Savings Account
Save Dollars, Euros, Pounds and Dirhams
Pick your currency and watch your savings grow. RAKBANK’s Savings Account offers you highly competitive interest rates, and credits interest to your account every six months. Simple isn’t it?
- Dirham, US Dollar, Euro or Pound Sterling – you choose the currency for your Savings Account. Other currencies may be approved upon request
- FREE Debit Card. Get access to your savings account 24 hours, 7 days a week through any ATM in the UAE
- Unlimited access to your savings
- Get monthly, quarterly or bi-annual statements with your Savings Account. If debit card option is selected, monthly statements are issued by default
- Transfer funds between your accounts easily and conveniently
| Savings Account Currency | Interest |
|---|---|
| AED | 0.50% |
| USD | 0.25% |
| EUR | 0.25% |
| GBP | 0.25% |
| Note: If interest payable is less than AED 10, USD 10, GBP 10 or EUR 10 then no payment will be credited. | |
*A minimum average monthly balance of AED 3,000 is required to maintain a RAKBANK Savings Account. If this is not maintained, the following fees in the currency of the Savings Account will be incurred:
| Currency | Minimum Average Monthly Balance | Fee |
|---|---|---|
| AED | 3,000 | 25 AED |
| USD | 5,000 | 15 USD |
| EUR | 10,000 | 15 EUR |
| GBP | 10,000 | 15 GBP |
| Note: Above rates effective 1st May, 2011. | ||
Apply for a Savings Account easily with Click and Collect
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Fill and submit the Savings Account application form online.
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You will receive a confirmation SMS.
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Once you receive the SMS, activate your account by visiting the branch with your original passport, visa** and initial deposit amount (minimum deposit is AED 3,000).
Apply now
Terms and Conditions
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No minimum balance is required for the first 3 months on Saving Accounts.
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Minimum balance required for a Private Banking relationship is AED 3,500,000 or USD 1,000,000.
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Minimum balance required for an Al Momiaz banking relationship is AED 300,000 or USD 100,000.
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Minimum balance required for a RAKselect banking relationship is AED 50,000 or USD 30,000.
Click and Collect Terms and Conditions apply
**Non Residents are required to carry, along with their passport, the last 3 months’ utility bills which have their name and residential address in their home country.
Please note: Accounts not activated within 30 days of receiving the SMS will be closed without further notice.
