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Best Student Bank Account in Dubai, UAE (Features and Benefits)

Updated 17 January 2024

Opening a bank account in the UAE offers a secure haven to keep your funds safe and grants you access to a number of helpful financial services. These services consist of useful overdraft facilities, easy payment transactions, cash withdrawals, and debit or credit cards. This guide will give you an understanding of the process involved […]

Rizwan Anjum Chaudhary9 min read

Opening a bank account in the UAE offers a secure haven to keep your funds safe and grants you access to a number of helpful financial services. These services consist of useful overdraft facilities, easy payment transactions, cash withdrawals, and debit or credit cards.

This guide will give you an understanding of the process involved in selecting the most suitable student bank account in  UAE and facilitating the opening of your bank account. We will comprehensively address all essential aspects, including the required documentation for a smooth account setup.

Best Student Bank Accounts in UAE

For a busy student, banking with the correct financial institution can make a major difference. We have put up a list of the top student bank accounts based on interest rate, convenience, and flexibility to assist students in finding the best option for their individual financial requirements.

These are some of the best bank accounts for local and international students in the UAE:

1

Emirates NBD Youth Package

Minimum Balance Requirement: None | Interest Rate: Subject to existing rates

  • Court order if father/grandfather, not guardian

  • Emirates ID or passport

2

ADIB Students Savings Account

Minimum Balance Requirement: None | Interest Rate: Calculated monthly, credited quarterly

  • 1 Passport-size picture

  • Valid Passport copy of student (For students below 18, Legal Guardian/Custodian’s valid passport copy)

  • Valid School ID or proof of student status

  • Valid Emirates ID (For students below 18, Legal Guardian/Custodian’s valid Emirates ID)

3

Mashreq Basic Savings Account

Minimum Balance Requirement: AED 3,000 | Interest Rate: 0.15% per annum

  • Valid Emirates ID

4

ADCB University Student Account

Minimum Balance Requirement: AED 1,500 | Interest Rate: 0.10%

  • Resident ID

  • Student ID

  • Emirates identity card

5

First Abu Dhabi Bank Personal Savings Account

Minimum Balance Requirement: AED 3,000 | Interest Rate: 0.020% per year for AED

  • Proof of income

  • Filled out account opening form

  • Original and copy of valid passport, resident visa, or Emirates ID

1

Emirates NBD Youth Package

Discover the Emirates NBD Youth Package, a bank account designed specifically for students. The Youth package offers an array of benefits and personalized savings plans to suit the needs of the students. With so many features to offer, you can easily open a savings account in this financial institution.

2

Features:

  • No minimum balance requirements.

  • Avail of 8 free teller transactions every month

  • Available for individuals aged 18 to 25

  • No account opening fees

  • Benefit from free local and international transfers via Mobile and Online Banking.

  • Savings are facilitated through the Youth Go4it Debit Card. You can potentially save up to AED 2,090 annually with exclusive Youth Go4it Debit Card deals.

  • Receive your first chequebook for free.

  • Enjoy preferential rates and flexible tenures with Goal Recurring Deposits.

  • Tailored savings plans for students

  • You can unlock a range of perks, including:
    – Discounts on Agoda Hotel bookings
    – Movie offers
    – Complimentary ferry rides
    – Additional savings through exclusive Emirates NBD deals

3

Required Documents:

  • A court order if the father or grandfather is not the guardian

  • Your Emirates ID or passport

4

ADIB Students Savings Account

The next account is the ADIB Students Savings Account. It is a smart way to give yourself a head start in savings as a student and get to know about the value of investing in your own future.

5

Features:

  • No Fall-below fee and no minimum balance are required.

  • Profits are calculated on a monthly basis and credited to your account every quarter.

  • Empower your child with the ADIB ISIC Prepaid Card, doubling as a Student ID. Enjoy the following benefits as well:
    – Manage finances on the go with the ADIB Mobile Banking App, even facilitating tasks like topping up a friend’s mobile credit.
    – Load balances conveniently from your ADIB Account.
    – Access a range of discounts locally and internationally.
    – Global recognition with a presence in 130 countries.
    – Utilize Apple Pay for secure and convenient payments.
    – Free balance deposit and withdrawal at any of the 500+ ADIB ATMs in the UAE.

  • For day-to-day banking needs, utilize complimentary teller services at any of the 70+ ADIB Branches across the UAE.

6

Required Documents:

Ensure a smooth account setup by providing the following documents:

  • 1 Passport-size picture

  • Valid Passport copy of the student (For students below 18 years, Legal Guardian/Custodian’s valid passport copy)

  • Valid School ID copy or any proof of student status

  • Valid Emirates ID copy (For students below 18 years, Legal Guardian/Custodian’s valid Emirates ID)

7

Standard Chartered XtraSaver Account

It is a zero-balance savings account offered by an international financial institution working in Dubai, UAE. The following are the features of this bank account.

