Web Content Viewer

Savings Account

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%
GBP 0.25%
EUR -1.00%
CHF -2.00%
JPY -0.60%

Note: If interest payable is less than AED 10, USD 10 or GBP 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 3,000** 25 AED
GBP 3,000** 25 AED
EUR N/A N/A
CHF N/A N/A
JPY N/A N/A

Note: Above rates effective 14th October, 2018.

** Amount is in AED

  • No minimum balance is required for the first 3 months on Saving Accounts.
  • A salary transfer letter is required as additional documentation for customers opening the account for salary transfer purpose.

In line with the UAE’s Value Added Tax (VAT) implementation from 1st January 2018, VAT at the rate of 5% will be levied on RAKBANK’s fees and charges specified herein, wherever applicable and as per UAE law.