Steven Leslie Glitz, a principal consultant at recruitment company Redpath Partners, had a significant amount of capital parked in a local bank in the UAE. It was not earning any interest and he was looking at different options.
The British national is relocating to Canada but is not yet a resident, so he’s unable to open a Canadian bank account. With no plans to return to the UK, it didn’t make sense to transfer the money from the UAE because of high transaction fees.
Instead, he decided to move his money to a high-yield cash account offered by UAE wealth management platform Sarwa.
Sarwa Save offers a 3 per cent annual interest rate and comes with a zero-transfer cost for local dirham accounts, requires no minimum balance and has no management fees.
The US dollar account is held offshore with Sarwa’s banking partner, Saxo Bank in Denmark.
“Having been using Sarwa Invest for my investment portfolio for the past few years, Sarwa Save was a no-brainer, with my funds held in USD cash with little investment risk, while knowing Saxo Bank and Citibank provide the offshore benefits I was seeking at a much lower cost,” Mr Glitz says.
“The benefits include a guaranteed 3 per cent annual interest rate and knowing that my money is held by Saxo Bank, which is a reputable and secure bank that is regulated by the Danish Financial Supervisory Authority and a member of the Danish Guarantee Fund for Depositors and Investors.”
Consumers are increasingly switching to cash accounts with competitive interest rates or high-yield savings accounts as a majority of banks in the Emirates continue to offer customers low savings yields despite nine consecutive base rate rises by the UAE Central Bank over the past year.
While the cost of borrowing has risen in line with the rate increases, banks have been slower to pass on the benefits to savers.
Most cash accounts in the UAE offer either low interest or none at all, while most local banks have set minimum salary and minimum balance rule for their savings accounts.
“The average yield on savings accounts in the UAE banks is around 0.8 per cent as it stands today. Sarwa Save offers almost four times this amount,” Mark Chahwan, co-founder and chief executive of Sarwa, says.
“Ongoing macroeconomic uncertainty has also made people more cautious about their investments. As a result, they prefer to invest in more conservative and liquid instruments like high-yield cash accounts.”
Sarwa Save is ideal for people who prioritise short-term savings with interest. Today, many are seeking products that generate income while preserving capital, Mr Chahwan adds.
For those looking for a Sharia-compliant equivalent, Sarwa offers Save Halal, a low-risk money market funds portfolio that consists of cash and cash-equivalent securities projecting a return of 3 per cent.
Sarwa Save is a product offered through Sarwa Digital Wealth (Capital) Limited, which is regulated by the Financial Services Regulatory Authority in the Abu Dhabi Global Market. This offering is not regulated by the Dubai Financial Services Authority, Sarwa says.
Sarwa is not a bank, but it unlocks high-yield accounts through its banking partners, it adds.
Sarwa Save has driven monthly deposits to grow by 2.5 times in three months, the company said in a recent statement.
Shivam Devani, a senior analyst at Johnson & Johnson, prefers the Sarwa Save account to other savings accounts with traditional banks because of the higher interest rate.
“Having been a working professional in Dubai for seven years, I have yet to see a beneficial interest this high, ultimately leading to my decision to save my money using this platform,” he says.
Watch: US Federal Reserve chief warns of 'pain' in reducing inflation
Similarly, UAE-based digital wealth manager StashAway raised the rate of return on its cash management portfolio to 4 per cent in February. Previously, StashAway offered 3.3 per cent on its StashAway Simple portfolio.
StashAway Simple is a high-yield cash management portfolio that has no minimum deposit, no lock-in periods and no withdrawal or management fees.
It allocates 100 per cent of its assets to the Sharia-compliant Emirates NBD Islamic Money Market Fund, which is denominated in dirhams.
“Rapidly rising interest rates have battered global markets. But in the case of cash management portfolios like Simple, it’s been a good thing,” Joseph El Am, general manager StashAway Mena, says.
“That’s because the very short duration of our underlying fund means maturing instruments can be regularly rolled over to take advantage of increasing yields. Simply put, rising rates allow us to increase our projected returns.”
The product is designed to keep excess cash or emergency funds in a money-generating product, instead of keeping it in savings accounts, where rates are around 0.5 per cent to 0.8 per cent per annum, Mr El Am says.
With inflation likely to remain elevated, leaving idle cash in a bank’s savings account means that it is depreciating in value each day. Cash management solutions or high-interest savings accounts offer an attractive option for customers to earn more on their savings in an uncertain economic environment, he adds.
Deposits in StashAway Simple have risen by 300 per cent since the company increased its rate.
Jonathan Reilly, senior territory manager at tech company Dynatrace, aims to accumulate cash for a property investment in the next 12 months.
However, he was disappointed at the interest rate on savings accounts offered by the global bank where he holds most of his investments.
“It was around 2 per cent if I was prepared to tie my money away for a period of time, which is six to 12 months,” the British national says.
