Illustration by Mathew Kurian
Illustration by Mathew Kurian
Illustration by Mathew Kurian
Illustration by Mathew Kurian

The 9 best high-interest savings accounts for 2019


Nada El Sawy
  • English
  • Arabic

UAE consumers might assume that recent US interest rate increases would automatically reflect in the rates applied to their debts or savings accounts.

According to experts, however, the effect takes time to filter through.

"On interest paying accounts, you're more likely to see a domino effect, where banks wait for a first mover and then follow suit," says Jonathan Rawling, chief financial officer of UAE financial comparison website yallacompare.com.

With the UAE Central Bank following the US Federal Reserve's lead on interest rate raises, it has steadily increased its key policy rate. The three-month and six-month Emirates Interbank Offered Rate (EIBOR), or average lending rate, has gone up by more than 50 per cent in the last year, says Ambareen Musa, chief executive of UAE financial comparison website souqalmal.com. This has already trickled down to consumers, she explains.

“With these rates forming the basis of how banks compute the rates on their loans, loans have already become more expensive and may become more so,” Ms Musa says. “That being said, rising interest rates also spells good news for savers. Now may be a good time to supplement your current account with an interest-yielding savings account."

Having a savings account with a more generous interest rate will also help cushion the financial hit you take when borrowing at a higher interest rate, adds Ms Musa.

There are numerous accounts to choose form, some with the flexibility to make withdrawals, while others have restrictions. Many are available online to offer easy access, but often come with no ATM card or chequebook to encourage saving and keep bank costs at a minimum. There are also fixed-term accounts for those that want to park their savings and forget about them – an ideal option for savers needing somewhere to store their emergency fund – often yielding higher returns in the long run.

Here are some of the best high-interest savings accounts in the UAE for 2019:

Flexible savings accounts

1. CBI eSaver account

Annual return: up to 3 per cent

This new online savings account offers a 3 per cent rate regardless of account balance and requires no minimum balance, says Ms Musa. CBI customers can open the account online, while new customers need to first apply for another CBI account. The 3 per cent rate is only valid for new funds. The downside is that the only way to withdraw money is by transferring to an existing CBI account.

2. FAB's iSave Electronic Account

Annual return: up to 3 per cent

This online account from First Abu Dhabi Bank does not require a minimum balance or have restrictions on the number of withdrawals. Be aware, though, that there is a Dh25 monthly fee if the account balance falls below Dh3,000.

For this account, it pays to be a millionaire. “Higher savings translate into higher interest rates,” Ms Musa says. To obtain a return of 3 per cent, you need a balance of more than Dh5 million. Those with a balance of less than Dh50,000 earn only 0.5 per cent annually. In the Dh100,000 to Dh500,000 range, customers earn 2 per cent. The account is only available in dirhams.

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Read more:

What does a higher interest rate mean for UAE consumers?

The best high-interest savings accounts in the UAE

Five ways to win big cash prizes in the UAE

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3. ADCB Active Saver Account

Annual return: up to 2 per cent

The interest rates for this online-only account have increased slightly from last year, offering 1.7 per cent for balances of Dh10,000 to Dh500,000, and a maximum of 2 per cent for balances above Dh2m. Previously the rates were 1.5 per cent and 1.65 per cent, and only 1 per cent for balances above Dh10m. ADCB removed that limit in October.

Customers also earn TouchPoints, the bank’s loyalty reward points, every time the balance increases by Dh1,000. TouchPoints are redeemable at various UAE merchants, including retail, travel and hotels, as well as to pay utility bills.

This account also has a sharia-compliant option available from ADCB Islamic Banking, says Ms Musa.

4. Standard Chartered XtraSaver Account

Annual return: up to 2 per cent

The XtraSaver account only needs a minimum initial deposit of Dh3,000 (or equivalent in US dollars) and requires no minimum monthly balance. The return is 1 per cent for the first two months and then doubles to 2 per cent per month after that. For US dollar accounts, the rates are 0.8 per cent and 1.6 per cent.

A contactless debit card is offered with the account, with a limit of one debit transaction per month. Beware, if you do make more than one debit transaction a month, no interest will be earned.

