DUBAI, UNITED ARAB EMIRATES Ð July 15: Dirham is the currency of the United Arab Emirates. UAE dirham was introduced in 1973. (Pawan Singh / The National) *** Local Caption ***  PS06- DIRHAMS.jpg
The new fixed-deposit savings account at HSBC is now offering 3.80 per cent over 12 months.

Hungry banks offering ripe savings accounts



What to do with our hard-earned savings is a decision none of us take lightly. After months of diligence and sacrifice, we develop a brimming pot of dirhams for the future. That's the easy part. The real challenge is how to keep it safe and, ideally, watch it grow. For those who consider the market too volatile, or don't have quite enough for a down payment on a house, a high-yield savings account may be the answer.

According to Rupert O'Connor, a senior consultant at Acuma Wealth Management, banks have never been more hungry for your cash. "If it's for a year or so and you don't need the capital, it can be a good idea," Mr O'Connor says. "Why do you think banks are giving these rates? They need your money and they have low liquidity. They want to attract investors." Indeed, as the financial crisis continues, banks are beginning to offer more saving schemes to bring customers to their coffers.

This week, HSBC Middle East announced the launch of its high- yield fixed-deposit account, aimed at customers who bring in new funds and would like to earn reasonable returns. Clients can deposit their lump sum for six, nine or 12-month terms and earn interest at 3.60 per cent, 3.70 per cent and 3.80 per cent respectively. Meanwhile, the bank is also offering free air miles based on the sum that has been invested. Deposits from Dh250,000 to Dh999,999, for example, will earn you 100,000 free air miles.

"We are keen to expand our local deposit offerings and this firmly positions HSBC as a leading savings provider," says James Pearson, HSBC's head of assets and liabilities. But HSBC isn't the only bank providing attractive savings accounts. At Rakbank, their latest F@st S@ver Account is unique because it only functions online to provide added convenience. It also includes a free debit card, no minimum balance, no maintenance charges and an interest rate of 3 per cent on dirham accounts and 1.5 per cent on US dollar accounts.

Abu Dhabi Islamic Bank and Emirates NBD have introduced their own savings accounts, but perhaps the most attractive is the programme currently on offer from Barclays. Advertising a "high security" savings and investment programme of up to 9 per cent on a fixed deposit, the scheme can be done in multiple currencies over a three-month term. The customer has the option to renew for an additional three months.

@Email:jtodd@thenational.ae

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

'Nope'

Director: Jordan Peele
Stars: Daniel Kaluuya, Keke Palmer, Brandon Perea, Steven Yeun
Rating: 3.5/5

UAE currency: the story behind the money in your pockets
AUSTRALIA SQUAD

Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Glenn Maxwell, Ben McDermott, Kane Richardson, Steve Smith, Billy Stanlake, Mitchell Starc, Ashton Turner, Andrew Tye, David Warner, Adam Zampa

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Seven Winters in Tehran

Director : Steffi Niederzoll

Starring: Reyhaneh Jabbari, Shole Pakravan, Zar Amir Ebrahimi

Rating: 4/5

The specs

Engine: 2.3-litre 4cyl turbo
Power: 299hp at 5,500rpm
Torque: 420Nm at 2,750rpm
Transmission: 10-speed auto
Fuel consumption: 12.4L/100km
On sale: Now
Price: From Dh157,395 (XLS); Dh199,395 (Limited)

Jewel of the Expo 2020

252 projectors installed on Al Wasl dome

13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas

550 tonnes of moulded steel were raised last year to cap the dome

724,000 cubic metres is the space it encloses

Stands taller than the leaning tower of Pisa

Steel trellis dome is one of the largest single structures on site

The size of 16 tennis courts and weighs as much as 500 elephants

Al Wasl means connection in Arabic

World’s largest 360-degree projection surface

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

OIL PLEDGE

At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.


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