The savings accounts are regular account where you can deposit money and earn an interest on the funds you hold in the account. These accounts tend to pay higher interest rates and also offer various features like ATM and debit cards, chequebooks, etc. The exact features of the savings account may differ from one bank to another for example, some banks may require that you maintain a minimum balance while other won’t. Some of these accounts even come with features that are meant to promote savings like the app offered by Emirates NBD that turns your mobile phone into a unique savings tool but suggesting tiny amounts to save every time you shake your phone.
Features and Benefits of Savings Accounts
Savings account offer several benefits to customers. Here we will take a look at the prominent features and most attractive benefits offered by the facility.
- The prime objective of the facility is to facilitate savings.
- There are no limits on the number of times you can make deposits or the amount of money that deposited into the account.
- There may be certain restrictions regarding withdrawals.
- Withdrawals can either be made through withdrawal slips or cheques.
- Savings accounts get a nominal rate of interest ranging up to 4%.
- There is a minimum amount that must be maintained in the account so that it is active.
- Regular household expenses and payments related to telephone bills or electricity bills can be made through E-Banking or Electronic Clearing System.
- EMIs related to car loans, personal loans, home loans, etc. can be paid via your savings bank account.
- These accounts can be opened in multiple currencies including AED and USD.
Compare Saving Accounts
In need of a savings account? Whether new to the UAE or simply trying to change your current bank account, there are extensive bank account options available today with varying features to suit your needs.
Working alongside the UAE’s leading banks, we do all the hard work for you, scouring the market for the leading current, savings and deposit accounts, taking into account things like; minimum monthly income, transfer fees, overdraft facilities, incentives and rewards. With our help you can find the account that best suits your pocket and your lifestyle.
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