8

Features:

  • The starting balance required for the account is AED 3,000

  • You will get a high interest rate of 2.00% p.a. against your average monthly balance

  • There is no minimum balance requirement

  • It is available for non-residents and residents of the UAE

  • You will get a free contactless debit card

  • You can open this account in AED and USD

  • 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.

  • You can do online mobile banking using the SC smartphone app

9

Required Documents

  • A copy of your passport

  • Address proof like the tenancy agreement

  • Bank statements of at least the last 3 months

10

Mashreq Basic Savings Account

This account from Mashreq Bank is one of the best savings accounts in the United Arab Emirates. It enables you to receive a good return on your investment. The features of this account are as follows:

11

Features:

  • The initial balance requirement is AED 3,000 to set up your account

  • The minimum average balance required per month is AED 3,000

  • You will enjoy free transactions

  • Profit is credited every six months

  • Easily open an account via the mobile app or website

  • Up to 6 manned transactions per month

  • Free Visa Debit Card with VISA MENA offers

  • The interest rate given is 0.15% per annum

  • AED 25 is the fall-below fee for non-maintenance of the Total customer relationship balance

12

Required Documents

  • Valid Emirates ID

13

ADCB University Student Account

The ADCB University Student Account is a personalized financial solution offered by Abu Dhabi Commercial Bank (ADCB) for students. With this account, prizes are occasionally awarded based on your average monthly balance. ADCB adheres to Shari`ah requirements when investing your money in the shared investment pool, based on the Islamic Mudaraba principle.

Here are the features of this account:

14

Features:

  • You must be a resident of the UAE to open this account

  • You must be engaged full-time or half-time in higher education

  • The minimum required balance is AED 1,500 for this account

  • You need to provide evidence of enrollment in any higher education institute

15

Required Documents

  • Your resident ID

  • Your student ID

  • Your Emirates identity card

16

First Abu Dhabi Bank Personal Savings Account

This FAB savings account lets you earn a lot of money on your savings funds. The account has a very small minimum balance requirement and offers a lot of benefits for students. This account is suitable for those who make some money along with their studies.

17

Features:

  • The account can be opened in Dirham and other primary currencies for a unique blend of convenience and profitability tailored for entrepreneurs, investors, and businessmen in the UAE.

  • Earn decent interest rates on your account (0.020% per year for AED) ensuring your funds work diligently for you.

  • You need to maintain a minimum monthly average balance of AED 3,000 or its equivalent to run the account.

  • You will receive a complimentary FAB Mastercard debit card for financial transactions.

  • You will also get complimentary airport lounge access with no prior booking by showing your FAB Platinum Mastercard debit card

  • The age limit is 18 years or more

  • The account can be opened by any individual.

18

Required Documents

  • Proof of income

  • Filled out the account opening form

  • Original and copy of a valid passport, resident visa, or Emirates ID

How to choose the right student bank account in UAE?

Selecting the right student bank account in the UAE involves a thoughtful comparison of features and benefits across different banks. To make an informed decision, consider the following factors.

By weighing these factors, students can confidently choose a bank account that aligns with their financial needs and preferences in the Emirates.

Interest Rates

If maintaining a balance is part of your plan, opt for an account with competitive interest rates. Evaluate and compare rates offered by various banks and then choose the account.

Customer Service

Opt for a bank renowned for excellent customer service. Explore online reviews to check the satisfaction levels of other students with the customer service provided by a number of banks.

Fees

Compare monthly account fees and transaction charges imposed by different banks to ensure transparency in your banking costs.

Online and Mobile Banking

Prioritize banks offering user-friendly online and mobile banking services, providing ease and flexibility for student banking needs.

ATM Access

Ensure the chosen bank provides a huge network of ATMs for convenient cash access via withdrawals.

Open Student Bank Accounts in Dubai, UAE with RIZ & MONA CONSULTANCY

Choosing the best bank is key for managing your money as a student in Dubai. Many banks in Dubai like Mashreq Bank, Emirates NBD, ADIB, ADCB, and First Abu Dhabi Bank (FAB) offer different financial services to fulfill the unique needs of students.

Look at what you require and pick the bank that fits you best. Start your student journey with an account that understands your money goals and gives the support you need. Make the right choice for easy banking that helps you in your studies.

If you are a student and want to open a bank in the UAE, it is best to get assistance from banking experts at RIZ & MONA CONSULTANCY. We will assist you and complete the process on your behalf to set up the bank account so that you don’t have to do anything. Contact us today to get more information about the procedure so that you don’t make any mistakes during the process.

Frequently Asked Questions

The best banks to open a student account in the UAE are as follows:

1. Emirates NBD
2. First Abu Dhabi Bank
3. ADIB
4. ADCB
5. Mashreq Bank
6. Standard Chartered

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About the author

Rizwan Anjum Chaudhary

Chief Executive Officer & Co-Founder · Riz & Mona Consultancy

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Good business advice is not about completing paperwork. It is about understanding the entrepreneur’s goals, identifying the risks, and creating the right path forward.

Published 20 December 2023 · Updated 17 January 2024