UAE bank deposits that boost your savings

Mashreq’s Step up Saver

Benefits: This capital guaranteed account offers increasing returns on your savings over the course of its 18-month tenure. The interest rate starts at 0.05 per cent and rises gradually month by month until it hits 4 per cent. The account also offers up to 10,000 Salaam points – the bank's loyalty programme.

Watch out for: The minimum deposit required to qualify for Salaam points is Dh100,000 and if you withdraw your money early, a penalty rate of 0.5 per cent will be charged.

Union National Bank’s Accelerating Rate Deposit

Benefits: This account, only available in dirhams, offers step-up rates that accrue daily and are applied to your balance monthly. The rate starts at 0.9 per cent in the first month rising to 5 per cent in month 18. This makes it one of the best returns on a fixed deposit account you can make in the UAE.

Watch out for: The minimum deposit balance is Dh50,000 and the maximum is Dh50 million.

EmiratesNBD Fixed Deposits

Benefits: The longer you leave your money in this fixed deposit, the more interest you accrue. The account begins to earn interest in the third month, gradually rising to 1.56 per cent in the 60th month. This account is available in dirhams, dollars, British pounds and euros and also allows early withdrawals.

Watch out for: Non-customers of the bank must open a transaction account before they can open a fixed-deposit account. The minimum tenure is three months.

arayer@thenational.ae

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