x Abu Dhabi, UAEFriday 28 July 2017

Banks offer prizes, with conditions attached

Three of the best opportunities to win money from a bank account.

ADCB Millionaire Destiny Savings Account

Benefits: With a grand prize of Dh1 million and up to 10 prizes of Dh10,000 a month, this Islamic account is certainly one way to increase your net worth. A free debit card and free SMS banking come with the account, which does not require a minimum balance and pays out a quarterly profit rate of 0.24 per cent. This account is also available in US dollars and for children.

Watch out for: You must have an average minimum balance of Dh5,000 to qualify for prizes.

RAKBank Amal Jood Savings Account

Benefits: There are two Dh5,000 and 100 Dh500 prize draws every month and a quarterly draw of Dh5m. To qualify, you get one chance for an average monthly balance of Dh5,000 plus one extra chance for every additional Dh1,000 in the account. This is an Islamic account, only available in dirhams, with quarterly profit rates awarded.

Watch out for: Keep a minimum balance of Dh3,000 otherwise you will be charged a monthly fee of Dh25.

Mashreq Millionaire

Benefits: Each Dh1,000 deposited in the account is worth one saving certificate, which can then be entered into a monthly draw. There are monthly prizes of Dh5,000, Dh100,000 and Dh1m with occasional draws for Dh5m. A minimum balance of Dh1,000 is required but there is no monthly fee.

Watch out for: No interest is paid on this account, plus if you cash in the certificates early (within 90 days of purchase) a 2.5 per cent fee will be levied on the outstanding amount.