__________

Read more:

85% of UAE residents still not saving enough for their future: National Bonds

New to the UAE guide part 2: banking, saving, investing and sound financial advice

New to the UAE guide: set-up costs, visas, rent, school fees and more

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5. Emirates Islamic e-Savings Account

Annual return: up to 2 per cent

Customers with a balance of Dh5,000 to Dh50,000 earn the highest expected profit rate of 2 per cent for this Sharia-compliant account. Those in the Dh50,000 to Dh3m range earn 1.3 per cent, while balances of Dh3.5m to Dh25m only earning 1 per cent. Therefore it pays to keep less in this account, rather than more. Profit is distributed on a quarterly basis. Also note, the US dollar accounts offer lower returns with the highest rate at 1.25 per cent.

There is no minimum balance requirement and no limit on withdrawals, says Ms Musa, but the account can only be accessed online.

6. RAKBank F@st S@ver Account

Annual return: up to 1.75 per cent

This account also offers higher interest rates for lower balances. Customers with less than Dh200,000 earn 1.75 per cent interest, while Dh500,000 to Dh2m earn 1 per cent. Those in the high income bracket of Dh25 million and above only earn 0.5 per cent. Again, the US dollar rates are much lower, ranging between 0.3 per cent to 0.6 per cent.

There is no minimum account balance and interest is paid on a monthly basis, but there is a minimum salary requirement of Dh3,000, says Ms Musa. There is also a monthly limit of one withdrawal.

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Read more:

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Don't let Instagram envy put you in debt

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Fixed-term accounts

7. HSBC Term Deposit Account

Annual return: up to 3 per cent

The maximum rate on this account has improved since last year; previously the bank only offered terms up to 12 months, says Mr Rawling. This savings option offers a fixed-term ranging from one month to 36 months. The rates are payable upon maturity.

At the top end is a 3 per cent rate for HSBC Premier customers with a balance of more than Dh750,000 over the longest period of 36 months. In comparison, HSBC Advance and Personal Banking customers with a balance of less than Dh150,000 (the minimum is Dh10,000) can earn 2.48 per cent over that same period of 36 months. For those with a balance of Dh150,000 to Dh750,000, the rate is 2.68 per cent.

For shorter terms, the rates are much lower. The account is also available in US dollars and British pounds, for a minimum deposit of 5,000 in either currency.

8. Noor Bank Wakala Investment Deposit

Annual return: up to 3.7 per cent

Mr Rawling recommends this investment deposit, which comes with some risk but high returns. It is based on the Islamic principle of Wakala, which means the bank acts as an agent for the customer and invests the money in a Sharia-compliant avenue. The expected profit rates are specified at the start, but not necessarily guaranteed. If a loss was incurred, the bank does not guarantee the expected profits except in case of negligence or default.

Noor Bank is offering terms of between one month and 36 months for a minimum deposit of Dh25,000.

For a three-year term with the profit paid at maturity, the rate is 3.7 per cent, while those wanting their profit quarterly earn 3.6 per cent. A monthly profit payment comes with a rate of 3.55 per cent, and upfront 3.5 per cent.

The account is also available in US dollars, but at lower rates.

9. DIB Long-Term Wakala Deposit

Annual return: up to 2.52 per cent

With a minimum deposit of Dh25,000, Dubai Islamic Bank’s long-term Wakala Deposit offers up to 2.52 per cent expected profit paid out after five years, Mr Rawling says. The expected profit for five years is up to 12.6 per cent if you retain the balance for the full term.

The deposit comes with a free DIB credit card that offers services such as roadside assistance and instant enrolment into the bank’s Wala’a Dirhams loyalty programme, which can be used for flights, hotels and shopping with selected merchants.

