RAKsave
More growth, less effort
RAKsave is high interest savings account for people who hate hassle, and that’s everyone. Having a RAKsave savings account is so easy even a child could do it, literally – minors can have an account too. It has a low minimum balance*, up to 1.5% interest** and these other great features:
- Free Debit Card *** to access your savings account through any ATM in the UAE
- Instant account access so you can pay your bills or conduct account transfers through RAKdirect our 24-hour telephone banking service
- Monthly account statements clearly detailing all transactions
| Savings Account Balance | Interest in AED |
|---|---|
| 5,000 - 24,999 | 0.50% |
| 25,000 - 99,999 | 0.75% |
| 100,000 - 499,999 | 1.00% |
| 500,000 & above | 1.50% |
Minimum balance requirement
- No minimum balance is required for the first 3 months on Savings Accounts
- Minimum balance required for a Private Banking relationship is AED 3,500,000 or USD 1,000,000
- Minimum balance required for an Al Momiaz banking relationship is AED 300,000 or USD 100,000
- Minimum balance required for a RAKselect banking relationship is AED 50,000 or USD 30,000
* A minimum average monthly balance of AED 3,000 is required to maintain a RAKsave savings account. If this is not maintained, a fee of AED 25 will be levied.
(Note: Effective 1st May, 2011)
** Interest rates are subject to change without prior notice and scaled according to the above tier structure.
*** Debit Cards are only issued to account holders over the age of 18 years. RAKsave savings accounts belonging to minors will be administrated by the parent or guardian.
Note: If interest payable is less than AED 10, then no interest will be credited.
