In today’s fast-paced world, banking has taken a giant leap forward with digitalization. The UAE, known for its rapid technological advancements and innovative approaches, is home to some of the best digital bank accounts designed to cater to the dynamic needs of its residents. Here, we explore the top 7 digital bank accounts in the UAE, offering convenience, efficiency, and a wide array of banking services at your fingertips.
First Abu Dhabi Bank (iSave Account)
First Abu Dhabi Bank offers the iSave Account, a digital savings account with no minimum balance requirement and unrestricted withdrawal limits. This account is perfect for those who value flexibility and easy access to their funds without the hassle of maintaining a minimum balance.
Key features and benefits
- Earn a 5.25% annual interest rate on any new money you deposit between May 1, 2023, and March 31, 2024.
- You can instantly open your account using the FAB Mobile app or Online Banking.
- Your account will be in AED.
- There’s no need to worry about maintaining a minimum balance; there isn’t one.
- Feel free to withdraw money whenever you need to; there are no limits on how many times you can do this.
Emirates Islamic Bank (Kunooz Savings Account)
The Kunooz Savings Account by Emirates Islamic Bank is a Shariah-compliant savings account that combines the benefits of savings with the convenience of digital banking.
Key Features and Benefits
- Weekly cash prize: Every week, you have a chance to win AED 10,000. Imagine what you could do with that extra cash!
- Monthly cash prize: Once a month, someone gets lucky and wins AED 500,000. That’s a life-changing amount!
- Quarterly grand prize: An even bigger prize of AED 1,000,000 is awarded every three months. It’s like hitting the jackpot!
- A rewarding savings account: This is different from your ordinary savings account. It’s designed to reward you.
- Free debit card: You get a recognised credit card worldwide without extra cost.
- Earn profit: Your savings can earn you a profit every quarter. This is based on a concept called Mudaraba*, which is a way to earn money according to Islamic finance principles.
Important Notes
To be eligible for the quarterly profit, you must maintain a minimum balance of AED 3,000 in your account.
The exciting part? The draws for the weekly, monthly, and grand prizes happen in the first two weeks of the month following the contest period. If you’re one of the lucky winners, the prize money will be deposited into your account within two months after the draw date.
HSBC (Premier Account)
HSBC’s Premier Account is tailored for the high-net-worth individual. This account offers premium services, including a dedicated relationship manager and access to global banking solutions.
Features and Benefits
- Global premier status: Feel at home anywhere in the world. With our Global Money Account, spending money abroad is as easy as doing it in your local currency.
- Global money account: Say hello to seamless transactions! Get a Global Money Account and a debit card that lets you manage, spend, send, and receive money in various currencies worldwide.
- Wealth solutions: Their exclusive Premier support is here to help you grow your wealth, safeguard your family’s future, or make your retirement dreams come true.
- Travel insurance: Travel with peace of mind, knowing that HSBC Worldwide Travel Insurance covers you and your loved ones at no extra cost.
- Cash back offer: Open a new Premier account through the HSBC UAE app by April 30, 2024, and receive AED 2,000 cashback. Alternatively, get AED 1,500 cashback when you start a new Advance Account.
Al Hilal (Savings Account)
Al Hilal’s Savings Account is another Shariah-compliant option that offers instant account opening and a virtual debit card. With no minimum salary or balance requirements, it’s accessible to many customers.
Key Features and Benefits
- Win big: Every month, you can win an AED 1 Million prize. Additionally, there are 20 prizes of AED 1,000 each.
- Earn monthly: Enjoy a share of profits distributed every month.
- Easy access: Use your thumbprint to access your account, making banking secure and convenient quickly.
- No hidden fees: Forget about charges for not maintaining a minimum balance.
- Multi-currency: Open your account in AED, USD, GBP, EUR, or CAD.
- Customize your experience: Get a personalized account number and a free Visa Debit Card.
- Stay informed: Receive free e-statements to keep track of your finances.
- Bank anywhere, anytime: Use free internet, mobile, SMS, and 24/7 automated banking services.
Mashreq Neo by Mashreq Bank
Mashreq Neo is a digital bank account launched in 2017. It is known for its innovative features, like opening an account with a selfie. It offers a wide range of banking services, including investments in forex, gold, and stocks, all through a user-friendly app.
