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Establishing a savings account is one of the most common strategies to ensure you have enough money in the event of a crisis or to save for a life goal.

But, not all savings accounts are the same. That is why we set out to find the best banks in Dubai for a savings account.

We explain the many factors we evaluated while selecting them and answer some often asked questions about Dubai savings accounts.

How much does opening a savings account in Dubai cost?

The price of opening a savings account varies according to the type, fees, and bank.

To help you get started, we’ve created a table that shows the needed minimum amount for each of our entries as well as the profit rate you may obtain.

BankMinimum Balance Profit Rate
Emirates NBDAED30000.20%
National Bank of FujairahAED01%
Emirates IslamicAED01%
Standard CharteredAED00.60%

The Best Banks for a Savings Account in Dubai

Before we go into our list of the best banks in Dubai for a savings account, here are the criteria we used to choose them:

Fees and profits – We needed to assess how affordable it is to create and maintain savings accounts with each entry and compare it to the profit rates it offers.

Accessibility – We also assessed the simplicity of accessing your funds, which includes the availability of online and phone banking, as well as other banking convenience services.

Advantages – It’s also important to think about what the bank has to offer in terms of saving, spending, and taking full advantage of its incentives through a savings account.

Experience and background – Corporate milestones and successes of a bank are also crucial variables to evaluate since they reveal how competent it is in providing its services.

Savings Account

1. Emirates NBD

Source: Emirates NBD
ADDRESS Baniyas Road, Deira, P.O. Box 777, Dubai, UA
CONTACT DETAILS +971 600 54 0000
OPERATING HOURS Customer service is open 24/7

Emirates NBD, known as Dubai’s first national bank, is one of the best savings accounts in the UAE due to its high interest return and other bonuses.

The ordinary savings account earns 0.20% interest. While one may argue that it isn’t the best, especially with an AED3000 sustaining balance requirement, the advantages outweigh the drawbacks.

The bank’s 60-second transfers from across the world make this ideal for expats, international employees, and businesspeople who need to get money in and out of the country quickly.

We also like its web platform, which has been built to work well on desktops, smartphones, and tablets.

To increase accessibility, its mobile banking allows customers to withdraw cash from ATMs without a card by utilizing their phone’s mobile banking app.

The various unique bargains from Aster medical and pharmaceutical services are our favorite advantage of having an Emirates NBD savings account.

One of the minor disadvantages of Emirates NBD is that the accounts are only available in Dirhams.

All of this stems from its objective of being one of the top banks in the world, and this desire has led to several honors over the years.

Emirates NBD has received several “Best Bank of the Year” honors, demonstrating its substantial influence in the UAE banking market.

Multiple benefits across a wide range of servicesOnly available in Dirhmas
Quick and secure local and international fund transfers0.20% profit rate is lower compared to other banks
Accessible via any online deviceHas a maintaining balance of AED3000
Offers cardless withdrawals 

2. National Bank of Fujairah

National Bank of Fujairah
Source: National Bank of Fujairah

Hamad Bin Abdulla Rd – Fujairah – United Arab Emirates
Has 8 branches in Dubai



OPERATING HOURS Customer service is open 24/7

Born and raised in the United Arab Emirates, the National Bank of Fujairah is committed to the country’s economic growth, both for industries and individuals.

One of this bank’s finest qualities is the profits that customers make when contrasted to the fees they pay to create a savings account with them.

The max savings account is one of the top earning accounts in the country, with no minimum sustaining amount and an annual interest rate of 1% to 1.75% determined on the daily balance.

We enjoy how, even with a tiny excess, we can instantly see the benefit of saving money. Also, a single monthly withdrawal has no effect on the interest rate.

In addition to AED, the bank has access to US Dollars.

We also like how easy it is to use. This bank appreciates the value of being able to move cash rapidly, with online banking and a mobile banking app available to everyone, as well as three free supplementary debit cards.

Yet where our enthusiasm for the National Bank of Fujairah begins to wane is in the limited perks it provides.

There isn’t much to add to it other than getting unique savings on travel, fine dining, leisure, and shopping options, as well as one free international money transfer and two free foreign ATM withdrawals per month.

And we have the same feelings regarding its experience. The last time it received an award was in 2019, which may seem recent, but the fact that it did not receive a single award from 2020 forward speaks volumes to us.

Nonetheless, the selling feature of the National Bank of Fujairah is what matters: high interest rates that may rapidly snowball into a fortune for those who know how to manage their funds.

No required maintaining balanceOffers few benefits
Profit rates can go from 1% to 1.75% per annumHas not received awards recently
Accessible via any online device 

3. CBI

Source: CBI

Jumeirah Street, Jumeirah 1, PO Box 4449, Dubai, UAE
Has 6 other locations in the city


+971 4 503 9000

OPERATING HOURS Customer service is open 24/7

CBI is one of our favorite banks for creating a savings account, with a profit rate that may reach 2.10%.

