The roles and responsibilities of housewives within a household in the UAE are evolving in the present times. This is why the importance of financial independence for housewives cannot be overstated. As more housewives seek opportunities to contribute to the family income, choosing the right bank account to keep the savings or money in a safe place and also possibly increase them is important.
If you are a housewife and you do not know which bank account is right for you, fret not. This guide will explore the best bank account for housewife in UAE. We will also present the criteria for choosing the right account along with some banking tips to make things easy for you.
Table of Contents
Table of Contents
Best Bank Account for Housewife in UAE
These are the best savings accounts for housewives in the UAE that they can opt for:
|Account Opening Fee
|Fall Below Fee
|Emirates NBD Standard Savings Account
|Online, App, Branch
|Mashreq Basic Savings Account
|Online, App, Branch
|UAB’s Savings Account
|Online, App, Branch
|Commercial Bank International Saver Account
|HSBC Term Deposit Account
|Up to 2.30% p.a.
|NBF Max Saver Account
|Up to 2.50% p.a.
|5 Million and more
|RakBank Savings Account
|Up to 0.25%
|Zero for first 3 months and then AED 3,000
|Emirates Islamic e-Savings Account
|Up to 1.50% p.a.
|ADIB Smart Account
|Standard Chartered XtraSaver Account
|Three debit transactions per month
|Online, Mobile App, Branch
Emirates NBD Standard Savings Account
The Emirates NBD Savings Account is a financial solution designed to provide optimal returns on your funds while ensuring easy accessibility. With a high interest rate, this account facilitates convenient fund management in multiple currencies.
- Get savings of up to AED 4,000 through exclusive debit card deals.
- Experience swift fund transfers with DirectRemit, completing transactions in just 60 seconds.
- Enjoy the privilege of opening an account with no associated fees.
- Easily manage funds in various currencies, including QAR, USD, AUD, CAD, BHD, SGD, JOD, KWD, GBP, SAR, and OMR.
- Earn a competitive annual interest rate of 0.20% on your account balance.
- Avail a monthly maximum of ten free teller transactions, based on your selected banking plan.
- Receive half-yearly online statements for efficient account monitoring.
- Begin your savings journey with a minimum balance requirement of AED 5,000.
Mashreq Basic Savings Account
The Mashreq Bank Savings Account is recognized as one of the premier savings solutions in the Emirates. This account ensures a decent return on your funds, having features tailored to improve the financial experience of housewives.
- The required initial balance to set up the account is AED 3,000.
- Enjoy the freedom of free transactions, allowing you to manage your funds without additional charges.
- The growth of your savings is convincing as the profit is credited every six months.
- Smoothly open your account through a user-friendly website or mobile app.
- Conduct up to six manned transactions per month to meet your varied financial needs.
- Benefit from a free Visa Debit Card featuring VISA MENA offers, providing added value to your transactions.
- Earn a competitive interest rate of 0.15% per annum on your account balance.
- A nominal AED 25 fee is applicable for falling below the Total Customer Relationship Balance.
- It has a manageable monthly average balance requirement of AED 3,000.
UAB’s Savings Account
The UAB Savings Account is a great choice for housewives in the UAE. It offers competitive interest rates based on the present account balance. Together with a number of fascinating features, this account encourages saving for high interest.
The account offers additional financial advantages and motivates savers at different rates. These accounts offer the highest profits and financial complexity, tailored to the specific requirements of housewives in the United Arab Emirates.
- Interest depends on the account balance you have in the account
- An AED 26.25 fee will be charged if the minimum balance is not maintained
- A free ATM card is given
- You will get a free eStatement
- Minors can also open the account
- You will get account-related SMS notifications
- The account is available in USD, Euro, GBP, and other currencies upon request
- The minimum balance required per month is AED 3,000
- No maintenance or monthly charges are there
- Residents or nonresidents can open the account
Commercial Bank International Saver Account
Discover the benefits of the CBI Saver Account, which offers flexible withdrawal options and a competitive interest rate on your savings. The monthly interest is credited by CBI and is determined by your daily balance and account activities.
Additionally, account users can conveniently access their accounts from anywhere in the world, guaranteeing a seamless and effective banking process.
- The Savings account minimum balance requirement is AED 3,000.
- No monthly fees
- No charges for opening an account
- Accessible to joint candidates as well as minors
- Free international debit card
- AED 25 fee if the minimum balance is not maintained.
- Only AED can be used to open accounts.
- Interest on a 5 million to 10 million AED amount is paid monthly at a rate of up to 3.52%.
- No limits on withdrawals
HSBC Term Deposit Account
The HSBC Term Deposit Account lets you multiply your savings like no other account. Let’s have a look at the features it offers.
- Fixed interest rate which is payable at maturity, up to 2.30% (against more than AED 750,000 for 36 months) and 2.50% annually (against more than USD 5,000 for 12 months). Check complete rates here.
- Zero account opening fee
- The term for the account starts from 1 month and goes up to 36 months.
- You can choose to fund your Term Deposit account using AED, USD, or GBP.
- The minimum deposit amount required is merely 10,000 AED (or $5,000 USD/GBP).
- Free text message notifications, and phone, mobile, and internet banking are offered for account holders.
- At maturity, decide whether to reinvest capital as well as interest.
National Bank of Fujairah Max Saver Account
The National Bank of Fujairah offers its clients the opportunity to gain a lot of profit from their savings through the Max Saver Account. NBF prioritizes the financial security of account holders by guaranteeing attractive rewards on the money deposited into their accounts. You have simple access to your money through the account as well.
- Availability of AED and USD currencies
- The minimum balance requirement for this account is zero.
- Your daily balance is used to calculate interest and is paid each month.
- Upon deposit of 5 million or more, you can get an interest rate of up to AED 2.50% p.a. or USD 2.00% p.a.
