UAE Savings Accounts – Review Information
While in Dubai, whether a resident or a non-resident, you can secure money by opening a UAE savings account. The banks in Dubai are both foreign and local therefore providing a platform to anyone who wishes to live there. UAE savings accounts offer a very high level of liquidity, hence making money accessible throughout. Among the top 5 best savings accounts in the UAE include:
1. The Emirates NBD Smart saver account
Their interest rates on UAE savings accounts are relatively good where the higher the balance you uphold, the better the interest rate you get. Besides, they offer an international debit /ATM card with some of their savings account which is absolutely free. Another merit of this account is that it does not charge a monthly fee, however if your account balance goes below the minimum balance level, a small fee is charged. The bank also has attractive internet banking services and their ATM’s are all over both Dubai and Abu Dhabi so you will always be able to get your hands on your money. Visit NBD Smart Saver.
2. Standard Chartered Bonus Saver Account
This account is available throughout the UAE 24 hours in a day, seven days in a week. You can therefore access your account anytime through ATM’s, online or even via the phone. It offers reasonable interest rates on minimum monthly balances and an accompaniment of a free ATM/debit card. Bill payments through this account are also convenient due to presence of the payment facilities in a wide range of services.
3. The Tiered UAE Savings Account.
The NBD Tiered UAE Savings Accounts account offers attractive interest rates on balances upheld in accounts and the interests are calculated based on daily closing balances. A free international debit/ ATM card is also offered and in addition, a monthly statement of account is also issued. They also provide their customers with other banking services to ensure that all your needs are met.
4. Mudaraba UAE Savings Account
This is an account that is more of a partnership where it involves profit sharing contract between a capital provider and a fund manager also known as the Mudareb. The investment in this account can be a project or rather a fund to produce bulk profits. The profit is supposed to be submitted in a minimum span of 30 days and the account is supposed to gain 25% of the profit. The Mudaraba savings account is only available to individuals and the account has a minimum balance limit, which makes it less desirable than the NBD options.
5. Currency Passport Savings Account
This NBD account is available in various main foreign currencies and therefore suitable for persons willing to maintain a single account with multiple balance currencies. It also offers a good interest rate and an allowance to settle your bills easily by letting you pay for a wide variety of services. They also give an allowance to other banking services. The account also gives the statement of account quarterly.
These accounts allow customers to plan their finances appropriately while at the same time gaining profits. These accounts guarantee you security and safety of your money and they enable you access your funds easily whenever a need arises. They are absolutely ideal for anyone willing to open a savings account in UAE and get the best returns on the money that they will be earning whilst working in the UAE. Of course because these accounts are also located in TAX Free UAE then you will not be liable to pay tax on the interest that you accrue.