Minimum age
18 years
Mbank Savings Account
Mbank Savings Account pays monthly interest of 0.25% to 0.75% a year by balance, with a debit card, no minimum balance and no cheque book. Opens in app.
At a glance
Key facts
Monthly Fee
AED 26.25/month, waivable
Annual RateUp to 0.75% interest
Minimum BalanceNo minimum balance
The Mbank Savings Account is for money you do not need straight away, but it still works for day-to-day banking. You can receive and send money, and it comes with a debit card. What it does not have is a cheque book. It is held in AED and opened in the Mbank UAE app with UAE PASS. You need to be at least 18 and a UAE resident. Unlike the Mbank Current Account, it has no minimum income to qualify.
There is no opening deposit and no minimum balance to keep.
Who can open it
Residency
UAE resident
Salary transfer
Not required
Fees and balance
This account carries a monthly fee of AED 26.25, with the same waiver rules as Mbank's current account. Up to 1 November 2026 you avoid it by keeping an average monthly balance of AED 500, or by making at least one transaction yourself every 3 months. From 1 November 2026 the test is tighter: an average monthly balance of AED 3,000, or AED 3,000 of debit card spending in the month, or a salary of AED 5,000 or more paid into this account. Meeting one is enough.
If you close the account in its first 6 months, the bank charges AED 105, unless you cancel within 5 working days of opening.
Minimum balance
None
Minimum opening amount
None
Monthly fee
AED 26.25
Waived with an average monthly balance of AED 500 or a self-initiated transaction in the last 3 months.
Account closure fee
AED 105
Charged only within 6 months of opening. Waived within 5 working days.
In plain words
- Fee waiver
- A waiver is a condition that cancels the fee for that month. The fee here is AED 26.25 a month, and it is charged only in a month when you do not meet the waiver condition. 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. Closing within the first 5 working days carries no charge either. More on this
- Opening amount and minimum balance
- The opening amount (AED 0) is what you pay in to start the account. The minimum balance is what you keep in it afterwards. More on this
Interest
Annual interest rate
| Your balance | Rate a year |
|---|---|
| Below AED 100,000 | 0.25% |
| From AED 100,000, up to AED 199,999 | 0.5% |
| Above AED 200,000 | 0.75% |
| Your balance | Rate a year |
|---|---|
| Below AED 100,000 | 0.25% |
| From AED 100,000, up to AED 199,999 | 0.5% |
| Above AED 200,000 | 0.75% |
PayoutMonthly
Calculated onEnd-of-day balance
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
- Balance bands
- The rate changes with how much you hold. Each band is a range of balance with its own rate. More on this
- Which balance counts
- The return is worked out each day on what is in the account at the end of that day, so money counts from the day it arrives until the day it leaves. 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 25
interest over 1 year
0.25%
a year on this balance
interest earned over time
The rate for your band applies to your whole balance, not only to the part above the threshold. Interest is worked out every day on your closing balance and added to the account once a month.
Benefits
Debit Card Included
A debit card is issued automatically with the Savings Account.
Opened in the Mbank UAE App
Open the account with UAE PASS and manage it from your phone.
How to open
Before you apply
1.Open in the app.
2.Salary transfer is not required.
3.No minimum balance.
4.Debit card included.
Application steps
1.Download the Mbank UAE app.
2.Open an account using your UAE PASS. No documents or branch visit are needed.
3.Use the virtual debit card from the Cards section, and request a physical card if you want one.
Good to know
Good option for
Savers who want to keep spending access through a debit card and can hold an average of AED 3,000, so the monthly fee does not apply.
Consider another account if
You hold a small balance and would not meet a fee waiver from 1 November 2026, or you can lock money away for a fixed term. See the Mbank Fixed Deposit.
Frequently asked questions
Get answers to common questions about the Mbank Savings Account