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Highest Yield Savings Accounts in Dubai & the UAE (compared)

João Nunes, CFA, CAIA| Updated January 10th, 2024

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. 

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 traditional banks’ top five savings accounts available in the UAE, 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 trading platforms from 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.
Interactive Brokers Up to 4.83% p.a. in USD; Up to 4.384% 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.
Neo by Mashreq – Neo Savings 0.15% No AED and USD Digital banking platform with additional benefits

As of 10/01/2024.

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% in AED; Up to 1.25% in USD AED 25,000 USD, GBP Limited number of withdrawals.
ADCB Active Saver Up to 2.25% in AED; Up to 2% in USD AED 1,000 USD, GBP Interest rates increase with higher balances. 
Mashreq Easy Saving Up to 2.40% both in AED and USD  No minimum balance USD, GBP Interest rates increase with higher balances.
Limited number of withdrawals. 
Commercial Bank of Dubai  ESaver Up to 1.25% in AED No minimum balance No, AED only Interest rates increase with higher balances.
Limited number of withdrawals.

As of 10/01/2024.

UAE Savings Accounts Reviewed

Emirates NBD - Smart S@ver Account

Highest Yield Savings Accounts in Dubai & the UAE (compared) 1
Visit Emirates NBDHighest Yield Savings Accounts in Dubai & the UAE (compared) 2

Emirates NBD at a glance

CurrenciesAED, USD, GBP
Minimum Balance25,000
Rates in AED (% p.a.)From 1.00% to 2.00% (depending on the amount)

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

Highest Yield Savings Accounts in Dubai & the UAE (compared) 3
Visit ADCBHighest Yield Savings Accounts in Dubai & the UAE (compared) 2

ADCB at a glance

CurrenciesAED, USD, GBP
Minimum Balance1,000
Rates in AED (% p.a.)From 0.40% to 2.00% (depending on the amount)

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

Highest Yield Savings Accounts in Dubai & the UAE (compared) 5
Visit Mashreq BankHighest Yield Savings Accounts in Dubai & the UAE (compared) 2

Mashreq at a glance

CurrenciesAED, USD, GBP
Minimum Balance0
Rates in AED (% p.a.)From 0.30% to 2.40% (depending on the amount)

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

Highest Yield Savings Accounts in Dubai & the UAE (compared) 7
Visit Commercial Bank of DubaiHighest Yield Savings Accounts in Dubai & the UAE (compared) 2

Commercial Bank of Dubai at a glance

CurrenciesAED
Minimum Balance0
Rates in AED (% p.a.)From 0.50% to 1.25% (depending on the amount)

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%

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. Choosing a suitable savings account can protect your financial future and pave the way for a more secure and prosperous tomorrow. 

Disclaimer: The rates and features of the accounts described above are only for information purposes and are subject to change. Please confirm each account/provider’s terms and conditions before making any decision.

João Nunes, CFA, CAIA
Senior Portfolio Manager & Director at Edenhurst Capital

João Nunes is a senior portfolio manager and director at Edenhurst Capital, a global wealth management company based in Dubai.

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