Exercise equals money for Dubai banking customers
“Health is wealth” for the UAE’s Emirates NBD customers… Literally. The bank has rolled out a new savings account that calculates a customer’s interest rate based on how many steps they take per day.
But if you think that you can flunk the results, think again. You need to wear an Apple Watch (or a similar smart watch that can track steps) throughout the day so that the bank can track your performance.
The savings rate starts at a modest 0.25 percent per annum, going up to 0.5 percent after 5,000 steps, 1 percent after 8,000 steps, and two percent after 12,000.
“The Emirates NBD Fitness Account heralds a new phase in digital banking as it effectively combines customers’ health and lifestyle goals with their banking needs,” said Suvo Sarkar, senior executive vice president and group head – Retail Banking and Wealth Management, Emirates NBD. "In conjunction with leading brands in the fitness space, we are offering customers a holistic value proposition where health, wealth and technology merge to provide a truly distinctive customer experience.”
News of the fitness account comes after it was revealed that the UAE’s obesity rate is double the world’s average. In fact, across the globe, it’s estimated that over 2.1 billion people are overweight, making health and fitness high on many government agendas.
So how can you get fit and start saving? Just download the Emirates NBD mobile banking app and open the fitness account. Oh, and maybe sign up for some tennis lessons, or start the day with a morning jog... In fact, just taking the stairs rather than a lift would boost your account balance.