Making money out of the money you earn is the wisest way to multiply your wealth. Take the first step towards it and open a saving account and earn interest on your savings in your accounts. There are a number of accounts to choose from. Some pay interest annually, some pay monthly, some let you withdraw your money, some do not, and some cap the withdrawal limits. There are saving accounts complying with Sharia laws as well.
One thing is common, they all work towards multiplying your savings big or small. Here are some of the best savings accounts:
CBI 3% eSaver Account
Annual return: up to 3 per cent
This new online savings account offers up to 3 per cent rate depending upon the account balance and requires Dhs 10,000 minimum balance. CBI customers can open the account online. The 3 per cent rate is only valid for new funds. The downside is it has limited withdrawals capped at only one withdrawal per month.
FAB's iSave Electronic Account
Annual return: up to3per cent
iSave Electronic Account from First Abu Dhabi Bank does not require a minimum balance or have restrictions on the number of withdrawals. For this account, the more you save, the higher the interest rate you can earn. Interest will be paid monthly calculated on the monthly average balance. The interest rates vary between 0.5 per cent to 3 per cent. An average balance of Dhs 5 million and above will only earn you 3 per cent interest rate.
ADCB Active Saver Account
Annual return: up to2per cent
ADCB Active Saver Account requires a minimum balance of Dhs 10,000 to earn interest rate that vary between 1.7 to 2 per cent. An average balance of Dhs 2 million earns you 2 per cent interest rate. Customers also earn TouchPoints, the bank’s loyalty reward points, every time the balance increases by Dhs 1,000. TouchPoints are redeemable at various UAE merchants, including retail, travel and hotels, as well as to pay utility bills. The account is available in Dhs and USD. With no ATM card or cheque book, there is less temptation to withdraw your hard-earned savings
Standard Chartered XtraSaver Account
Annual return: up to2per cent
The XtraSaver account requires a minimum initial deposit of Dhs 3,000 (or equivalent in US dollars) and requires no minimum monthly balance. There is no monthly service charge and fall-below fee. The return is 1 per cent for the first two months and then doubles to 2 per cent every month after that. This account only allows one debit transaction per month. If you do make more than one debit transaction a month, no interest will be earned.
RAKBank F@st S@ver Account
Annual return: up to 1.75per cent
RAKBank F@st S@ver Account requires no minimum balance and caps monthly withdrawal limit to one. The interest rates ranges between 0.5 per cent to 1.75 per cent. However, this account pays more interest to lower balances. Balance less than Dhs 200,000 earns 1.75 per cent interest, while Dhs 500,000 to Dhs 2 million earn 1 per cent and above Dhs 25 million, it gives 0.5 per cent interest. The account is available in dirhams and dollars.
Emirates NBD Smart Saver Account
Annual return: up to 1.5per cent
Emirates NBD Smart Saver Account requires a minimum balance of Dhs 25,000 to earn interest. Lower balances earn more interest. Balance between Dhs 25,000 and Dhs 100,000 earns 1.5 per cent interest, balance above Dhs 5 millions earns the minimum interest rate of 0.75 per cent.
It allows only one withdrawal per month.
Commercial Bank Of Dubai E-Saver Account
Annual return: up to 1.50per cent
Commercial Bank of Dubai E-Saver Account requires no minimum balance maintenance. Customers can earn up to 1.5 per cent interest on month average balances and it allows three withdrawals per month.
HSBC Term Deposit Account
Annual return: up to 3per cent
This account pays interest rates upon maturity of a term that ranges from one month to 36 months. HSBC Premier customers with a balance of more than Dhs 750,000 over the longest period of 36 months earn 3 per cent interest rate. For shorter terms, the rates are much lower. The account is also available in US dollars and British pounds, for a minimum deposit of 5,000 in either currency.
Noor Bank Wakala Investment Deposit
Annual return: up to 3.7per cent
Based on the Islamic principle of Wakala, the bank invests customer’s money in a Sharia-compliant avenue. They promise profit rates but do not guarantee anything. Noor Bank’s Wakala Investment offers terms ranging between one month and 36 months with a maximum profit rate of 3.7 per cent paid at maturity. The minimum deposit requirement is of Dhs 25,000.
Dubai Islamic Bank Long-Term Wakala Deposit
Annual return: up to 2.52per cent
With a minimum deposit of Dhs 25,000, Dubai Islamic Bank’s long-term Wakala Deposit offers up to 2.52 per cent expected profit paid out after five years. The deposit comes with a free DIB credit card that offers services such as roadside assistance and instant enrolment into the bank’s Wala’a Dirhams loyalty programme, which can be used for flights, hotels and shopping with selected merchants.