# Savings account while in Dubai



## daniellalouise (Mar 18, 2012)

Hi everyone,

'm going to be moving to Dubai permanently from the UK and I'm looking at what savings accounts are best to use once I am out here as I'm hoping to put some money away while I'm out here but no longer being a UK resident puts a stop to ISAs etc.. I do have an ISA in the UK at the moment but been told as soon as I break UK residency I can't transfer money in amymore. Equally to open a UK savings account the Banks are going to want to see a UK address.

Just wondering what people have found best? Any recommendations? I've had no experience of saving money with the Banks out here so naturally a bit dubious!

Thanks for any advice


----------



## saraswat (Apr 28, 2012)

Well in the current climate, you aren't going to get any eye-catching interest rate on Fixed Deposits (the easiest/safest/most popular savings options).
Depending on the amounts you are looking to lock in, the rates vary from approx 2& to 5% (the higher rates are for amounts of more than a million..). Other than the fixed deposits, you've the national bonds scheme, but that too is not a great return, it varies anywhere from approx. 1-3%. 
The returns for the bonds program aren't fixed and this variability is it's biggest negative, imo. There are some other options that banks offer, but from what I have seen/heard unless you are working with huge amounts, expect a pretty low return. 
The best return I have been able to find is with 'Muthoot Finance', it's an Indian finance house, with a presence in Dubai. They are offering rates as high as 10%-11% on AED fixed deposits, with a year long holding period... worth a look ...

p.s: this is by no means definitive, possibly better options exist ...


----------



## Confiture (Jan 9, 2011)

If it's somewhere just to stash money then speak to your bank about an offshore account.

Some will ask for a minimum deposit, but not all. You should also be able to set up online & phone banking so access in & out is easy and most will offer a standard debit / cash card.


----------



## Elphaba (Jan 24, 2008)

Compare Credit Cards, Personal Finance, Loans, Insurance, RakBank Loans in Dubai, UAE, Saudi Arabia, Kuwait- Souqalmal.com

or get proper advice...


----------



## sammylou (Oct 29, 2012)

i'm from canada which if course could have completely different banking rules but we simply notified our canadian bank they we wanted our accounts designated as non-resident accounts and gave them our dubai change of address. it was no problem at all and we can do any banking online and transfer money either by wire or email money transfer.

another option would be to look at HSBC as they are an international bank. we set up with them in dubai and they also said we can easily open a canadian account from dubai and then transfer whatever money we'd like between the two accounts.


----------



## blueskydxb (Dec 15, 2012)

Hello,

You may be looking at fixed deposits options in different countries via Dubai based brokerages to be able to see attractive rates.
Saving accounts return very little in the UAE.
Depending on which banks you choose in the UAE you may also have access to bonds from government related companies that return 5-7%. 
If you have additional liquidity available that you are transferring from the UK you may be able to leverage your bond investment to increase your returns.

We bank with Emirates NBD, NBAD and Arab Bank... Beware that the banking institutions in the UAE are no way closer to the level of customer service and options that you may be accustomed to in your own country. Each of them present pros and cons.

Best of luck and don't hesitate to reach out if you need,

Best. Luca


----------

