While opening a savings account is generally free, some banks may charge maintenance fees, inactivity fees, or penalties for falling below the minimum balance.
Interest Rates on Savings Accounts in Dubai
11. What is the typical interest rate for savings accounts in Dubai?
Interest rates for savings accounts in Dubai usually range between 0.1% and 3% annually, depending on the bank and account type.
12. How is interest calculated on savings accounts in Dubai?
Interest is typically calculated daily or monthly based on the average account balance and is credited at the end of the month.
13. Which savings account offers the highest interest rate in Dubai?
Banks like Emirates NBD, Mashreq, and FAB often provide high-interest savings accounts, with rates up to 3% for premium accounts or promotional offers.
14. How do Islamic savings accounts in Dubai generate profit instead of interest?
Islamic savings accounts follow Sharia principles and earn profit through profit-sharing agreements or investments in permissible assets.
15. Do interest rates vary between local and international banks in Dubai?
Yes, local banks may offer competitive rates, while international banks like HSBC and Standard Chartered may provide globally aligned rates and services.
Best Savings Accounts and Banks in Dubai
16. Which is the best savings account in Dubai for high interest?
Mashreq Happiness Account, Emirates NBD SmartSaver Account, and ADCB Active Saver Account are popular choices for high-interest savings.
17. What is the best bank for savings accounts in Dubai?
Banks like Emirates NBD, Mashreq Bank, ADCB, and HSBC are often considered the best for savings accounts due to their features, interest rates, and customer service.
18. Which bank offers the highest savings interest rates in Dubai?
Local banks like ADCB and Emirates NBD typically offer higher rates compared to international banks, especially for their premium or online savings accounts.
19. Are there savings accounts in Dubai for specific purposes?
Yes, some banks offer savings accounts tailored for children’s education, home savings, or travel plans, with unique benefits and features.
20. Can I switch my savings account to another bank in Dubai?
Yes, you can switch banks by closing your current account and transferring your funds to the new savings account. Ensure there are no early closure penalties.
HSBC Savings Accounts in Dubai
21. What features does an HSBC savings account in Dubai offer?
HSBC offers flexible savings accounts with benefits like competitive interest rates, online banking, and global account access for expatriates.
22. What is the interest rate on HSBC savings accounts in Dubai?
Interest rates on HSBC savings accounts vary based on account type but typically range from 0.1% to 1%.
23. Can I open an HSBC savings account in Dubai as an expat?
Yes, HSBC is popular among expats in Dubai and offers tailored banking solutions to meet their needs.
24. Does HSBC offer Islamic savings accounts in Dubai?
Yes, HSBC provides Sharia-compliant savings accounts, earning profits instead of interest.
25. How do I apply for an HSBC savings account in Dubai?
You can apply online or visit an HSBC branch in Dubai with the required documents like ID, residence visa, and Emirates ID.
Dubai Savings Account Interest Rates
26. How are savings interest rates determined in Dubai?
Banks in Dubai determine interest rates based on market conditions, account type, and balance thresholds.
27. Are Dubai savings account interest rates fixed or variable?
Most savings accounts in Dubai have variable interest rates that can change based on market trends.
28. Can I negotiate a higher interest rate for my savings account in Dubai?
Premium or relationship customers may negotiate higher interest rates based on their overall banking relationship and deposit size.
29. Are promotional interest rates common for savings accounts in Dubai?
Yes, banks often run promotional campaigns offering higher interest rates for a limited period or for specific account types.
30. How does inflation affect savings account interest rates in Dubai?
During high inflation periods, banks may increase interest rates to attract more deposits and combat reduced purchasing power.
Islamic Savings Accounts in Dubai
31. What is an Islamic savings account in Dubai?
An Islamic savings account adheres to Sharia principles, where profit is earned through investments in permissible activities rather than earning interest.
32. How is profit calculated in Islamic savings accounts in Dubai?
Profit is calculated based on pre-agreed ratios and the bank’s earnings from Sharia-compliant investments.
33. Which banks offer Islamic savings accounts in Dubai?
Banks like Dubai Islamic Bank, Abu Dhabi Islamic Bank (ADIB), and Emirates Islamic are leading providers of Islamic savings accounts.
34. Are Islamic savings accounts in Dubai suitable for non-Muslims?
Yes, Islamic savings accounts are open to everyone, and many non-Muslims also use them for their ethical and profit-sharing features.
35. Do Islamic savings accounts have higher profits than conventional ones?
Profit rates can vary, but Islamic accounts often have competitive returns similar to interest rates in conventional savings accounts.
Savings Account Features and Benefits
36. Are savings accounts in Dubai insured?
Yes, most savings accounts in Dubai are insured by the UAE Central Bank up to a specific limit to protect depositors.
37. Can I link my savings account to other banking services in Dubai?
Yes, savings accounts can be linked to credit cards, fixed deposits, and other banking services for added convenience.
38. Do savings accounts in Dubai offer debit or ATM cards?
Yes, most savings accounts in Dubai provide debit or ATM cards for easy withdrawals and transactions.
39. Are savings accounts in Dubai accessible internationally?
Yes, Dubai-based savings accounts often come with international access through online banking or global account features.
40. Is there a limit on withdrawals from a savings account in Dubai?
Some accounts may limit the number of free withdrawals per month, charging fees for exceeding the limit.
Specific Concerns and Scenarios
41. Can minors open savings accounts in Dubai?
Yes, banks offer savings accounts for minors, usually requiring a guardian or parent as the account custodian.
42. Can joint savings accounts be opened in Dubai?
Yes, many banks allow joint savings accounts for families or business partners.
43. Are there special savings accounts for businesses in Dubai?
Yes, banks provide business savings accounts with features tailored to corporate and SME needs.
44. What happens if I fall below the minimum balance in my savings account?
Falling below the minimum balance may result in fees or reduced interest rates, depending on the bank’s policy.
45. Can I open multiple savings accounts in Dubai?
Yes, you can open multiple savings accounts, but managing them efficiently is important to avoid unnecessary fees.
Future Trends and Insights
46. Are digital-only savings accounts available in Dubai?
Yes, banks like Liv. by Emirates NBD and Mashreq Neo offer digital-only savings accounts with attractive features.
47. How can I maximize the interest on my savings account in Dubai?
Choose accounts with higher rates, deposit regularly, and avoid withdrawing funds frequently.
48. Are savings accounts in Dubai suitable for long-term investments?
Savings accounts are more suitable for short-term savings; consider fixed deposits or investment accounts for long-term goals.
49. How are savings accounts in Dubai affected by economic changes?
Interest rates and policies may change with economic conditions, influencing the returns on your savings.
50. What is the future of savings accounts in Dubai?
With technological advancements, savings accounts in Dubai are becoming more digital, personalized, and globally accessible.
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The 5 Best Banks for a Savings Accounts in Dubai [2025 ]
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The 5 Best Banks for a Savings Accounts in Dubai [2025 ]
