Grow your wealth: Finding the highest interest rate savings account for you in the UAE

A savings account is one of the quickest, low-pressure ways to grow your wealth over time. It lets you save conveniently and automatically earn compounding interest on your account balance each month.

UAE banks offer multiple savings account options with varying requirements, benefits, and interest rates. So, the highest interest savings account for you in the UAE is one that best matches your lifestyle and eligibility.

To help you choose, we’ve covered the basics of savings account interest rates, top options at your disposal, as well as financial institutions that offer the best deals.

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Savings account interest rates UAE - An Overview

Based on your bank and account type, savings account interest rates in the UAE currently fall between 0.1 to 6.25% per year. While regular tier-based accounts attract low interest, high-yield digital savings and salary transfer accounts offer much higher returns.

• A tier-based savings account pays interest according to the amount in your account. The higher your account balance, the higher the interest rate you could earn. These accounts are good options if you want to easily access your funds anytime without transferring your salary or making a fixed deposit.
• A high-yield savings account provides significantly higher interest rates than traditional tier-based options. However, it usually has specific conditions, from maintaining a minimum balance to depositing new funds or opening the account through online/mobile banking. These accounts are perfect if your goal is to maximize your savings without locking money away for a fixed duration.
• A salary transfer account rewards customers who transfer their monthly salary into the issuing bank. In exchange for transferring your salary, banks often give higher interest rates and additional benefits such as exclusive cashback offers.

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How salary transfers and fixed deposits affect your savings returns

To find the highest interest savings account, consider either a salary transfer or fixed term deposit. In most cases, you can get a higher interest rate from the account issuing bank by transferring your monthly salary to them. Meanwhile, fixed deposits (locking your money for 3 months or more) offer guaranteed returns though rates still vary across banks.

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What savings account has the highest interest rate?

The UAE savings account with the highest advertised interest rate is Mashreq NEO Plus Saver which can go as high as 6.25% per year for eligible customers.

However, the highest advertised interest rate isn’t always the best option. An account with a slightly lower rate can be more flexible and practical. E.g., Emirates NBD Plus Saver offers up to 3.50% interest rate per annum and has less demanding eligibility requirements. It also pays up to 5% interest per year on new money.

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Mashreq NEO Plus Saver - The highest-paying option (if you qualify)

Mashreq NEO Plus Saver advertises a per year interest rate of up to 6.25%, but the offer is exclusive to customers who transfer a minimum monthly salary of AED 10,000. If an account owner misses this requirement for two months back to back, they’ll lose the promotional rate.

For non-salary individuals, the rate drops to 5%, and that’s only for those who maintain a minimum monthly savings account balance of AED 50,000. Also, customers who make more than two withdrawals a month risk losing their interest for that month.

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Emirates NBD Plus Saver - The practical, more accessible option

Emirates NBD Plus Saver gives savers up to 3.50% per year, making it one of the highest interest rate savings accounts in the UAE. For new money funding, the interest can even go up to 5%.

And unlike Mashreq NEO, these advertised rates are not tied to monthly salary transfers, so Emirates NBD Plus Saver is more ideal for business owners, freelancers, retirees, and anyone without a salaried income.

Also, Emirates NBD Plus Saver allows up to five withdrawals per month, which is way more flexible than Mashreq NEO that's subject to just 2 withdrawals per month. With this savings account, you can get occasional access to your funds without stressing about losing your interest.

Note: Other UAE savings accounts with high interest rates exist and you can easily find and compare options on Daleel.

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Which banks have the best high yield savings accounts?

Many UAE banks offer high yield savings accounts; here are a few of the best financial providers you can explore:

• ‍Emirates NBD‍
• Mashreq
• First Abu Dhabi Bank (FAB)
• Abu Dhabi Commercial Bank (ADCB)
• Commercial Bank of Dubai (CBD)
• Hongkong and Shanghai Banking Corporation UAE (HSBC UAE)

Note: For Shariah-compliant savings accounts with profit rates instead of interest rates, consider Emirates Islamic Bank, Dubai Islamic Bank (DIB), or Sharjah Islamic Bank.

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Which bank in UAE gives the highest interest rate for fixed deposits?

Banks in the UAE that give the highest interest rates for fixed deposits include ENBD, Mashreq, FAB, ADCB, CBD, and HSBC UAE, among others.

Fixed deposit rates can go as high as 4.75% per year depending on the banking provider, deposit amount, and term. In most cases, larger deposits and longer lock-in periods attract higher returns.

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Can you get 7% interest on savings from any UAE bank?

