What Is Kunooz Savings Account? The Complete Guide!

When it comes to getting your finances in order, the consensus among financial gurus is that you should set aside at least six months’ worth of living expenses.

According to Farid Al Mulla, Deputy Head of Consumer Wealth Management at Emirates Islamic, saving is essential for various reasons, including achieving financial independence, purchasing your own home, planning for retirement, setting up a college fund for your kids, and covering any unanticipated expenses.

How Much Will You Win In The Kunooz Savings Account Prize Draw?

Even though Emirates Islamic encourages consumers to start saving with their first paycheck, it is never too late. The first step is the most important, and everything else will fall into place. However, putting money down for the future can be challenging for many people for various reasons, so they put it off.

For example, many individuals even find it difficult to consider saving money for retirement, following a spending plan, and perhaps forgoing a staycation, a new gadget, or Saturday brunch.

According to Mile Coady, a Dubai money consultant and coach, there are numerous reasons people do not save, but most of them are excuses rather than causes. He says in his blog that when someone claims they don’t save because they don’t make enough money or because costs are rising, they are more likely to provide a rationalization than an explanation for their inaction.

What Are The Reasons For People Don’t Save The Money?

People don’t save money for the true reasons most of the time because of psychological reasons rather than economic ones. One of the reasons individuals don’t save is that they hold onto the mistaken notion that things will somehow get better – that despite their efforts, things will get better, their talents will suddenly be recognized, and all their financial concerns will vanish.

It frequently happens in the 21st century. In the UAE, nearly half of the population is delaying retirement savings until their late 40s and 50s, according to a 2020 survey by the international consulting firm Mercer.

There are, however, easy and worthwhile ways to save, so it is not necessary to be that way. You can win large with the prestigious Kunooz Savings Account from Emirates Islamic and make money.

Six stunning Tesla cars are up for grabs this quarter through this special savings account, allowing account holders to drive away in one. In addition to the Dh50,000 every two weeks, there is a grand cash reward of an incredible Dh1 million.

How Does The Kunooz Savings Account Encourage People To Save Money?

Al Mulla believes the Kunooz Savings Account is excellent for encouraging individuals to start saving. Every year, the account awards millions in prizes to motivate and honor savers.

There have been hundreds of past winners of expensive automobiles, homes, gold, and cash. In addition to saving money, individuals could drastically alter their lives if they win large. According to reports, 2022 will bring with it even more thrilling prizes. Financial experts urge clients to keep a close eye on spending to become better savers.

They advise setting aside at least 20% of one’s salary for savings, allocating 50% of one’s income to essentials like food, rent, utilities, and transportation, and allocating the remaining 30% for wants and desires like entertainment, clothing, and vacation.

What Should You Do If You Lack A Saving Mindset?

Al Mulla offers counsel that applies to those who have no money at all. Every dirham saved under the Kunooz Savings Account program motivates the saver to put more money aside. They should strive for the Dh5,000 once they have saved up the initial Dh1,000, followed by the Dh10,000, Dh100,000, a million, and so forth.

You’ll be inspired to save more money when you notice your balances rising. Successful financial decision-making now can have a significant impact on a person’s life as well as their legacy, according to renowned money authors.

Author of five New York Times bestsellers, including The Total Money Makeover, and well-known American financial expert Dave Ramsey thinks it’s crucial to understand that your choices affect other people as well.

He claimed that by using the Kunooz Saving Account program, the individual might be setting the foundation for their entire family tree. If there is a way to accumulate riches successfully, that wealth is a strong base for the family. Furthermore, setting a good example for the kids – and their kids – to follow in terms of money management.

Characteristics And Advantages Of The Kunooz Savings Account

Emirates Islamic Bank’s Kunooz Savings Account can be viewed as the ideal fusion of banking and lucrative opportunities. People with these accounts have access to simple and efficient banking, and the bank rewards them daily for their loyalty.

This account offers some of the most alluring incentive schemes, and they may lead to the possession of a luxurious home or a high-end vehicle. Account holders have access to a variety of features and advantages with this account. They vary from AED 5,000 daily rewards to major prizes such as Bentley vehicles.

• There are possibilities to win prizes as well. For three lucky winners each day, the card gives cash rewards totaling AED 5,000.
• Additionally, the Kunooz Savings Account gives a grand prize each month that may be one million dirhams, a studio apartment, or a high-end vehicle.
• Account holders can enter the daily cash prize draw by maintaining an average balance of AED 1,000 in their Kunooz Savings Account.
• Increasing the value of saving delivers greater returns and a higher bracket for winning rewards. Entry into the grand prize drawing is permitted with an average balance of AED 5,000 in the account.
• The minimum balance that must be maintained for this account is AED 3,000 under Emirates’ Islamic guidelines for account holders.
• You have the option of opening the account either on your own or with a partner. Even youngsters/minors are encouraged to open a Kunooz Saving Account.

More Details On The Kunooz Savings Account

Emirates Islamic has consistently sought to motivate UAE citizens and residents to increase their savings as a fiscally responsible business. They understand that winning a Tesla or AED 1 million or other sizable financial prizes through this campaign is a powerful incentive for consumers to manage their money.

We will keep running initiatives that assist our clients in realizing their aspirations. The following items must be checked, nevertheless, before you can proceed with opening a Kunooz Savings Account:

• The applicant must always sustain the minimum investment of AED 3,000 necessary for a Kunooz Savings Account.
• Owners of Emirates Islamic Kunooz Savings Accounts should also monitor the weekly and monthly prize draws held during the first week of each consecutive month.
• The clients of Emirates Islamic are continuously kept informed. The first week of the following quarter will mark the grand prize drawing for Kunooz Savings Account members.
• There is also the option of doing your banking online. Apply immediately for an online Kunooz Savings account if you already have one.

Open A Kunooz Savings Account With The Following Required Documentation:

You must have the following documents to join the Kunooz Savings Account program, just like any other saving account type. As there are distinct requirements for UAE residents and citizens, anyone residing in the UAE of any nationality is qualified to take advantage of the Kunooz Saving Account program’s benefits.

UAE Nationals Must Have The Following Documents:

• A duplicate passport must be presented.
• The second requirement is to possess an “Emirates identity card.”
• A copy of your “Resident visa” is required as additional documentation.
• You might need to provide a wage certificate if you are a working individual.

Residents Of The UAE Must Have These Documents On Hand At All Times:

• The process starts with a valid visa copy as the highest priority document.
• Once that is done, you must attest a copy of your Emirates identity card.
• A copy of your passport is also required to be submitted.
• If you are an international employee in the UAE, you must provide a “Salary certificate” that was granted by your company.

Kunooz Saving Accounts have expanded the possibility of opening joint accounts. Nevertheless, one should keep in mind that all account holders should be present throughout the documentation process and bring their original passports for joint accounts.

When Selecting A Savings Account, What Should You Watch Out For?

Depending on your financial circumstances and your desired level of savings, you should choose the appropriate savings account. Additionally, how you access, it depends on your needs. A more traditional account is an option if you’d prefer to open and manage your savings account in person rather than online or through a branch.

Whatever you decide, it doesn’t have to be a long-term commitment. It’s worth checking around frequently because interest rates frequently fall after a year. Set a calendar alert to remind you when the promotional interest rate on your fixed-rate savings account expires.

In the absence of an end date, create a one-year reminder so you can review the issue after that time. However, remember that you can be charged a fee if you withdraw your money before a fixed deal expires.