Best Savings Bank Accounts of 2023 in UAE

Secure your future with the top UAE savings accounts

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You have diligently worked to earn your financial resources and demonstrated exceptional skills in navigating life’s challenges, and as a result, you have achieved tangible outcomes. However, it must be acknowledged that keeping cash in a sock drawer is considered outdated and presents a significant risk. In which location should your diligently earned funds be situated? Greetings and welcome to the esteemed realm of savings accounts, where your funds do not merely remain stagnant but flourish and expand, akin to a meticulously nurtured indoor botanical specimen.

Savings accounts, including e-savings accounts, are crucial in maintaining financial stability. The company provides various benefits, including competitive interest rates that yield an annual return worthy of recognition. With our highly competitive interest rates, or for those who prefer Sharia-compliant options, a reliable profit rate, your funds are effectively utilized, even during leisure periods such as watching Netflix. We are discussing annual interest rates that result in the average balance in your account experiencing a positive increase.

Best Savings Bank Accounts of 2023 in UAE

However, there is more! Do you know about mobile banking? You have. With superior banking services, you can make cash withdrawals and monitor your expanding wealth with minimal effort. Debit cards linked to these accounts are your saviors in unforeseen circumstances. In addition, let’s not neglect the seemingly insignificant details, such as minimum balance requirements. Sustaining an average balance can be as essential as sunscreen in a UAE summer.

With such a wide range of financial services, the correct savings account can be your first step toward financial discipline. The FZBuddy Team will guide you through the labyrinth of savings rates, debit cards, and more. Let’s discover the best savings bank account of 2023 in UAE that is as awesome as you.

Why Save Money in a Bank Account?

What would be the best reasons for allocating your diligently earned dirhams towards a savings account instead of expending them on a captivating new gadget? Maintaining financial stability has become the epitome of desirability in contemporary society. Storing your funds beneath the bedding or maintaining them within a checking account is as uneventful as observing the paint-drying process. The range of benefits is simply insignificant.

Savings accounts provide attractive interest rates that can grow your monthly balance, albeit with monthly account fees. Occasionally, competitive interest rates can facilitate your funds’ growth over time. Consider it an investment. 

Contemporary financial institutions provide a diverse array of financial services, not to mention channels, in addition to offering traditional savings accounts. The then-popular phone banking facility has evolved with bank offerings encompassing online banking, which extends to mobile banking facilities, debit card facilities, and additional benefits for customers who maintain a commendable average balance. They no longer need to go to their bank branch to perform unlimited withdrawals or exchange foreign currencies.

The minimum balance requirement is an essential aspect of certain accounts, serving as a fundamental element of financial responsibility. Surpassing it potentially earns you an annual return comparable to the profit rates observed in alternative investment opportunities. In addition to the convenience of cash withdrawals, banks now offer a wide array of benefits, including favorable annual interest rates that allow for higher savings rates. 

Unforeseen circumstances are no longer serious concerns, as a savings account is a reliable and valuable asset easily accessible during financial challenges. 

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Criteria for Bank Account Selection

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This is not personal; we are talking about business finance and banking, which are all but reasonable in this sense. However, not all savings accounts possess equal attributes. There are a plethora of factors to consider when deciding your saving option. Selecting the appropriate account resembles selecting a life partner—compatibility is imperative. Your technology business, registered under the Shams Free Zone, may not be eligible for the same banking services as those utilized by logistics, industrial, and commercial enterprises.

So first consider the interest rates, particularly in UAE, and especially the annual return on your savings. This serves as the primary source of income for your savings account. The prevailing rates may exhibit significant variability. Thus, securing a rate that elicits a reasonable income for your financial resources is best.

Meanwhile, the imposition of monthly fees or an annual fee has the potential to significantly deplete your diligently accumulated financial resources. Therefore, ensure your account has smaller fees. A Smart Saver account usually offers this. 

Accessibility and convenience are also important. In the age of digital transformation, mobile banking is an indispensable requirement. Customer satisfaction within this domain can significantly impact your banking experience, either positively or negatively. Of course, when you are happy with how accessible your account is, you are having a great experience.

Remember to adhere to the minimum balance requirement. Certain accounts require a minimum balance that may be quite substantial, whereas others are more flexible. Regardless, keeping your account balanced above the minimum requirement is vital. 

Additional benefits include term deposits, fixed deposits, cash deposits, and other innovative banking solutions. These offerings serve to highlight our exceptional capabilities and commitment to excellence.

Finally, look into the features. The basic features are no longer sufficient. Every type of savings account will have many advantages and disadvantages. A MaxSaver account will not necessarily offer the same features as an active or smart saver account. Some will have tiered returns; others will have fixed returns. Determine what fits your needs best. 

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5 Best Savings Bank Accounts in UAE for 2023

If you are seriously considering setting up a savings bank account in the UAE, here are some accounts worth exploring. These accounts will help you keep your hard-earned cash safe while earning interest.

