Minimum salary
No minimum
RAKBANK Rakbooster Account
RAKbooster is a digital savings account for existing RAKBANK customers. It pays monthly interest from AED 25,000, plus bonuses for making no withdrawals.
An existing account with RAK is required, such as RAKBANK Current Account.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Minimum BalanceAED 3,000
Minimum SalaryNo minimum salary
RAKbooster is an online savings account that sits beside a RAKBANK current or savings account you already hold. You move money in and out through digital banking, and the account is built to reward leaving it alone. Interest is paid every month once you hold AED 25,000, and bonus interest is added when you go 3 months, and then 12 months, without taking anything out. It is offered in AED and USD to residents and non-residents. If you are new to the bank, you open a transactional account such as the RAKBANK Current Account at a branch at the same time.
Who can open it
Existing RAKBANK account needed
An active current or savings account in your sole name, with digital banking
Residents and non-residents
Offered to individual customers
Fees and balance
RAKbooster has its own balance rule, separate from the AED 25,000 needed to earn interest. If your average balance over a month is below AED 3,000, the bank charges AED 26.25 for that month. Closing the account within 6 months of opening costs AED 105, and that fee is waived if you cancel within 5 working days of opening. Keep your other RAKBANK transaction account and your digital banking access active too. RAKbooster depends on both, and letting them lapse can interrupt or close it.
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 balanceAverage monthly balance of AED 3,000 or more
- Other exemptionsCharged below AED 3,000 average monthly balance.
Account closure fee
AED 105
Charged only within 6 months of opening. Waived within 5 working days.
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 average balance for the month is under AED 3,000. The average is taken over every day of the month, so a few low days do not trigger the fee on their own. 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. Closing within the first 5 working days carries no charge either. More on this
Interest
No interest is paid for a month with more than 1 cash withdrawal or more than 5 utility/RAKBANK credit-card payments. The 3-month bonus and additional 12-month bumper bonus can accumulate.
Annual interest rate
| Your balance | Rate a year |
|---|---|
| From AED 25,000, up to AED 1,000,000 | 0.25% |
| Above AED 1,000,000, up to AED 10,000,000 | 0.5% |
| Above AED 10,000,000, up to AED 25,000,000 | 0.75% |
| Your balance | Rate a year |
|---|---|
| From AED 25,000, up to AED 1,000,000 | 0.25% |
| Above AED 1,000,000, up to AED 10,000,000 | 0.5% |
| Above AED 10,000,000, up to AED 25,000,000 | 0.75% |
PayoutMonthly
How interest works
Eligible balanceFrom AED 25,000
Rate typeAdded to the base rate
- No debit transaction, and monthly interest credited, in each of the preceding 3 months
How interest works
Eligible balanceFrom AED 25,000
Rate typeAdded to the base rate
- No debit transaction, and monthly interest credited, in each of the preceding 12 months
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
- Bonus rate
- A rate paid on top of the account's standard rate when you meet its condition. The two are added together for the interest you earn. More on this
- Conditional rate
- A rate that applies only while you meet the condition listed beside it. When the condition is not met, that rate is not paid. 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 63
interest over 1 year
0.25%
a year on this balance
interest earned over time
Below AED 25,000 you earn nothing, and anything over AED 25,000,000 earns nothing on the excess. The two bonuses reward patience, and you can hold both. Going over the monthly withdrawal or payment allowance loses that month's interest and the bonus.
Benefits
Bonus Interest Rates
Bonus interest after 3 months and again after 12 months with no debit
Instant Online Opening
Existing customers with digital banking can open the account instantly
AED and USD Accounts
The account can be held in AED or USD
Free Monthly Statement
One free statement a month listing every transaction
How to open
Before you apply
1.Open in the app.
2.An existing account with the bank is required.
3.No minimum salary.
4.Minimum balance: AED 3,000.
Application steps
1.Check that you hold an active RAKBANK current or savings account in your own name, with digital banking access.
2.Open RAKbooster through RAKBANK digital banking. For existing customers it opens instantly.
3.If you are new to RAKBANK, visit a branch and open a transactional account together with RAKbooster.
4.Transfer in AED 25,000 or more to start earning monthly interest.
Good to know
Good option for
Existing RAKBANK customers with AED 25,000 or more to set aside, who rarely need to dip into it and are comfortable running the account entirely online.
Consider another account if
You hold less than AED 25,000, since the account then earns nothing, or you make regular withdrawals or bill payments from your savings. The RAKBANK Savings Account pays interest without those limits on access.
How a withdrawal affects the bonuses
The monthly allowance and the bonus rules work differently. One cash withdrawal in a month does not cost you that month's interest. The bonuses, though, need 3 or 12 months with no debit transaction at all, so any payment out of the account counts against them. Utility payments only count as permitted when you make them through RAKBANK digital banking.
Frequently asked questions
Get answers to common questions about the RAKBANK Rakbooster Account