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

Planes grounded by coronavirus

British Airways: Cancels all direct flights to and from mainland China 

Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30

Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong

Ai Seoul:  Suspended all flights to China

Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March

Indonesia's Lion Air: Suspending all flights to China from February

South Korea's Asiana Airlines,  Jeju Air  and Jin Air: Suspend all flights

Stage result

1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09

2. Caleb Ewan (AUS) Lotto-Soudal

3. Rudy Barbier (FRA) Israel Start-Up Nation

4. Dylan Groenewegen (NED) Jumbo-Visma

5. Luka Mezgec (SLO) Mitchelton-Scott

6. Alberto Dainese (ITA) Sunweb

7. Jakub Mareczko (ITA) CCC

8. Max Walscheid (GER) NTT

9. José Rojas (ESP) Movistar

10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time

UAE currency: the story behind the money in your pockets
A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

Courses%20at%20Istituto%20Marangoni%2C%20Dubai
%3Cp%3E%3Cstrong%3EUndergraduate%20courses%3C%2Fstrong%3E%3Cbr%3EInterior%20Design%3B%20Product%20Design%3B%20Visual%20Design%3B%20Fashion%20Design%20%26amp%3B%20Accessories%3B%20Fashion%20Styling%20%26amp%3B%20Creative%20Direction%3B%20Fashion%20Business%3B%20Foundation%20in%20Fashion%3B%20Foundation%20in%20Design%3Cbr%3E%3Cstrong%3EProfessional%20courses%3C%2Fstrong%3E%3Cbr%3EFashion%20e-Commerce%20%26amp%3B%20Digital%20Marketing%3B%20Fashion%20Entrepreneurship%3B%20Fashion%20Luxury%20Retail%20and%20Visual%20Merchandising%3Cbr%3E%3Cstrong%3EShort%20courses%3C%2Fstrong%3E%3Cbr%3EFashion%20design%3B%20Fashion%20Image%20%26amp%3B%20Styling%3B%20Fashion%20Trend%20Forecasting%3B%20Interior%20Design%3B%20Digital%20Art%20in%20Fashion%3Cbr%3EMore%20information%20is%20at%20%3Ca%20href%3D%22https%3A%2F%2Fwww.istitutomarangoni.com%2Fen%3Futm_source%3DLocal%26utm_medium%3Dorganic%26utm_campaign%3Dgmb%26utm_content%3Ddubai%22%20target%3D%22_self%22%3Ewww.istitutomarangoni.com%3C%2Fa%3E%3C%2Fp%3E%0A

The Gentlemen

Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant 

Three out of five stars

Thor: Ragnarok

Dir: Taika Waititi

Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson

Four stars

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
BABYLON
%3Cp%3EDirector%3A%20Damien%20Chazelle%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Brad%20Pitt%2C%20Margot%20Robbie%2C%20Jean%20Smart%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
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UAE currency: the story behind the money in your pockets
The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

The Facility’s Versatility

Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
 
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
 
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
 
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
 
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
 
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

The%20Mandalorian%20season%203%20episode%201
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERick%20Famuyiwa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EPedro%20Pascal%20and%20Katee%20Sackhoff%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%C2%A0%3C%2Fp%3E%0A
Brief scoreline:

Wales 1

James 5'

Slovakia 0

Man of the Match: Dan James (Wales)

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

Match info

Huddersfield Town 0

Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')

In numbers

- Number of children under five will fall from 681 million in 2017 to 401m in 2100

- Over-80s will rise from 141m in 2017 to 866m in 2100

- Nigeria will become the world’s second most populous country with 791m by 2100, behind India

- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100

- an average of 2.1 children per woman is required to sustain population growth

if you go

The flights

Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com

Seeing the games

Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com

 

Staying there

Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com

 

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20HyveGeo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Abdulaziz%20bin%20Redha%2C%20Dr%20Samsurin%20Welch%2C%20Eva%20Morales%20and%20Dr%20Harjit%20Singh%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ECambridge%20and%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ESustainability%20%26amp%3B%20Environment%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%24200%2C000%20plus%20undisclosed%20grant%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVenture%20capital%20and%20government%3C%2Fp%3E%0A
About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

The specs: Audi e-tron

Price, base: From Dh325,000 (estimate)

Engine: Twin electric motors and 95kWh battery pack

Transmission: Single-speed auto

Power: 408hp

Torque: 664Nm

Range: 400 kilometres

The specs

Engine: 3.0-litre flat-six twin-turbocharged

Transmission: eight-speed PDK automatic

Power: 445bhp

Torque: 530Nm

Price: Dh474,600

On Sale: Now

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

While you're here