Key Features and Benefits
Money transfer:
- Transfer within Mashreq: Enjoy free and instant transfers to your current or savings accounts.
- Local money transfer: Easily transfer AED or USD to any UAE bank account with just a few clicks.
- International money transfer: Send money globally in a reliable and cost-efficient manner.
- QuickRemit: For faster and more economical transfers, your money reaches its destination within minutes.
Manage cards:
- Credit card instalment plans: Access Instant Cash, Balance Transfer, and Easy Payment Plan options.
- Credit card enquiry: Keep tabs on your card details and transactions, with options to view or download.
- Credit card payments: Conveniently pay any locally issued credit cards.
- Card services: Activate or block cards, set PINs/limits, and more.
Investments:
- Deposits: Opt for Instant Fixed or Unfixed Deposits.
- Foreign currencies: Opening a foreign currency account is straightforward.
- Gold edge: Purchase gold currency online, hassle-free, without worrying about storage or security.
- Other investments: Explore International Equities, Bonds, and more.
Pay Bills:
- Pay for telecommunications (Etisalat, DU), utilities (DEWA, SEWA, FEWA, AADC, ADDC), government services (Salik, Noqodi), and even make charity payments with ease.
Additional Services:
- Profile update: Keep your contact details current effortlessly.
- Cardless cash: Withdraw cash from any Mashreq ATM without needing your card.
- Standing instructions: Set up automatic QuickRemit transactions at your preferred frequency.
- E-Statements: Subscribe to and view your banking statements online.
- KYC: Update your ‘Know Your Customer’ details to prevent any account restrictions.
Liv Bank by Emirates NBD
Liv Bank, the first digital bank in the UAE targeted at millennials, offers an intuitive banking experience with personal budgeting tools and attractive lifestyle offers. It provides both regular and prime accounts to cater to different customer needs.
Key Features and Benefits
- Instant & free transfers: With DirectRemit, you can send money quickly and without fees to countries like India, Pakistan, Sri Lanka, and the Philippines. His incredible offer is valid until February 29 2024, so take advantage of it.
- Unlimited transfers: Enjoy the freedom of sending as much money as you need without worrying about costs.
- Grow your salary: Get up to a 3% increase on your salary every month.
- Free international transactions: Enjoy free international transfers and ATM withdrawals.
- Special credit card offer: Get a free Liv World Credit Card for the first year, with various perks, including cashback and exclusive offers.
- Highly rewarding fixed deposit: Get up to 4% interest upfront, ensuring your wealth grows faster. Accelerate your savings with their high-reward fixed deposit offer.
- Flexible rewards: Switch between reward programs to suit your lifestyle.
- Cashback: Earn up to 15% cashback on your spending.
- Tailored offers: Unlock special offers and promotions designed just for you.
- Top-notch security: Their multi-layered authentication process ensures your money is always safe.
- Easy payments: Add beneficiaries easily and make transfers instantly.
- Transparent banking: Their user-friendly interface puts you in control of your finances.
- 24/7 support: Their dedicated team is always here to help at any time of the day.
E20 by Emirates NBD
Designed for entrepreneurs and SMEs, E20 by Emirates NBD is a digital banking solution that simplifies business banking. It supports various business types and offers innovative features to manage finances efficiently.
Key Features and Benefits
- Customizable financial dashboards: Tailor your financial overview to see exactly what you need when you need it.
- Detailed account & statement reporting: Get in-depth reports of your financial activities to make informed decisions.
- Chequebook requests: Easily request new cheque books without the hassle of visiting a bank.
- Comprehensive payments and collections suite: Streamline your payment processes and collections for better cash flow management.
- WPS features: You can easily set up and manage monthly salary payments, ensuring your team is paid on time.
- Opening additional accounts: Expand your business banking effortlessly by opening new accounts as needed.
- Managing trade finance: With smartTRADE, handle all your trade finance requirements efficiently in one place.
- Updating personal and company documents: Keep your personal and business documents updated with simple online updates.
Final Thoughts
Digital banking in the UAE offers a new horizon of convenience and efficiency, catering to the diverse needs of its residents. Whether you’re an individual looking for easy access to your savings or a business owner in need of streamlined financial management, there’s a digital bank account in the UAE for you. Embrace the future of banking today and choose the digital bank account that best suits your needs.