1. Mashreq Bank: “The Overachiever”

Mashreq Bank provides a financial product known as the Max Saver Account, which offers competitive interest rates. Those searching for a savings account with a competitive annual profit rate will benefit from this option. It is not limited to the consideration of interest rates.

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Key Features:

  • Monthly Charge: None, zilch, nada!
  • Initial Deposit: An invitingly low bar to get you started.
  • Mobile Banking: With a sleek app, managing your money is as easy as swiping right.

Customer Satisfaction:

Clients are typically satisfied with exceptional customer service, particularly in online banking. Expect to feel like a guest of honor in every transaction.

2. Abu Dhabi Commercial Bank: “The No-Nonsense Saver”

Abu Dhabi Commercial Bank aims to serve those looking for a straight deal with no surprises or hidden charges. Clients do not get a monthly charge, but a base balance needs to be maintained.

Key Features:

  • Average Balance Requirement: Steady as she goes.
  • Competitive Rate: A decent annual profit rate
  • Cash Deposits: Several easy-to-locate kiosks

Customer Satisfaction:

This account received decent reviews across the board. However, online banking is perhaps its weak point.

3. Abu Dhabi Islamic Bank: “The Everyman’s Bank”

The Abu Dhabi Islamic Bank, or ADIB Smart Banking Account, caters to the ordinary saver. Not only is it for business finance but also personal finance. The interest may not grow so much, but your money will not wither in this account.

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Key Features:

  • Minimum Deposit Requirement: Almost anyone can jump in.
  • Savings Account Options: More variety than a buffet dinner.
  • Current Rates: Not the best or worst; it’s like the porridge Goldilocks chose.

Customer Satisfaction:

Customer satisfaction is generally high, particularly with the seamless mobile banking services. Clients can pay bills without having to go through a bureaucratic maze.

4. Emirates NBD Standard Savings Account: “The Millennial Magnet”

Emirates NBD is attempting to be the bank for every person as well. Its clientele is diverse, but it has many young savers. This is perhaps because of the massive array of bank account options they have tailored to a younger crowd.

Key Features:

  • High Interest Rates: Attractively high, but conditions apply.
  • Mobile Banking: Designed for people who think branch visits are as outdated as flip phones.
  • Initial Deposit: A minimal hurdle that makes it accessible.

Customer Satisfaction:

Clients enjoy the 24/7 customer support and the user-friendly interface.

5. National Bank Of Fujairah: “The Traditionalist”

Last, the National Bank of Fujairah provides a savings bank experience reminiscent of traditional banks. It is safe to assume that many older savers comprise this bank’s client base.

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Key Features:

  • Annual Profit Rate: Reliable, but not a showstopper.
  • Cash Deposits: A tad old school, but hey, if it ain’t broke, don’t fix it.
  • Average Balance Requirement: Higher than others, but it’s all about the long game, baby!

Customer Satisfaction:

The bank is very classic, literally. Clients who love the classics enjoy the vibe. However, with that comes a slow, challenging online or mobile banking service.

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Honorable Mentions

Among the other banks to consider would be Dubai Islamic Bank. While also quite traditional, do not assume this bank is not keeping up with the times. The available savings options are as modern as our top picks but not as updated often.

Meanwhile, the CBI Saver Account is the more reserved option for savings. While it may not boast extravagant features, it is undoubtedly a reliable and commendable selection. Those with a proclivity for minimalism may find this the best choice.

Now, Starling Bank anchors its service model to a digital-first approach to banking. Its savings account exhibits promising potential to become a prominent tech leader in banking.

Then there are ICICI Bank and HDFC Bank, which boast experience and expertise with continuous innovative strategies; they provide highly competitive interest rates.

Finally, Abu Dhabi Bank is considered by reviewers to be dependable. It offers a straightforward, no-frills service.

If our top picks do not suit your taste completely, know that there are honorable mentions to consider. 

The Bottom Line

Finding the right savings account is not merely looking into the basics but digging deep into the opportunities ahead. Consider the process a means to secure and protect your finances while growing your funds. Your bank should be dependable and trustworthy, so you can relax knowing they care for your money.

Make an informed decision when it comes to your finances. Do not accept anything less than what is satisfactory. You have diligently worked for your earnings; therefore,, ensuring that your bank is equally dedicated to your future endeavors is essential. 


FZBuddy aims to provide accurate and reliable information as you navigate the UAE Freezone space. As such, our writers refer to primary information sources in supporting each article appearing on this website. These include, but are not limited to, published news articles, government portals, research papers, and more.

  1. Home | The Official Portal of the UAE Government. (n.d.).
  2. Home – Executive Council. (n.d.). Executive Council.
  3. Start your Business in UAE at UAQ Free Trade Zone (UAQFTZ). (n.d.).

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