Minimum salary
No minimum
FAB Personal Savings Account
FAB Personal Savings Account pays 0.02% interest a year on dirhams and comes with a debit card. Hold AED 3,000 daily to avoid an AED 26.25 monthly fee.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Minimum BalanceAED 3,000
Minimum SalaryNo minimum salary
The FAB Personal Savings Account is a basic savings account that still lets you spend. It pays interest, comes with a free FAB Mastercard debit card on dirham accounts, and is open to a wide group: UAE and GCC nationals, resident expatriates and people who live outside the UAE. You can be salaried, self-employed or not working, and no salary transfer is needed.
It is the general purpose option in FAB's savings range. If you already bank with FAB and mainly want a higher rate on dirhams, the FAB iSave Account pays more and has no minimum balance, though it has no card.
Who can open it
Salary transfer
Not required
Who can apply
UAE nationals, GCC nationals, resident expatriates and non-residents.
Minors
Eligible under FAB's general terms and conditions for accounts.
Fees and balance
You are expected to keep AED 3,000 in the account, or the same value in a foreign currency account, every day. A month in which the balance goes under that level costs AED 26.25. Because the test is the daily balance, a single large withdrawal can trigger the fee even if you refill the account before month end.
Closing the account in its first 6 months costs AED 105. FAB ATMs are free. A withdrawal at another UAE bank's ATM costs AED 2.10.
Minimum balance
AED 3,000
Monthly fall-below fee
AED 26.25
How to avoid the monthly fee Meet any one of these conditions.
- Keep a balanceBalance of AED 3,000 or more
- Other exemptionsCharged below AED 3,000 minimum daily balance.
Account closure fee
AED 105
Charged only within 6 months of opening.
In plain words
- Fall-below fee
- A monthly charge for holding less than the balance the bank asks for. Here it is AED 26.25, charged in a month when your balance is under AED 3,000. It is not charged in a month when you stay at or above that amount. More on this
- Account closure fee
- A one-off charge of AED 105 for closing the account within 6 months of opening it. Closing it later costs nothing. More on this
Interest
How interest works
PayoutHalf-yearly
Calculated onLowest balance in the month
In plain words
- Annual rate
- The rate is quoted for a full year. Money held for part of a year earns the matching part of it. More on this
- Which balance counts
- The return is worked out on the lowest balance the account held during the month, so a withdrawal lowers the return for that whole month. More on this
What your money earns here
Held for
1 year
The amount and the rate stay the same for the whole period, and the interest is paid out, not added to the balance. Try other rates
AED 2
interest over 1 year
0.02%
a year
interest earned over time
The interest is worked out on your minimum monthly balance, which means the lowest amount the account held at any point in the month, not the average and not the closing balance. Money that arrives mid-month therefore starts earning from the following month, and a withdrawal lowers the interest for the whole month it happens in.
Foreign currency accounts have their own rates, set per currency.
Benefits
Free FAB Mastercard Debit Card
Dirham accounts come with a free debit card. Foreign currency accounts do not have one.
Eleven Account Currencies
Open the account in dirhams or in a foreign currency such as US dollars, pounds or euros.
Accounts for Minors
Minors can hold the account under FAB's general terms and conditions for accounts.
Fully digital, no branch visit
Account opening
How to open
Before you apply
1.Open in the app.
2.No minimum salary.
3.Salary transfer is not required.
4.Minimum balance: AED 3,000.
5.Debit card included.
Application steps
1.Open the account on the FAB Mobile app.
2.Have a valid passport, residence visa and Emirates ID to hand, with the originals available.
3.Provide proof of income and complete the account opening form if asked.
4.Deposit at least AED 3,000 so the monthly fee does not apply.
Good to know
Good option for
Savers who want a debit card on their savings, need a foreign currency option, or live outside the UAE and so cannot use FAB's resident-only accounts.
Consider another account if
The rate matters to you. At 0.02% a year this account is a place to hold money, not to grow it, and a balance under AED 3,000 costs AED 26.25 a month. Other savings accounts pay more.
Frequently asked questions
Get answers to common questions about the FAB Personal Savings Account