The 5 Best Banks for a Savings Account in Dubai
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The 5 Best Banks for a Savings Account in Dubai

Opening a savings account is one of the most popular ways of ensuring you have backup funds in case of emergencies, or if you want to keep enough money for a life goal.

But not all savings accounts are created equal. That’s precisely why we went out to look for the best banks for a savings account in Dubai. 

We explain the different factors we considered in choosing them and answer some FAQs about savings accounts in Dubai.

How much does opening a savings account in Dubai cost?

The cost of opening a savings account varies depending on the type, the fees, and the bank.

To give you a head start, we’ve made a table of the required minimum balance a person has to maintain with each of our entries and the profit rate you can receive.

Bank Minimum Balance Profit Rate
Emirates NBDAED30000.20%
National Bank of FujairahAED01%
Emirates IslamicAED01%
Standard CharteredAED 00.60%

The Best Banks for a Savings Account in Dubai

Before we get right into our list of the best banks for a saving account in Dubai, here are the criteria we considered in choosing them:

Fees & profits – It was important for us to consider how affordable it is to open and maintain savings accounts with each entry and compare it with the profit rates it provides.
Accessibility – We also considered the ease of accessing your funds, so this includes the availability of online and phone banking, as well as other services to make banking easier.
Benefits – It’s also important to factor in what the bank can offer when it comes to saving, spending, and availing its offers through a savings account.
Background and experience – A bank’s corporate milestones and achievements are also important factors to consider because it tells us how competent it is in handling its services.

1. Emirates NBD

Emirates NBD Homepage
ADDRESSBaniyas Road, Deira, P.O. Box 777, Dubai, UA
CONTACT DETAILS+971 600 54 0000

[email protected]

OPERATING HOURSCustomer service is open 24/7
Fees & Profits★★★★☆ (4/5)
Accessibility★★★★☆ (4/5)
Benefits★★★★★ (5/5)
Background & Experience★★★★★ (5/5)

Known for being Dubai’s first national bank, Emirates NBD has one of the best savings accounts in UAE because of its high-interest yield and numerous benefits.

Its standard savings account has a profit rate of 0.20%. And while one can argue that it’s not the greatest, especially when it has an AED3000 maintaining balance requirement, its benefits more than makeup for it.

The bank’s 60-second transfers from all over the world make this perfect for expats, foreign workers, and businessmen needing to transfer money in and out of the country at a moment’s notice.

We also love its online platform that’s been designed to efficiently run on computers, smartphones, and tablets.

To add to its accessibility, its mobile banking allows its users to withdraw from ATMs without a card by using their mobile banking app on their phones.

And our favorite benefit to having an Emirates NBD savings account is the numerous exclusive deals from Aster medical and pharmaceutical services.

One of the few drawbacks with Emirates NBD, however, is that the accounts are only available in Dirhams.

All of these are rooted in its goal of becoming one of the best banks in the world, and its ambition has led it to multiple awards throughout the decades.

Emirates NBD is the recipient of multiple “Best Bank of the Year” awards, proving its prominent presence in the UAE banking industry.


  • Multiple benefits across a wide range of services
  • Quick and secure local and international fund transfers
  • Accessible via any online device
  • Offers cardless withdrawals


  • Only available in Dirhmas
  • 0.20% profit rate is lower compared to other banks
  • Has a maintaining balance of AED3000

2. National Bank of Fujairah

National Bank of Fujairah Homepage
ADDRESSHamad Bin Abdulla Rd - Fujairah - United Arab Emirates

Has 8 branches in Dubai

CONTACT DETAILS+971600565551


OPERATING HOURSCustomer service is open 24/7
Fees & Profits★★★★★ (5/5)
Accessibility★★★★★ (5/5)
Benefits★★★★☆ (4/5)
Background & Experience★★★☆☆ (3/5)

Born and built in UAE, National bank of Fujairah is dedicated to the economic development of the country both for the industries and the individuals.

The profits that clients gain compared to the fees you pay to open a savings account with this bank is easily one of its strongest points.

With no minimum maintaining balance and a 1% to 1.75% interest per annum that is calculated on the daily balance, its max saver account is one of the highest yielding accounts in the country.

We love how with a small surplus in our funds, we immediately see the impact of saving money with it. On top of that, one monthly withdrawal doesn’t affect the interest at all.

Besides dealing with AED, the bank also has access to US Dollars.

We also love how accessible it is. WIth online banking and a mobile banking app available for everyone, plus three free supplementary debit cards, this bank understands the importance of being able to move funds quickly.

But where our awe of the National Bank of Fujairah starts to come down for us is in the few benefits it offers. 

Other than gaining access to exclusive discounts on travel, fine dining, leisure and retail options, and one free international money transfer and two free international ATM withdrawals every month, there isn’t really much to add to it.

And we feel the same way about its experience. The last time it won awards was back in 2019, which may be recent, but it speaks volumes to us that it didn’t get one award from 2020 onwards.

Despite that, the National Bank of Fujairah’s selling point is what matters: high interest rates that can easily snowball into a fortune for the ones who know how to handle their finances.


