What A Savings Account Can Do for You
Beyond earning interest, there are many convincing reasons why opening a savings account makes financial sense.
According to a recent survey, more than half of UAE residents struggle to save, while nearly a third admit to not saving a single dirham every month. One potential reason for this could be that many do not actively use a savings account.
In simple terms, a savings account allows you to keep money you want to have access to at any time. The money deposited in a savings account accrues interest on a yearly base in the UAE. In this article, we will explore why you should have a savings account and some of the ways you can make it work for you.
One obvious benefit of a savings account is that you can make your money work for you by simply leaving it to sit and accrue interest. Remember that the more you deposit, the more interest you can generate over time. In some cases, you may also get preferential interest rates on larger deposits so make sure you check with your bank.
To get a sense of how much you can earn over a given period of time at a specified interest rate, a savings calculator can be useful. There are many calculators available online for free.
In addition to earning interest, some banks offer perks and rewards to customers who save and maintain a certain balance over time. Many banks have privilege programs in place that encourage customers to save by rewarding them with loyalty points such as Citi’s Emirates Advantage account.