Minimum salary
No minimum
RAKBANK Savings Account
RAKBANK Savings Account pays 0.25% interest a year, credited in June and December. No minimum balance for the first 3 months, then AED 3,000 on average.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Minimum BalanceAED 3,000
Minimum SalaryNo minimum salary
Account access
Debit card included.
App opening is available for AED accounts; visit a RAKBANK branch for non-AED accounts.
Open in the app.
The RAKBANK Savings Account is a place to keep money you are not spending this month while still being able to take it out whenever you like. Anyone can hold one. You do not need a job or a salary, non-residents can apply, and a father or legal guardian can open it for a child and run it on the child's behalf. The account comes in AED, USD, GBP, EUR, JPY and CHF, and interest is credited on AED, USD and GBP accounts. A debit card is issued for the AED account only. For day-to-day payments and cheques, pair it with the RAKBANK Current Account.
Who can open it
Salary transfer
Not required
Open to all ages
A minor's account is opened by the father or a legally appointed guardian
Residents and non-residents
No job or salary is needed
Fees and balance
You can start with any amount, because there is no minimum balance for the first 3 months after opening. From then on the bank looks at your average balance across each month. If it is under AED 3,000, the charge for that month is AED 26.25. Subscribers to an Everyday Banking Package and RAKBANK Elite or Select customers are not charged. If you close the account within 6 months of opening, the bank charges AED 105. That closure fee is waived when you cancel within 5 working days of opening.
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 exemptionsNot charged with an Everyday Banking Package subscription, or for Elite and Select customers. No minimum balance is required for the first 3 months after opening.
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
Interest is not paid if monthly accrued interest is below AED 10. Debit cards are issued for AED accounts only.
How interest works
PayoutHalf-yearly
How interest works
Calculated onAverage monthly balance
Eligible balanceFrom AED 100,000 · Up to AED 5,000,000
Rate typeAdded to the base rate
Offer periodFrom 1 October 2026 to 31 October 2026
Bonus period3 months from opening
- Bonus
- For an eligible account opened October 1–31, 2026, with average monthly balance of AED 100,000–5,000,000. Requires first salary transfer within 60 days, with no earlier RAKBANK salary transfer, or Elite classification. Bonus applies for 3 consecutive months including opening month; the first month is prorated. Each qualifying month must meet the balance minimum. Bonus is paid within 30 days after that eligibility period.
How interest works
Calculated onAverage monthly balance
Eligible balanceFrom AED 100,000 · Up to AED 5,000,000
Rate typeAdded to the base rate
Offer periodFrom 1 October 2026 to 31 October 2026
Bonus period3 months from opening
- Bonus
- For an eligible account opened October 1–31, 2026, with average monthly balance of AED 100,000–5,000,000. For customers without qualifying salary transfer or Elite classification. Bonus applies for 3 consecutive months including opening month; the first month is prorated. Each qualifying month must meet the balance minimum. Bonus is paid within 30 days after that eligibility period.
How interest works
Calculated onAverage monthly balance
Eligible balanceFrom AED 100,000 · Up to AED 5,000,000
Rate typeAdded to the base rate
Offer periodFrom 1 October 2026 to 31 October 2026
Bonus period3 months from opening
- Bonus
- For an eligible account opened October 1–31, 2026, with average monthly balance of AED 100,000–5,000,000. Requires first salary transfer within 60 days, with no earlier RAKBANK salary transfer, or Elite classification. Also requires a single settled, unreversed investment of AED 250,000 in an eligible bank-distributed investment product. Bonus applies for 3 consecutive months including opening month; the first month is prorated. Each qualifying month must meet the balance minimum. Bonus is paid within 30 days after that eligibility period.
How interest works
Calculated onAverage monthly balance
Eligible balanceFrom AED 100,000 · Up to AED 5,000,000
Rate typeAdded to the base rate
Offer periodFrom 1 October 2026 to 31 October 2026
Bonus period3 months from opening
- Bonus
- For an eligible account opened October 1–31, 2026, with average monthly balance of AED 100,000–5,000,000. For customers without qualifying salary transfer or Elite classification. Also requires a single settled, unreversed investment of AED 250,000 in an eligible bank-distributed investment product. Bonus applies for 3 consecutive months including opening month; the first month is prorated. Each qualifying month must meet the balance minimum. Bonus is paid within 30 days after that eligibility period.
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 your average balance across the month, so money held for only part of the month counts in proportion. 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
Bonus you qualify for
No bonus
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
interest earned over time
Interest builds up daily and is paid into the account in June and December. If the interest earned in a month comes to less than AED 10, nothing is paid for that month, so a small balance can earn no interest at all. The welcome bonus is paid on top of the standard rate.
Benefits
Debit Card for AED Accounts
A debit card is issued with the AED account
Six Account Currencies
Available in AED, USD, GBP, EUR, JPY and CHF
Accounts for Minors
A father or legal guardian can open and run the account for a child
Transfers to 170+ Countries
Send money within the UAE and to more than 170 countries
Free Monthly Statement
One free statement a month listing every transaction
Fully digital, no branch visit
Account opening
How to open
Before you apply
1.App opening is available for AED accounts; visit a RAKBANK branch for non-AED accounts.
2.Open in the app.
3.No minimum salary.
4.Salary transfer is not required.
5.Minimum balance: AED 3,000.
6.Debit card included.
Application steps
1.Open an AED account in the RAKBANK app, or visit a branch for any other currency.
2.Complete the application form and submit your documents. The account opens within 2 business days.
3.For a child, the father or legal guardian opens the account and administers it.
4.Pay in any amount. No minimum balance applies for the first 3 months.
Good to know
Good option for
Anyone who wants savings they can reach at any time with RAKBANK, including people without a salary, non-residents and parents saving for a child, and who will hold enough for a month's interest to reach AED 10.
Consider another account if
You will keep less than AED 3,000 once the first 3 months are over, or you can leave a lump sum untouched for a set period. Fixed Deposit Plus pays a fixed rate on AED 15,000 or more.
Frequently asked questions
Get answers to common questions about the RAKBANK Savings Account