Where should you put your hard-earned savings? Check out these accounts.
Three of the best: UAE savings accounts with higher rates
Benefits: With interest rates as high as 2.25 per cent for balances exceeding Dh10,000, this account is a great way to kick-start the New Year savings plan. There is no monthly fee, but there is a Dh25 charge if the balance falls below the minimum level of Dh3,000.
Watch out for: You require a minimum balance of Dh3,000 to open the account.
Standard Chartered Bonus Saver Account – Executive
Benefits: To receive the 3 per cent rate, you must maintain a minimum balance of Dh50,000 and spend a minimum of Dh8,000 on your debit card. Those who do that receive a standard interest rate of 0.2 per cent plus bonus interest of 2.8 per cent.
Watch out for: A Dh25 fee is levied if the account balance drops below Dh3,000.
RAKbank RAKsave Account
Benefits: With no minimum balance required in the first three months (this then rises to Dh3,000) and an interest rate of 1.5 per cent, this is ideal for those saving lower amounts. The account also comes with a debit card and chequebook.
Watch out for: After three months, the minimum balance is Dh3,000.