UNITED STATES—It’s important for earning individuals to have a savings account to carry on their daily transactions. You can use it to deposit, withdraw funds and online transactions for paying your bills.

Savings accounts are important financial tools and there are a few things that you must keep in mind before opening a savings account online in UAE. Here is a list that you can consider:

Minimum Balance– Different banks have different guidelines for opening a savings account in UAE. Some banks ask clients to maintain a minimum balance in their accounts. The range for this balance ranges between AED 100 to AED 25,000. Meanwhile some savings accounts also allow their customer to carry on with zero minimum balance. If you do not have the capacity to maintain minimum balance, then a zero balance account can be a good choice for you.

Opening Deposit– Several savings accounts offered by different banks in the United Arab Emirates require clients to deposit a certain amount at the time of opening a savings account. The amount required to open a savings account may vary from bank to bank. Some banks do not require clients to deposit any amount at the time opening a savings account, whereas some banks may ask the client to make an initial deposit of AED 3,000 or sometimes more.

Rate of Interest– Most savings accounts are meant for quick and easy access to funds due to which they do not have extremely high interest rates. However, customers wishing to avail the benefits of the best savings accounts must research the interest rates available to them and opt for the best available option to get maximum interest rates. Different banks offer different interest rates, it’s important that you do some research before opting for a bank that offers interest rates of your liking.

Account Fees and Rates/Account ServicesFinancial institutions and banks offer a wide range of account services to clients. Some of these services are for free while some are chargeable. Interested customers can opt for a variety of paid services but the best thing is to compare service charges and opt for a bank that provides all the services you need at reasonable prices.

Additional Benefits– All the banks in UAE offer additional benefits like Air Miles, charge remittances and free phone banking services. You can take a look at these benefits and go for a bank that’s most suitable to your liking.

If you find it difficult to find the best savings account option in UAE, then you can simply log on to an insurance aggregator’s website, fill out your details and get the list of best accounts in just a matter of a few seconds. Most of the aggregators have a concentration of experts who can easily guide you with what can be a best choice for you. If you wish to open a savings account online in UAE, you can refer to these easily available options.

In Conclusion:

To summarize, as a to-be account holder, you must be well-informed about the 5 aforementioned heads to open a savings account in United Arab Emirates. Different banks offer varying types of benefits on all five categories mentioned above. It would also be beneficial for clients to be aware of the various additional benefits provided by different banks to reap the best of services that are available to them.