  • No required maintaining balance
  • Profit rates can go from 1% to 1.75% per annum
  • Accessible via any online device


  • Offers few benefits
  • Has not received awards recently

3. CBI

CBI Homepage
ADDRESSJumeirah Street, Jumeirah 1, PO Box 4449, Dubai, UAE

Has 6 other locations in the city


+971 4 503 9000

OPERATING HOURSCustomer service is open 24/7
Fees & Profits★★★★★ (5/5)
Accessibility★★★★★ (5/5)
Benefits☆☆☆☆☆ (0/5)
Background & Experience★★★★☆ (4/5)

With a profit rate that can go as high as 2.10%, CBI is instantly one of our favorite banks for opening a savings account.

And even though it has an AED3000 minimum balance requirement, it really does not matter for us because the profit rate is the highest out of all the banks in Dubai.

On top of that, interest rates are paid on a monthly basis and there are no monthly fees that can affect the interest you can get.

We also love the fact that besides having an online banking app for digital accessibility, CBI also allows minors and joint account holders to open their own savings accounts.

This is perfect for those looking to have an early start on their financial journey, and for partners looking to have an account that’s just for them. Its savings accounts are also available in all currencies.

However, no bank can be perfect, and where CBI falls short is in the benefits it offers to its clients.

It has no other exclusive benefits for CBI savings account holders, at all. Thus, we can only recommend it for those looking into just purely having a savings account.

But when it comes to experience, CBI is a veteran. Operating since 1991, it is confident in its ability to manage finances and strategize solutions to financial goals.

Its skills have been graded highly by Fitch, a globally recognized, independent rating agency.

It is also majority-owned by UAE shareholders, including the Ras Al Khaimah Government. This means that CBI operates with the best interest of Emirates in mind.

All in all, opening a savings account in this bank means accessing really high-profit rates that are perfect for reaching financial goals in no time.


  • Has the highest profit rate
  • Interest is calculated daily and paid out monthly
  • Allows minors and joint account owners to open an account
  • Highly rated by international financial organizations


  • Has no exclusive special benefits

4. Emirates Islamic

Emirates Islamic Homepage
ADDRESSAl Yousuf Tower, Dubai, UAE

+971 (4) 3160080

[email protected]

OPERATING HOURSCustomer service is open 24/7
Fees & Profits★★★★☆ (4/5)
Accessibility★★★★★ (5/5)
Benefits★★★☆☆ (3/5)
Background & Experience★★★☆☆ (3/5)

Following the principles of Shari’a, Emirates Islamic is one of the best when it comes to Islamic banking.

The bank does not believe that the pressure of paying back a loan falls completely on the borrower. Instead, it believes in sharing profits and risks in the business instead of becoming creditors.

While the profit rate is only 1%, new account owners can expect this profit rate across all slabs for their first 3 months. On top of that, we love that it doesn’t require any minimum maintaining balance.

Online transfers through the online banking app come for free and owners can use it without fees.

However, the payout for the profits is much slower compared to other banks. They are paid out quarterly, so we recommend exercising some patience.

And when it comes to benefits, besides unlimited bank transfers, there really isn’t much exclusivity with Emirates Islamic. 

Another problem we have with it is that it doesn’t have many accolades or milestones that are worth noting, which explains a lot about the slower interest growth with its savings accounts.

Despite that, Emirates Islamic is a great bank because of its consistent and steady structure when it comes to saving. We definitely recommend this for those new to the Islamic banking system as it may prove to be fruitful for those seeking financial gain.


  • No maintaining balance
  • 1% profit rate across all slabs for first 3 months
  • Online banking is available and has no usage limits


  • Profits are paid quarterly
  • No exclusive benefits
  • Lacks accolades and awards

5. Standard Chartered

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

600 5482 82

OPERATING HOURSCustomer service is open 24/7
Fees & Profits★★★★☆ (4/5)
Accessibility★★★★★ (5/5)
Benefits★★★☆☆ (3/5)
Background & Experience★★★★★ (5/5)

As one of the most well-renowned banks in the world and with 150 years of experience, it was impossible not include Standard Chartered in our list.

From conventional Islamic bank offerings, it has acclimated itself to the financial ecosystem of Dubai and the entire Middle Eastern region.

With no minimum maintaining balance necessary and a 0.60% profit rate per annum, Standard Chartered offers higher financial gains compared to other international banks.

And while we realize that it is lower compared to our other entries on this list, it is made up by the fact that it is so much more accessible compared to other banks.

With a debit card that is accepted all over the world, accounts that are available in both AED and USD, and an award-winning mobile banking platform, it is one of the most convenient banks out there.

On top of that, Standard Chartered has the benefit of having access to major utility providers such as DEWA, Etisalat, and Du for bill payments through its app.

Another great benefit that we love about having a savings account with this bank is that there is no need for us to be UAE residents.

However, we were hoping to also gain exclusive access to deals on services and products. It was disappointing to find out that these are seasonal and not a staple with SC accounts.

Despite that, Standard Chartered is one of the best, especially for those looking to have quick and convenient access to their funds on a daily basis.


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


  • Lacks staple exclusive benefits

FAQs about Savings Accounts in Dubai

We hope this helped you find banks for opening a savings account in Dubai. If you’re looking for other financial services, then check out these articles: