Banking
Best Zero Balance Accounts In UAE: Features, Benefits, And Recommendations
There has been rapid growth in the banking industry in the United Arab Emirates UAE. A lot of local and international banks have opened up and are operating in the country. This has led to the variety of options available to customers who are looking to open bank accounts. In this blog post, we will explore the list of the best zero balance accounts in UAE, their features, benefits, recommendations, etc.
In recent times, zero-balance accounts have become quite popular due to their flexibility and minimum balance requirement. However, choosing a bank with a zero balance account can be quite a daunting task when a lot of options are available. Whether you are a student, a low-income earner, or someone who wants to avoid maintaining a minimum balance, read on to find out more about the best zero balance accounts in UAE.
Importance of choosing the Best zero balance accounts in UAE
The importance of selecting the right zero balance account cannot be overseeded. A zero balance account is one of the preferred accounts which fulfills your financial requirements and financial needs to manage your finances better and save unnecessary charges.
If you have an account that doesn’t meet your needs it can lead to increased fees, reduced returns, and limited services.
With the help of this article, we would discuss the important factors to consider while selecting the top zero balance accounts in UAE for 2023.
Criteria for selecting the best zero balance accounts
When selecting the best zero balance accounts in UAE, the following factors would be quite helpful for you to make an informed decision.
- Interest rates and fees
One of the main factors to consider is the Interest rates and fees for the account. An individual should look for an account that charges zero or low fees and offers competitive monthly interest rates. This would help you to minimize unnecessary expenses and maximize your savings. Also, you can save a lot of money on ATM usage Fees, transaction fees, and maintenance fees.
- Features and Benefits
Secondly choose an account that offers all the standard features like online/mobile banking access, ATM access, and overdraft protection. All these features would improvise the accessibility and convenience of your account making banking more convenient and easier.
- Customer service and support
Always available and responsive customer support and service are quite important for an individual in the banking sector. One should ensure that they choose the bank that offers efficient and reliable customer service, both in-person and online, and is always there to resolve your queries or any questions.
- Availability of online banking and mobile banking
Nowadays, with internet accessibility, mobile, and online banking have become quite important as most customers now manage their finances from anywhere around the world. While you select a zero balance account, ensure that there is a user-friendly mobile app and user-friendly online banking platform that allows you to access the account, make transfers, and check balances at any time, from anywhere.
- Security and fraud protection
Fraud and security protection are quite crucial factors when it comes to choosing a banking account. Since an account would be containing hard-earned money, choose an account that offers two-factor authentication, fraud protection services, secure login, and ensure the protection and safety of the funds.
Top 10 zero balance accounts in UAE
Here is the complete list of the best 10 zero balance accounts in UAE along with their brief description for each bank account.
- ADIB Smart Banking Account
- HSBC ESaver Account
- Mashreq Happiness Account
- ADCB Active Saver Accounts
- Commercial Bank of Dubai(CBD) ESaver Account
- Fab ISave Account
- RAKBank Fast Saver Online Account
- Emirates NBD Liv Account
- Standard Chartered Bank XtraSaver Account
- Al Hilal Savings Account
1. ADIB Smart Banking Account
ADIB bank tops our list of best zero balance accounts in UAE. ADIB smart banking account by Abu Dhabi Islamic Bank (ADIB) in UAE offers a zero balance account specially designed for customers who want to avail of banking services with minimum balance constraints.
Key Features
- Offers debit cards with each ADIB smart banking account which can be used for numerous banking activities.
- Online banking for customers to access their accounts from anywhere to view transactions, and balances or make transfers.
- Customer service and support all around the clock so customers can ask for help any time they need it.
- Utilizes advanced security measures to protect customer accounts, offer secure online banking, and prevent fraud.
Interest Rate: 0.8360 percent.
Contact information: https://www.adib.ae/en/pages/smartbanking.aspx
2. HSBC ESaver Account
HSBC eSaver account is offered by HSBC a multinational financial services and banking company.
The eSaver account is designed to offer competitive interest to users on their deposits and pay no fee for banking services.
Key Features:
- Offers an online-only account, which allows users to access banking services from anywhere without visiting the bank.
- eSaver accounts can be linked with other HSBC accounts to offer a streamlined and convenient banking experience.
- No monthly account fees or any other charges, helping customers to save a lot of money.
- Offers easy access to funds through ATMS and online banking platforms and high-interest rates.
Interest rate: 0.15 percent/annum
Contact information: https://www.hsbc.ae/help/contact/
3. Mashreq Happiness Account
It is the zero-balance savings account offered by the leading bank in the United Arab Emirates(UAE) Mashreq bank.
Users looking for personalized services and online banking can open this account.
Key features
- Offers up to AED 2000 joining bonus on opening a Happiness account. The joining bonus depends on the salary deposited each month.
- For every mobile or online transaction, users get rewards as Salaam points which can be redeemed for their partner brands’ outlets.
- The instant account opening process just requires users to submit their valid Emirates ID such as a passport.
- Offers both online and mobile banking platforms for stress-free and convenient banking.
Interest rate: up to 3 percent
Contact information: https://www.mashreqbank.com/en/uae/personal/customer-care/
4. ADCB Active Saver Accounts
ADCB active Saver account is one of the preferred choices for UAE residents if they want to open separate savings accounts based on every goal.
The top key features are listed below.
Key Features
- With online and mobile access from anywhere, users can manage their savings accounts around the clock.
- It can be used to pay bills, redeem touchpoints and transfer funds.
- Do not offer checkbooks or ATM cards, resulting in less temptation among users to withdraw their savings.
- Offers savings in multiple currencies. Three main currencies that can be used are GBP, USD, and AED.
Interest rate: up to 1 percent
Contact information: https://www.adcb.com/en/personal/accounts/current-savings-account/active-saver-account
5. Commercial Bank of Dubai(CBD) ESaver Account
The commercial bank of Dubai(CBD) E-saver account is offered by the Commercial bank of Dubai(CBD) in UAE.
It is a zero-balance savings account designed to offer customers an easy-to-use saving solution with any minimum balance requirement.
Key Features
- Customers with a CBD E-saver account can earn competitive interest on their savings.
- All the Customers get access to CBD’s online banking platform to manage their transactions from anywhere.
- There is a mobile application for users that provides a convenient way to manage their finances on the go.
- Uses advanced security measures including secure online banking and fraud deduction.
Interest rate: up to 1 percent.
Contact information: https://www.cbd.ae/personal/bank/accounts/savings-account/esaver
Within UAE: 600575556
Outside UAE:+971 600575556
6. Fab ISave Account
It is offered by the First Abu Dhabi Bank to provide customers with easy-to-use and convenient savings solutions.
Key Features:
- Customers can get interest rates up to 2 percent on the balance maintained in the financial years.
- Instant account opening and no charges incurred.
- There is no limit on the withdrawal or any withdrawal fee.
- An online banking platform and mobile application for users to access banking services from anywhere.
Interest rate: offers up to 5 percent per annum.
Contact information:https://www.bankfab.com/en-ae/personal/save/isave-account
Phone Number 1: 600525500.
Phone Number 2: 80040000(For Private and Elite baking clients)
7. RAKBank Fast Saver Online Account
It is the online zero-balance savings account offered in the UAE by the National Bank of Ras Al Khaimah.
This account is designed for people who want to earn competitive interest on their savings and access banking from anywhere.
Key features:
- The Rank Bank Fas Safer Online account offers competitive interest rates on deposits.
- Accounts can be opened easily at the user’s flexibility and convenience from anywhere around the corner.
- There is no monthly fee charged which makes it easier for people to save more money.
- It offers multiple currencies including AED, and USD to allow users to save money in the currency of their preference.
Interest rate: up to 1 percent
Contact information: https://rakbank.ae/wps/portal/retail-banking/accounts/personal/fast-saver
Telephone: 04-2130000 or call our automated service on 600 54 4049 for RAKBANK customers and 600 54 0044 for RAKislamic customers.
Fax: +971 4 3263640
8. Emirates NBD Liv Account
It is one of the best zero balance accounts in UAE offered by Emirates NBD, the largest bank in the UAE.
It is designed for people who want to save money at zero fees and access banking services from anywhere.
Key Features
- Liv Account offers rewards and cashback on purchases made using a debit card.
- Offers round-the-clock customer service to help customers to get their queries resolved anytime.
- Offers competitive interest rates on savings and helps people to generate a passive income.
- Easy access to funds through online banking platforms and Emirates NBD’s ATMs.
Interest rate: Upto 0.20 percent.
Contact information: https://www.liv.me/
If your query is related to Online or Mobile Banking, the best way to reach us is by calling +971 600 54 0000.
9. Standard Chartered Bank XtraSaver Account
The standard Chartered bank XtraSaver Account is offered by Standard Chartered bank of UAE.
It is the zero balance account allowing account holders to manage their funds more efficiently and effectively.
Key Features
- Offers excellent customer assistance and support ensuring that the account holders have a seamless and smooth banking experience.
- Offers competitive interest rate of nearly 2 percent P.An on the savings.
- Available in multiple currencies such as USD and AED.
- Issues a contactless Debit card accepted anywhere in the world round the clock, with any merchant outlets and online shopping websites.
Interest rate: up to 2 percent.
Contact information: https://www.sc.com/ae/deposits/xtra-saver-account/
Phone Number : 8004949( priority Banking)
Corporate and Institutional Banking: 600548282
Commercial banking: 60054548282
10. Al Hilal Savings Account
The Al Hilal Savings Account is offered by AL Hilal Bank in the UAE.
it is a zero-balance account, allowing account holders to save funds and earn competitive interest rates to grow their savings over the period.
Key Features
- Opens account without applicant doing an initial deposit required by other accounts while opening account.
- No minimum salary requirements for a zero-balance savings account.
- Offers a free customized visa debit card and customizable account number.
- Automated banking services are available round the clock to resolve any of the user’s queries.
Interest rate: offers up to 2.65 percent per annum.
Contact information: https://www.alhilalbank.ae/en/personal/accounts/current-and-savings-accounts/savings-account/savings-account.aspx
Phone banking: 600 522 229
In Conclusion, the banking Industry in UAE offers a wide range of options for zero balance accounts to meet the end requirements of the customers. It is quite important to choose the right zero balance account so that one gets the best possible features, benefits, fees, and interest rates.
The criteria for choosing the best zero balance accounts in UAE include customer service and support, security and fraud protection, mobile banking, and much more. A few of the best zero balance accounts are FAB ISafe Account, Dubai (CBD) Esaver account, ADIB smart savings bank account, and ADCB Essential Account.
Choosing the right savings account can help users to enhance their financial stability, grow their savings, and profit from secure and convenient banking services.
Frequently Asked Questions
Yes, the zero balance accounts offered by banks provide competitive interest rates on savings, resulting in the growth of your savings.
Zero balance accounts are one of the safest accounts if you choose a bank with the utilizing best fraud protection and security measures.
The criteria for choosing the savings account include security and fraud protection, mobile and online banking, availability of customer support and services, features, and benefits, and fees and interest rates.
The benefits of the zero balance account include flexibility to withdraw funds aunty time, mobile and online banking services, high-interest rates, and much more.
A zero-balance account is the type of account that does not require account holders to save the minimum balance in the account.
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