It is quite alarming to see that a significant number of people today are living beyond their means. This has been made possible mostly because of easy access to credit, which has led people to gradually become reckless when it comes to financial discipline.
Take the example of UAE where it is a common joke that it is easy to get a luxury car of your dreams here (because of easy access to auto finance) but quite difficult to obtain the driving license (because of increasingly strict standards in an effort to increase road safety).
In this regard, the importance of saving cannot be emphasised enough especially in today’s world. Where on hand, it will serve as a significant step towards financial discipline for the chronic over-spenders, on the other hand, it will enable the more financially savvy people to build up an emergency fund.
Your savings will first create a safety net that will enable you to deal with emergencies or an unforeseen cash need. Furthermore, it is possible to reap a return from your emergency fund if you park that money is a carefully vetted savings account.
There are a number of different savings accounts with varying characteristics. It is important to select the one that has the best interest rate and accessibility.
We've done some research and outlined a few of the best savings accounts available for expats in UAE:
An excellent savings account that is quite convenient as well. It has a minimum balance requirement of AED 3,000 only and offers return up to 1.00%.
A very attractive feature of this account is that you can avail an unlimited number of free cheque books and withdrawals.
You can open the account in AED, USD, GBP, and Euro.
The best feature about this savings account is that it provides attractive interest rate (up to 2.00%), which is paid monthly.
Furthermore, there is a low minimum balance requirement of AED 3,000 only and you can make unlimited withdrawals.
This account is available in all major international currencies.
As the name implies, this is a unique account in the sense that it is an online account, meaning that you can open this account via online banking. This means that there are no hassles associated with regular saving accounts. For instance, there is no minimum balance requirement.
Apart from that, this E-Savings account is a Shari'a compliant Islamic account, which is Wakala based. The expected profit is in the range 0.75% - 2.00% (according to different slabs) and distributed on the basis of minimum average balances every quarter.
You have to option to open the account in AED and USD.
Whilst technically, this is not a savings account, it is too good a deal to leave out.
This is a current account with a low minimum balance requirement (AED 1,500) and pays you a healthy 1.5% monthly - regardless of the amount you have saved.
It is important to note that this is a 'digital bank', so you cannot visit your local branch or speak to someone on the phone. Essentially, your bank is an app that you carry in your pocket.
We think this bank account is the best for anyone wanting to build their emergency fund or provide some protection on your cash against the corrosion of inflation.
In today’s world, it is becoming increasingly important to develop the habit of saving. However, keeping cash aside doesn’t mean that you can’t avail any return on it. These hand-picked accounts are amongst the best savings accounts in UAE for expats and are an excellent choice to park your savings.
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