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:
|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%|
* 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.