“This was not the approach I wanted and having access to the cash was also important. I researched the market and StashAway Simple came up on top versus other providers.”
The product allows Mr Reilly to have instant access to his cash without any penalties and offers the flexibility to save regular amounts or add money on an ad hoc basis.
The interest is calculated daily, poses very small risk and the increased savings rate is passed directly to the customer when banking base rates increase, Mr Reilly says.
Saxo Bank has also introduced a new interest rate model that allows customers to earn interest income on their uninvested cash with no lock-in period or upper limit on the amount paid.
With a competitive interest rate up to 4.06 per cent, clients of the Danish investment bank will now see their deposit interest rate increase to reflect when the UAE Central Bank raises interest rates.
The average yield on saving accounts in the UAE banks is around 0.8 per cent as it stands today
Mark Chahwan,
Sarwa's co-founder and chief executive
The funds will remain available to withdraw or invest, while earning interest on a daily basis.
Meanwhile, Emirates NBD says it offers a variety of savings products focused on customer needs, providing easy and convenient ways to access money and earn interest while meeting daily requirements.
The bank offers a “safe and reliable way to grow savings” for customers through a host of options such as Smart Saver, Plus Saver and Tiered Saving products, while prioritising their family, children or currency transaction coverage and benefiting from differential rates, the lender adds.
“In line with competition and basis market liquidity positions, the bank offers competitive interest rates and these currently range from 0.2 per cent to 4 per cent per annum across various savings variants, including fixed term, and are reviewed periodically,” according to Emirates NBD.
“These savings products are bundled with a mix of features involving transaction banking solutions, international fund transfers at competitive rates and instant payment capabilities in accordance with customer liquidity preferences. These features help to achieve financial goals such as meeting short-term expenses or planning for long-term future and support to build wealth.”
Abu Dhabi Islamic Bank, Mashreq and HSBC declined to comment for this story.
ENBD also rewards its customers for growing their savings by offering them non-financial benefits in the form of luxury rewards and cash prizes.
Last year, Emirates NBD rewarded three customers with limited edition Mercedes-AMG G63 UAE Golden Jubilee Edition cars and 54 customers with Breitling Aerospace watches, aimed at encouraging saving habits among customers.
The promotion offered dedicated prizes to customers when they increased their account balances or opened a new bank account.
COMPANY%20PROFILE
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THE%20SWIMMERS
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The full list of 2020 Brit Award nominees (winners in bold):
British group
Coldplay
Foals
Bring me the Horizon
D-Block Europe
Bastille
British Female
Mabel
Freya Ridings
FKA Twigs
Charli xcx
Mahalia
British male
Harry Styles
Lewis Capaldi
Dave
Michael Kiwanuka
Stormzy
Best new artist
Aitch
Lewis Capaldi
Dave
Mabel
Sam Fender
Best song
Ed Sheeran and Justin Bieber - I Don’t Care
Mabel - Don’t Call Me Up
Calvin Harrison and Rag’n’Bone Man - Giant
Dave - Location
Mark Ronson feat. Miley Cyrus - Nothing Breaks Like A Heart
AJ Tracey - Ladbroke Grove
Lewis Capaldi - Someone you Loved
Tom Walker - Just You and I
Sam Smith and Normani - Dancing with a Stranger
Stormzy - Vossi Bop
International female
Ariana Grande
Billie Eilish
Camila Cabello
Lana Del Rey
Lizzo
International male
Bruce Springsteen
Burna Boy
Tyler, The Creator
Dermot Kennedy
Post Malone
Best album
Stormzy - Heavy is the Head
Michael Kiwanuka - Kiwanuka
Lewis Capaldi - Divinely Uninspired to a Hellish Extent
Dave - Psychodrama
Harry Styles - Fine Line
Rising star
Celeste
Joy Crookes
beabadoobee
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
UAE currency: the story behind the money in your pockets
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
LA LIGA FIXTURES
Friday (UAE kick-off times)
Real Sociedad v Leganes (midnight)
Saturday
Alaves v Real Valladolid (4pm)
Valencia v Granada (7pm)
Eibar v Real Madrid (9.30pm)
Barcelona v Celta Vigo (midnight)
Sunday
Real Mallorca v Villarreal (3pm)
Athletic Bilbao v Levante (5pm)
Atletico Madrid v Espanyol (7pm)
Getafe v Osasuna (9.30pm)
Real Betis v Sevilla (midnight)
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
HOW TO WATCH
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Twitter: @thenationalnews
Instagram: @thenationalnews.com
TikTok: @thenationalnews
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
More from Neighbourhood Watch:
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
MORE ON TURKEY'S SYRIA OFFENCE
Company%20profile
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
No%20Windmills%20in%20Basra
%3Cp%3EAuthor%3A%20Diaa%20Jubaili%3C%2Fp%3E%0A%3Cp%3EPages%3A%20180%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Deep%20Vellum%20Publishing%C2%A0%3C%2Fp%3E%0A
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
