It’s a new year, and that means putting a set of New Year’s resolutions into action. If you’re reading this, there’s a decent chance that one of your resolutions is to save more for the future. And if that’s true, then congratulations! You’re taking your first step into a more financially secure future.
Still, even if you’ve worked out how you’re going to save more, there’s very little information out there on what to do with your saved cash. That’s where we come in – we’ve rounded up a list of the UAE’s best savings accounts. Do you want higher interest rates, or will you forgo those for exclusive benefits? Using the list below, you’ll be able to answer those questions. And with the right savings account, you’ll get the most value out of your resolution to save more cash.
ADIB Ghina Savings Account
ADIB offers a pretty wide selection of savings accounts, but this one piques our interest because it combines a decent annual return (0.9%) with a lot of opportunity. The headline offer is that, by saving a certain amount every month with the Ghina Savings Program, you’ll be entered into a draw to win AED 3 million every four months. What’s more, ADIB will give out prizes of AED 10,000 to 20 Ghina Savings Program members every month.
Apart from the winnings opportunities, this account also provides a free Visa Electron debit card and a cheque book, which will allow you to withdraw funds or make purchases using the account. Oh, and if you don’t win the monthly draws, you’ll at least get your profit payments every quarter, so your money will still be working for you regularly.
ADCB Millionaire Destiny Savings Account
Much like the ADIB account above, the ADCB Millionaire Destiny Savings Account comes with a lot of opportunity to be rewarded with serious amounts of cash. It may only come with a 0.15% annual return, but it gives you the opportunity to be entered into a monthly draw with a grand prize of AED 1 million. Simply keep an average monthly balance of AED 5,000 in your account to quality for entrance, and get an additional prize draw entry for every extra AED 1,000 you deposit.
What’s more, the million-dirham prize isn’t the only one on offer with this account. Every month, there are also 10 prizes of AED 10,000, and 100 prizes of AED 5,000. And aside from the prizes, profits are declared and paid every quarter. You can also get the account in US dollars, as well as set one up for your child.
Emirates Islamic Kunooz Savings Account
This is another Islamic savings account that offers big prizes as a reward for saving cash. The minimum balance to maintain stands reasonably low at AED 3,000, and there’s no monthly fee. But for every AED 1,000 you deposit, you get entered into a daily draw for cash prizes. What’s more, for every deposit of AED 5,000 you get entered into monthly draws for AED 1 million, a luxury car or a studio apartment.
National Bonds myPlan
The National Bonds myPlan is attractive mainly because it makes saving simple. You can simply treat your National Bonds account as another bill payment to automatically come out of your account every month – so along with your Salik, your electricity bill and your phone bill, your savings can go out automatically, too. You simply decide how much you want to save, how long you want to commit to a plan, and what date you want the funds to be transferred. And you’ll get annual returns, and exclusive prizes.
Emirates NBD Currency Passport Savings Account
Emirates NBD’s Currency Passport account is one for those who spend a lot of time travelling between different locations. It offers annual returns of 0.25%, which isn’t the best, but it offers those returns on a host of currencies, from USD and GBP to Euro and HKD. You can even open up multiple Currency Passport accounts in different currencies, and transfer funds between them easily. And you can use the account to pay bills, so if you’ve got a house in, say, Europe that you need to pay Internet bills for, your Euro Currency Passport account will do the trick.