Moreover, despite the AED3000 minimum balance restriction, it makes no difference to us because the profit rate is the greatest of any bank in Dubai.

Furthermore, interest rates are paid monthly, and there are no monthly fees that might reduce the amount of interest you can receive.

We also like that, in addition to having an online banking app for digital access, CBI allows kids and joint account holders to create their own savings accounts.

This is ideal for people who want to get a head start on their financial path, as well as for partners who want a separate account. It also offers savings accounts in all currencies.

But, no bank can be flawless, and CBI falls short in the benefits it provides to its customers.

There are no other specific privileges for CBI savings account customers. As a result, we can only suggest it for people wishing to open a savings account.

CBI, on the other hand, has a wealth of experience. It has been in business since 1991 and is confident in its capacity to handle funds and devise answers to financial problems.

Fitch, an internationally respected, independent rating agency, has given it top marks for its abilities.

It is also majority-owned by UAE stockholders, notably the government of Ras Al Khaimah. This implies that CBI acts in the best interests of Emirates.

Overall, creating a savings account with this bank gives you access to extremely high-profit rates that are ideal for quickly accomplishing your objectives.

Has the highest profit rateHas no exclusive special benefits
Interest is calculated daily and paid out monthly 
Allows minors and joint account owners to open an account 
Highly rated by international financial organizations 

4. Emirates Islamic

Emirates Islamic
Source: Emirates Islamic

Al Yousuf Tower, Dubai, UAE


600 599995
+971 (4) 3160080

OPERATING HOURS Customer service is open 24/7

Emirates Islamic is one of the top Islamic banks in the world, according to Shari’a standards.

The bank does not feel that the burden of repaying a loan is entirely on the borrower. Instead of becoming creditors, it believes in sharing earnings and risks in the business.

Even if the profit rate is only 1%, new account holders should expect this profit rate across all slabs for the first three months. Furthermore, we like that there is no minimum balance requirement.

Internet transfers using the online banking app are free, and owners can use it without charge.

Yet, as compared to other banks, the distribution for gains is substantially slower. These are given out quarterly, therefore we encourage you be patient.

Additionally, except from limitless bank transfers, there isn’t much exclusivity with Emirates Islamic in terms of privileges.

Another issue we have with it is that it lacks notable honors or milestones, which explains a lot about the slower rate rise in its savings accounts.

Despite this, Emirates Islamic is a fantastic bank due of its continuous and stable saving structure. We strongly suggest it for individuals who are new to the Islamic banking system, since it may be beneficial to those seeking financial benefit.

No maintaining balanceProfits are paid quarterly
1% profit rate across all slabs for first 3 monthsNo exclusive benefits
Online banking is available and has no usage limitsLacks accolades and awards

5. Standard Chartered

Source: Standard Chartered

Standard Chartered Tower, Down Town Dubai, Near Sheikh Zayed Road


600 5482 82

OPERATING HOURS Customer service is open 24/7

It was hard not to include Standard Chartered on our list as one of the most well-known banks in the world, with 150 years of expertise.

It has transitioned from traditional Islamic bank products to the financial ecosystem of Dubai and the whole Middle Eastern area.

Standard Chartered provides more financial advantages than other international banks, with no minimum maintenance balance required and an annual profit rate of 0.60%.

While we recognize that it is lower than our other entries on this list, it is compensated for by the fact that it is far more accessible than other banks.

It is one of the most convenient banks accessible, with a debit card that is accepted worldwide, accounts available in both AED and USD, and an award-winning mobile banking technology.

Moreover, Standard Chartered has access to key utility providers such as DEWA, Etisalat, and Du for bill payments via its app.

Another fantastic advantage of having a savings account with this bank is that we are not need to be UAE citizens.

Yet, we hoped to receive special access to discounts on services and products. It was upsetting to see that they are seasonal and not a regular occurrence with SC accounts.

Despite this, Standard Chartered is one of the finest, particularly for people who need rapid and easy access to their assets on a regular basis.

Higher profit rate compared to other international banksLacks staple exclusive benefits
Available in USD and AED 
Can get access to online and mobile banking facilities 
Both UAE residents and non-residents are eligible 

FAQs about Savings Accounts in Dubai

What are the requirements for opening a savings account in Dubai for a non-UAE resident?

A non-UAE resident may create a savings account in Dubai by submitting a valid passport, a 2-month bank statement from the place of residence, evidence of residency, and income papers.

Throughout the account opening procedure, additional papers may be requested.

If I leave the country, can I maintain my savings account?

You certainly can. You can request a conversion from your bank. If a resident does not leave the country or does not close the account, it may be frozen.

Is it legal in Dubai to have multiple savings accounts?

Absolutely, having several business or personal bank accounts is not restricted.

How much should I make before opening a savings account in Dubai?

In Dubai, the minimum salary for opening a savings account is AED3000.

This article is only offered for educational purposes, providing a general understanding of its material, including relevant laws and regulations, and is not meant to provide specific legal advice. The Blog is not meant to take the place of qualified guidance from a licensed professional.

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