In a world that is constantly evolving, financial stability and security are key. Saving money is fundamental to personal finance, ensuring a safety net for emergencies, future aspirations, specific goals (dream holidays, new car, you name it), and a comfortable retirement.
While there are various ways to save and invest your savings, savings accounts are a popular choice due to their accessibility, security and potential for growth through interest rates.
In the UAE, most banks offer some sort of savings account tailored to meet the diverse needs of individuals. In this article, we will explore the top five savings accounts available in the UAE from traditional banks, highlighting their interest rates, minimum and maximum amounts, eligibility requirements and other essential features. Additionally, we will discuss savings accounts offered by digital banks and brokers, providing a comprehensive overview of the savings options in the UAE.
Savings Account from Digital Banks and Brokers
With the rise of digital banking and the increasing popularity of online financial services, several digital banks and brokers in the UAE also offer savings account options. These platforms provide convenient and accessible ways to save money while leveraging technology to enhance the banking experience.
The table below highlights some of the top savings accounts offered by digital banks and brokers in the UAE.
| Savings Account | Interest Rate p.a. (AED) | Minimum Balance | Available in Other Currencies? | Additional Comments |
| Sarwa Savings | 3.0% | None. But only available in USD. | Only in USD | Online investment platform with a savings feature. No lock-ups. No charges. There is also a Shariah-compliant option. |
| Neo by Mashreq – Neo Savings | 0.15% | No | AED and USD | Digital banking platform with additional benefits |
| Interactive Brokers | Up to 4.83% p.a. in USD; Up to 4.27% p.a. in AED | Interest paid only for amounts above USD 10,000 (or equivalent). | AED, USD, EUR and other currencies | Online broker with interest paid on uninvested cash. |
These digital banks and brokers offer competitive interest rates, flexible minimum balance requirements, and the convenience of managing your savings through user-friendly mobile and online platforms.
Savings Accounts from Traditional Banks
| Savings Account | Interest Rate p.a.(AED) | Minimum Balance | Available in Other Currencies? | Additional Comments |
| ENBD Smart S@ver | Up to 2.00% | AED 25,000 | USD, GBP | Limited number of withdrawals. |
| ADCB Active Saver | Up to 2.25% | AED 1,000 | USD, GBP | Interest rates increase with higher balances. |
| Mashreq Easy Saving | Up to 2.40% | No minimum balance | USD, GBP | Interest rates increase with higher balances. Limited number of withdrawals. |
| Commercial Bank of Dubai ESaver | Up to 1.25% | No minimum balance | No, AED only | Interest rates increase with higher balances. Limited number of withdrawals. |
| DIB Al Islami E-Savings | Profit rate of 0.20% | AED 1,000 | No, AED only | Shariah-compliant. |
UAE Savings Accounts Reviewed
Emirates NBD - Smart S@ver Account
Emirates NBD at a glance
This is an excellent choice for individuals looking to save their hard-earned money while earning competitive interest rates. With a minimum balance of AED 25,000, this account offers a range of benefits to account holders. Both new and existing customers can open this account, making it an inclusive choice for all. The number of withdrawals is limited.
The interest rates are as follows:
| Amount | Rate % p.a. (AED) |
| AED 25,000 or less | 0.00% |
| AED 25,000 to 100,000 | 2.00% |
| AED 100,000 to 2,000,000 | 1.25% |
| AED 2,000,000 and above | 1.00% |
ENBD also offers fixed deposits, starting with AED 10,000. The current rates are as follows:
| Tenor | Rate % p.a. (AED) |
| 1 week | 0.05% |
| 1 month | 1.80% |
| 2 months | 1.90% |
| 3 months | 2.30% |
| 6 months | 2.55% |
| 1 year | 3.05% |
| 24 to 35 months | 2.55% |
ADCB - Active Saver Account
ADCB at a glance
This account provides an attractive interest rate and convenient features. This account boasts a tiered interest rate structure, meaning that the interest rate increases as the balance increases. This account is available to new and existing customers, making it a versatile option.
The current rates are:
| Daily Account Balance | AED Rates (% p.a.) |
| AED 200,000 or less | 0.40% |
| Above AED 200,000 up to 750,000 | 1.00% |
| Above AED 750,000 up to 2,000,000 | 1.75% |
| Above AED 2,000,000 up to 5,000,000 | 2.25% |
| Above AED 5,000,000 up to 20,000,000 | 2.00% |
| Above AED 20,000,000 | 0.20% |
The interest is calculated daily and paid monthly. You can open this account in just a few minutes through ADCB Personal Internet Banking.
Mashreq Easy Saving Account
Mashreq at a glance
This account is easy to set up (no paperwork needed) and requires no minimum balance or fees. You can do up to one debit transaction from your Easy Saver account per month with effect on your interest payment for that month.
The current rates are:
| Daily Account Balance | AED Rates (% p.a.) |
| AED 49,999 or less | 0.30% |
| AED 50,000 to 149,999 | 1.00% |
| AED 150,000 to 249,999 | 1.10% |
| AED 250,000 to 499,999 | 1.20% |
| AED 500,000 to 999,999 | 1.80% |
| AED 1,000,000 to 4,999,999 | 2.00% |
| AED 5,000,000 and above | 2.40% |
Interest is paid on the average monthly balance and is credited at the end of every month. No interest is paid if there is more than 1 debit in the month.
Commercial Bank of Dubai - ESaver Account
Commercial Bank of Dubai at a glance
With no minimum account balance or account maintenance charges, this savings account can generate up to 1.25% p.a. on your monthly average balances. You can open the account online, check your balance and statements online, and enjoy up to 3 debits per month from the ESaver account. It is available for new clients.
The current rates are:
| Monthly Average Balance | AED Rates (% p.a.) |
| AED 24,999 or less | 0.50% |
| AED 25,000 to 99,999 | 0.75% |
| AED 100,000 to 999,999 | 1.00% |
| AED 1,000,000 to 4,999,999 | 1.25% |
| AED 5,000,000 and above | 0.50% |
DIB - Al Islami E-Savings Account
Dubai Islamic Bank at a glance
For individuals seeking Sharia-compliant savings options, the Al Islami Savings account is a great choice. The account follows Islamic principles and offers a profit rate instead of interest. In Q1 2023, it paid a profit of 0.20% p.a. With an easy online account opening process; this account offers attractive expected profit rates to existing customers. This account can be used to pay utility and telecommunication service bills.
Bottom Line
With a wide range of savings accounts available in the UAE, individuals can find an option that aligns with their financial goals, preferences and eligibility criteria. Whether you prefer traditional banks, digital banks or online brokerage platforms, it’s essential to compare the interest rates, minimum and maximum balances, charges, ability to withdraw without penalties and other features to make an informed decision. By choosing a suitable savings account, you can protect your financial future and pave the way for a more secure and prosperous tomorrow.
We are working on a more comprehensive list/database with all the savings available in Dubai. Let us know in the comments below if this is something you would like to see in the future.
Important Disclaimer: The rates and features of the different accounts described above is for information purposes only and is subject to change. Please confirm each account/provider’s terms and conditions before making any decision.
João Nunes is a senior portfolio manager and director at Edenhurst Capital, a global wealth management company based in Dubai.