- You have the freedom to take one withdrawal each month without it impacting the interest collected. You will receive 0.25% annual interest on AED accounts and 0.15% interest on USD accounts if several withdrawals are done.
- You can open up to two NBF Max Saver accounts.
RakBank Savings Account
When you open a RakBank Savings Account, you can obtain attractive interest rates, numerous account currencies, and no minimum amount required for the first three months.
- Instant account opening facility
- A zero minimum balance per month is required. After three months, it would be AED 3,000.
- The fall-below fee is AED 26.25.
- You have the option of cardless cash withdrawals
- You can earn interest up to 0.25%.
- Interest is paid bi-annually in June and December
- You will get an instant Virtual Debit Card and Debit Mastercard
- The account is available in USD, EUR, GBP, Japanese Yen, and Swiss Franc
Emirates Islamic e-Savings Account
Emirates Islamic Bank offers excellent perks and profit rates on its online e-Savings Account. It is a Shari’a-compliant Wakala-based profit-bearing Account. Here are the features of this account.
- The account closure fee is AED 105 (if it closed in the first six months)
- You can earn up to 1.50% p.a. profit rate (against 25 Million AED amount or more) for AED and USD
- Profit is dependent on the average monthly balance
- Profit is earned quarterly.
- Account holders can have multiple benefits such as bill payments and online transfers.
- Fall below fee of AED 26.25 is charged on a total customer relationship balance of AED 3,000
- Transactions made on the account are unlimited. However, the transactions will have an impact on profit calculations.
- You can also take advantage of the 1.50% p.a. projected profit rate on all slabs for new customers for three months in AED and USD.
ADIB Smart Account
The ADIB Smart Account is a zero balance account that offers the account user several benefits. The account can be used for personal, non-commercial purposes. If you love shopping, you will also like this account as it gives you a lot of discounts and deals for multiple brands.
- 0.7136% interest rate against saved funds in the account
- Get a free debit card
- No need for a card to withdraw cash
- One free domestic and international transfer per month
- Suitable for housewives
- Avail more than 1500 discounts and deals via the smartdeals app
- Zero minimum monthly balance (Minimum monthly income of AED 5000 for income-based clients)
- It is possible to earn a profit on the account balance
- No annual charges
Standard Chartered XtraSaver Account
It is a zero-balance savings account offered by an international financial institution working in Dubai, UAE. Here are the features of this bank account.
- It is available for UAE residents and non-residents
- A high-interest rate of 2.00% p.a. is offered against your average monthly balance
- The starting balance required for the account is AED 3,000
- You can open this account in USD and AED currencies
- Free contactless debit card
- You can go for online mobile banking via the SC Mobile app
- You’re free to do three debit transactions in a month. In the event that a month has more than three debit transactions, there will be no return earned.
- There is no minimum balance requirement
Banking Tips for Housewives in the UAE
Here are some banking tips for housewives in the Emirates that will ensure your money not only remains safe in the account but also grows exponentially:
Choosing the Right Bank
The UAE has a wide range of banks, each offering unique banking services. When selecting a bank, consider factors such as fees, interest rates, any hidden charges, maintenance charges, and the accessibility of ATMs. A bank that aligns with your financial goals is the right choice.
Choosing the Right Account
A savings account or deposit account is the most suitable one for housewives. Current accounts are ideal for salaried individuals. So, choose a savings account that fulfills your financial needs perfectly.
Online Banking Benefits
In an era dominated by technology, online banking emerges as a game-changer for housewives. The convenience of managing transactions from the comfort of your home cannot be ignored. Set up online banking services with your chosen bank, and see the ease of bill payments, fund transfers, and monitoring of your account anytime, anywhere.
Customer Support and Services
The quality of customer support can significantly impact your banking experience. Evaluate the responsiveness and effectiveness of the customer support services offered by your chosen bank to see how well they treat their customers. Knowing how to address issues or concerns ensures a smooth banking experience.
Staying Informed About Financial Changes
Financial regulations and economic landscapes can undergo changes. This is why it is important for you to stay informed about updates in banking regulations and economic trends. You can utilize reliable resources for financial news and insights to make informed decisions that align with your financial goals.
Open UAE Bank Accounts with RIZ & MONA CONSULTANCY
Opening a bank account in the UAE can be a complex and time-consuming endeavor. RIZ & MONA CONSULTANCY offers a reliable and efficient solution for individuals and businesses looking to fulfill their banking needs in this dynamic and thriving economic hub.
With expert guidance, personalized services, and a commitment to efficiency, RIZ & MONA CONSULTANCY is your trusted partner in assisting you in the UAE banking landscape. Reach out to us and we will not only open a bank account for you but also help you in selecting the right bank and bank account that will meet your financial demands.
FAQs – Frequently Asked Questions
Can housewives open bank account in UAE?
Yes, housewives can open a bank account in the UAE.
Which is the best savings account for housewife in UAE?
The following are some of the savings accounts that are suitable for housewives in the UAE. The list also includes zero balance savings accounts.
- Emirates NBD Bank Standard Savings Account
- Mashreq Basic Savings Account
- UAB’s Savings Account
- Commercial Bank International Saver Account
- HSBC Term Deposit Account
- NBF Max Saver Account
- RakBank Saving Account
- Emirates Islamic e-Savings Account
- Abu Dhabi Islamic Bank Smart Account
- Standard Chartered XtraSaver Account
Can I keep bank account in UAE without residence visa?
Yes, non-residents or non UAE nationals who don’t have a residence visa can open a savings account in the UAE.
Which bank in UAE has no maintaining balance?
Banks like Emirates NBD, Standard Chartered, ADIB, and RakBank offers zero balance accounts for clients in the UAE.