If you have been looking around to save and grow your monetary assets, a basic savings bank account can do the deed. However, most such bank accounts require the customer to maintain a specified minimum balance to enjoy uninterrupted banking services. Imagine depositing money into your account, withdrawing your funds whenever deemed necessary, and transferring money into other accounts without the nuisance of maintaining a minimum balance.
All this and a lot more can be made possible with a zero balance bank account in UAE. This article will help you explore the best zero balance bank accounts in the country with factual details and data-driven information to help you make an informed choice.
What is a Zero Balance Bank Account?
A lot of banks in the country allow their customers to open savings accounts without any limit to maintain a certain amount of money in the account. In simple words, a zero balance bank account is a type of savings or deposit account that does not require a customer to maintain a minimum balance. These accounts work like any other regular bank account and offer similar perks and benefits to the account holder just as a regular account would do.
Best Zero Balance Savings Accounts in UAE for 2024
Almost all renowned banks in UAE now offer their customers the option to open a zero balance bank account for the ease of depositing, saving, and withdrawing funds.
Here is the list of best zero balance bank accounts in 2024, along with a comprehensive list of benefits, features, and essential details.
Mashreq Happiness Account
Offering a perfect combination of flexibility and convenience, The Mashreq Happiness Account is a suitable option to enjoy a seamless banking experience with a wide range of benefits.
Prominent Features Include:
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- Free international debit card along with checkbook
- Wide variety of buy-one-get-one-free offers on retail and dining
- Free quick remittance to more than 35 countries
- Seamless online and mobile banking experience
- No minimum balance requirement
- Earn AED 25 in the form of Salaam points for every 5 online money transactions made per month.
- Earn and redeem Salaam points for shopping at designated retail outlets and purchasing air tickets.
For more details and information, you may visit Mashreq Bank’s Official Website.
ADIB Smart Banking Account
ADIB Smart Savings Accounts are a perfect choice for housewives, family members, and students who do not have a steady source of income to maintain a minimum balance in their bank accounts. To avail of this zero-balance bank account service, you must provide a valid Emirates ID card proving your dependent status.
Prominent Features Include:
- Instant account registration online
- Free delivery of debit card and chequebook at your address
- No minimum balance to maintain the account
- Opportunity to earn money by referring friends to open an account
- Free bank statements are sent each month to your e-mail ID.
- Free mobile and internet banking service 24/7
- Maintain your account in Dirhams, US Dollars, or GBP
- Free unlimited teller transactions at more than 60 outlets across UAE
We advise you to visit the official ADIB website for further details and information.
M/li>CBD E-Saver Account
Commercial Bank of Dubai has made saving money much easier with its E-Saver Account. This service lets you open your zero balance savings account instantly with maximum returns and increased flexibility.
Prominent Features Include:
- Open your account instantly online
- Earn up to a 1.25% interest rate on your average monthly balance.
- Check your account and bank statements with a free mobile banking service.
- No requirement to keep a minimum balance
- No account maintenance charges
- 3 free transactions are allowed per month
For further details on registrations and required documents, we recommend you visit the Commercial Bank of Dubai’s official website.
FAB iSave Account
You can now enjoy FAB’s exceptional banking services without having to go through the hassle of maintaining a minimum balance in your account. The iSave Account by FAB offers attractive interest rates with loads of benefits to make the most of their seamless banking facilities. There is no restriction on a minimum salary deposit which makes it one of the best zero-balance bank accounts in the UAE at present.
Prominent Features Include:
- 5% interest rate on the funds transferred after the 1st of February, 2023.
- Instant account registration with online banking or FAB mobile banking application.
- No requirement of maintaining a minimum balance
- No cap on the number of withdrawals
- Free credit and debit cards delivered right to your door
- Check your account balance, make transactions, and earn rewards with the mobile app
- Pay bills with FAB Rewards anywhere across UAE
For additional details on account registrations, we recommend you log on to First Abu Dhabi Bank’s official website.
HSBC E-Saver Account
Take control of your finances and save better with HSBC e-Saver Account. With no requirement of maintaining a minimum balance, this savings account offers a range of attractive benefits and banking solutions.
Prominent Features Include:
- High fixed interest rates (up to 0.10%) on your deposits
- No minimum balance requirement
- No monthly charges or account fees
- Simple and quick options to deposit money including direct transfer from HSBC accounts, cheque deposit, and telegraph feature.
- Keep a check on your account and manage your finance online with free mobile banking and online banking services.
- Transfer and withdraw funds seamlessly across UAE
For further information on eligibility criteria and important details, we recommend you log on to HSBC’s official handle.
RAK Bank Fast Saver Online Account
Access and manage your money online from anywhere in the UAE with RAK Bank Fast Saver Online Account. Saving and accessing money has been made a lot simpler with this impressive zero balance bank account loaded with attractive banking features.
Prominent Features Include:
- High-interest rates of up to 0.50% per annum
- 1 free withdrawal and up to 5 utility bill payments are allowed per month
- No restrictions on maintaining a minimum account balance
- Keep your savings in either AED or USD
- No restriction on keeping a maximum amount balance
- Interests on your savings are calculated every day and paid every month.
For further information on account opening and eligibility criteria, log on to RAK Bank’s official website.
Emirates NBD Liv. Account
The Liv. Account by Emirates NBD is another attractive choice for people in UAE who want to open a bank account without maintaining a minimum balance. You can open a savings account simply by downloading the Liv. App powered by Emirates NBD Bank. The account can be opened instantly without visiting the branch in person.
Prominent Features Include:
- Open a bank account from anywhere in the UAE from the Liv. mobile application
- Enjoy an interest rate of up to 1.5% per annum based on the amount balance in your account.
- Get a free international debit card upon opening an account right at your doorstep
- Enjoy great deals and offers on shopping, dining, and leisure, and save up to 50% on your total bill.
- Manage, access, and keep track of your account with online banking and mobile application service available 24/7
- Students up to 24 years of age can open an account without having to deposit a minimum balance.
For further details and information on eligibility criteria and required documents to open an account, you can log on to Liv. Visit the official website or contact customer care support for assistance.
Benefits of Having a Zero Balance Bank Account
Now that you have the basic knowledge of the top savings accounts that require no minimum balance, you might wonder why you should have one.
While most basic savings accounts are pretty simple to manage, they have maintenance costs and monthly charges that might put off many account holders. A zero balance bank account, on the other hand, is free to maintain and offers some other attractive banking features that make it suitable for many people who want to skimp on their expenses.
Let’s look at some of the most notable benefits of having a zero balance bank account in the UAE.
- Most zero balance accounts can be opened online in an instant. Usually, you can sign up for an account through the bank’s official website or mobile application.
- Most no-minimum-balance bank accounts offer free online banking and a limited number of free transactions that can be made per month.
- Most banks pack their zero balance accounts with lucrative rewards and cashback offers. Account holders are often entitled to special discounts on food, shopping, and leisure activities.
- Almost all banks offering the facility of a no-minimum balance account allow account holders to earn higher interest rates on their savings.
- Last but not least, opening a zero-balance bank account is always a good idea as it brings you peace of mind. You wouldn’t need to worry about maintaining a balance to avoid fines and penalties.
You may like to read about the Best Cashback Credit Cards in the UAE.