No. At the time of writing, no UAE savings account advertises a standard interest rate of 7% per year. The highest interest rate savings account in the UAE today is 6.25% (offered by Mashreq Bank) and the eligibility requirements to access this rate are quite strict.

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What to look for in a savings account besides interest rates

Interest rates are important, but they’re not the only factor to consider when picking a savings account. Before opening an account, also compare its:

• Minimum balance requirements: Some savings accounts mandate you to maintain a minimum account balance to avoid fees or become eligible for their highest interest rates. If you do not plan to fund your account with large amounts, consider options with little to no minimum balance requirements.
• Salary transfer conditions: Banks often give the best interest rates to customers who move their monthly salary to the savings account. If you’re a solopreneur, retiree, freelancer, or someone who just doesn’t want to switch salary accounts, confirm that you can still earn a decent rate without a salary transfer before committing to an account.
• Withdrawal limits: Savings accounts typically limit how many withdrawals you can make per month before your interest rate reduces or gets completely scrapped. If you hope to access your savings regularly, pick an account with flexible withdrawal terms.
• Interest calculation and crediting frequency: Banks calculate interest either daily, monthly, or using another method, while interest is typically credited monthly. The more frequent calculations are, the more your returns compound, especially if you make fairly regular deposits.
• Account opening requirements: Some savings accounts are available only to UAE residents, while others cater to non-residents as alike. Another may require a minimum age, Emirates ID, salary certificate, or other documentation. Review the eligibility criteria of the accounts you’re considering beforehand to save time when applying.
• Promotional vs standard rates: Banks often advertise promotional interest rates that apply only for a limited time, on new funds, or after meeting certain conditions. Always confirm the standard interest rate and the eligibility terms for promotional offers so you know what return to realistically expect in the long run.

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Best savings account in the UAE with zero balance - One option to consider

One of the best savings accounts in the UAE with zero balance is Shake N Save by ENBD. While it offers minimal interest rates, it’s very user friendly, especially for beginner or tentative savers and low income earners.

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Shake N Save

If you’re a beginner, school student, or just someone trying to build a consistent savings habit without facing minimum balance requirement constraints, this is the account for you. With Shake N Save, you can save from as low as AED 50 at a time by simply shaking the Emirates NBD mobile app to transfer money into the account.

A simple digital savings account, Shake N Save by ENBD doesn’t require a minimum balance. It also offers up to 0.75% interest per annum which gets calculated daily and credited monthly.

So if you’re looking for a flexible, convenient, and easy to use zero balance savings account in the UAE, try it. You can save as little or as much as you want on a Shake N Save account and it’ll still be beneficial either way, whether you are salaried, self-employed, or non-salaried.

You only need to have a functioning ENBD account to get started. Note though, you can only open one Shake N Save account and it must be through Mobile Banking.

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Which savings account is right for you?

Of the options outlined in this piece, here are our recommendations for different lifestyles and needs:

• ‍Set up a Mashreq NEO Plus Saver if you earn at least AED 10,000 per month, are okay with transferring your salary, and want the highest advertised interest.‍
• Open an Emirates NBD Plus Saver account if you want a competitive interest rate without having to transfer your salary every month.‍
• Consider a Shake N Save account if you’re just building a savings habit or if you prefer allocating small amounts consistently.

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Finding and opening a savings account in the UAE with Daleel

If you’re ready to get a savings account in the UAE with an interest rate that works for you, Daleel is a great platform to explore options from multiple providers.

Daleel lets you compare savings accounts from different UAE banks based on your income, age, and financial needs. It highlights the accounts you're eligible for, shows their latest interest rates, and makes it easy to review features side by side before you open an account.

Create a free Daleel account today to find and open the highest interest savings accounts you can access in the UAE.

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Frequently asked questions on savings accounts in the UAE

How often is interest paid on UAE savings accounts?

UAE banks typically calculate interest daily and credit it to savings accounts monthly. The process varies by the type of account and your provider, though, so always check the bank’s terms and conditions before creating an account.

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Is a fixed deposit better than a savings account?

Sometimes yes, sometimes no. It depends on what you’re trying to achieve and your perspective. Savings accounts provide easier access to your money while still allowing you to earn interest. Meanwhile, fixed deposits often give higher guaranteed returns but require you to lock your funds away for an extended period (not less than 3 months).

At the same time, you can make fixed deposits into a savings account so some consider fixed deposits a subset of savings accounts.

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Can expatriates open a savings account in the UAE?

Yes, expatriates can open savings accounts in the UAE. They just need to meet the bank’s eligibility requirements and submit the mandatory documents (usually a valid passport, visa, Emirates ID, and proof of residence or income as needed).