Types of Savings Accounts in UAE
Regular Savings Accounts
Almost every bank offers regular savings accounts and the setting up process and maintenance of the accounts are fairly simple. Regular savings accounts are usually linked with directly with the customer’s checking account so that funds between the two accounts can be transferred with relative ease.
Online Savings Accounts
Online savings accounts can only be accessed via the internet, or via phone in certain cases. Most online savings accounts do not require any minimum deposits, monthly maintenance charges or minimum daily balance requirements. This is an online-only account and the only currency with which it can be opened in most banks is AED.
Money Market Deposit Accounts
Money market deposit accounts are growing in popularity thanks to the highly liquid nature and short maturity periods associated with securities. The safety of investment instruments through money market deposit accounts make it one of the quickly emerging options for customers across the globe.
Certificates of Deposit
Certificates of deposit are basically savings instruments that entitle a bearer to earn interest. It works like a bond but the only difference is that the interest is paid to the bearer in a lump sum when the account matures as opposed to periodical interest payments.
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