Are you seeking a more effective way to grow your savings in the UAE? One of the digital savings solutions available in the market and worth mentioning is the FAB iSave Account by First Abu Dhabi Bank (FAB). This account is more than a simple savings option; it is a fully digital solution that stands out in the UAE for its excellent access and one of the highest interest rates in the region.
This account operates entirely online. It is intended for residents of the UAE who want to set aside savings from their regular expenses. In this article, we are going to explore everything you need to know about the FAB iSave Account.
Introduction to the FAB iSave Account
The iSave Account is an online-only savings account launched by FAB, the largest bank in the UAE. It is designed for UAE residents who prefer a high-yielding and secure savings option that is not tied down by the conventional in-person banking limitations. Instead of conventional savings accounts, where you are required to go to a physical branch to enroll, the iSave Account is offered exclusively through digital platforms.
An important point to mention that makes this account so attractive is the interest rate. For funds deposited to the iSave account, FAB grants 4.75% interest every year. It is way above the current rates for savings in the UAE market. This is part of an ongoing campaign to promote healthy saving habits through digital channels.
How to Open an FAB iSave Account?
Opening an FAB iSave Account was designed to be speedy and straightforward, especially for people who have an account with the FAB already.
The following steps will guide you on how to open:
- Download the FAB Mobile App
It can be accessed through the App Store, Google Play, or AppGallery. - Log In to FAB Online or Mobile Banking
Use the existing credentials of your account to access the platform. - Choose the ‘Open Account’ Option
From the list of products available, choose the iSave Account. - Confirm the Information You Provided
Verify your Emirates ID and ensure that all personal details are correct. - Start Saving Money Right Away
Your account will be instantly activated and will be ready to receive funds.
Such a smooth process can take just a few minutes, and you do not need to fill in paper forms or to make a visit to the bank.
Benefits of the FAB iSave Account
The FAB iSave Account is filled with all the features that enable the user to manage money matters on their own without solving traditional banking issues. Here’s an overview of the highlights:
- Higher Interest Rate:
From 1 May 2023 to 30 April 2025, individual account holders can get a 4.75% per annum interest rate on new funds put in the iSave account. This rate is higher than almost all other savings accounts in the UAE, and the bank aims to encourage saving. - The Onboarding Process is Instant:
iSave Account holders can open the account straight away on the FAB Mobile App or through Online Banking without having to go to a branch. The issuance of the whole membership is digital, which attracts customers who prefer immediate dealings with banks. - There is No Minimum Balance Requirement:
The iSave account has no minimum deposit and balance requirements for opening or keeping it open. The initiative is one of the best things customers need to take on before an attempt to save money. - There Are No Monthly Fees:
In contrast with most savings accounts, which may charge a monthly fee, the iSave account does not have any charges. Thus ensuring that your savings will always remain whole and be increased. - AED Currency Only:
The iSave account is available in a single currency, the United Arab Emirates Dirham (AED). The alternative currency for a foreign client would not be available, but it is useful for the residents who live and spend in Dirham. - Unlimited Withdrawals:
The account holders’ funds are not limited in any way, especially when it comes to withdrawals. They also earn a good interest on their funds remaining in the account.
Who Can Open an iSave Account?
The iSave Account will be available only for individual customers who meet the following criteria:
- Must be a resident of the UAE.
- Must possess a valid Emirate ID.
- Must hold an active account with FAB.
If you meet the above conditions, you can apply for the iSave Account through the FAB application or online banking.
Interest Rate Structure: Summary
FAB has a promotional interest rate of 4.75% in the period from 1 May 2023 to 30 April 2025. But it is also important to understand from what guide the bank counts interest and what deposits are incurred.
Campaign Interest Rate (2023-2025)
- 4.75% per year will only apply to new funds deposited between 1 May 2023 and 30 April 2025.
- The new funds will be calculated by using the balance of AED 30 on sdy2023.
- The rate applies only to individual customers and not to corporate or joint accounts.
- Interest is calculated through the average monthly balance.
Conditions for Differential Interest
For the months of the campaign extension (February, March, and April 2025), any differential interest amount (greater than AED 100) will be paid within 45 days after the campaign concludes. This is done for the sake of correct payment of income from the last month’s campaign.
Previous Campaign Rate
For comparison, the earlier campaign offered 3.5% interest per year on new funds from 1 July 2022 to 30 April 2023.
Standard Tiered Rates Outside of Campaign
Funds that do not meet the set limits (such as funds that were deposited before 30 June 2022) will be subject to existing rates that are divided into tiers of interest:
| Band Balance | Interest Rate (Per Year) |
| Less than AED 500,000 | Up to 2.465% |
| AED 500,000 to < AED 5,000,000 | 2.465% to 3.251% |
| AED 5,000,000 and above | 3.251% and below |
Comparison of FAB iSave with Similar Savings Accounts
While considering savings accounts in the UAE, the FAB iSave account wins in its combination of high interest, zero fees, and digital facility. Though many banks have apps for digital savings with Emirates NBD, Mashreq Neo, or ADCB Hayyak, the only one such as FAB’s 4.75% is hard to find.
Moreover, the lack of minimum balance and the option to withdraw without penalty gives FAB iSave the edge over people who want liquidity as well as returns.
Ways to Get Better Returns with iSave
For the full benefit of the iSave Account, the strategies mentioned below will likely be of use:
Schedule Regular Deposits
Establish a system for monthly or alternate bi-weekly transfers from your salary account into the iSave Account. Even the smallest, consistent deposits of money will grow your average monthly balance.
Avoid Withdrawals
Reductions in the frequency of withdrawals can take place. No limits imposed may result in the account holders being able to maintain a higher average balance, thus receiving more interest in the long run.
Deposit during the Promotion Window
Be sure only to deposit fresh money when the 4.75% campaign is running to get the maximum benefits.
Use FAB Online for Monitoring
Use the mobile app or the online platform of FAB to observe the performance of your savings, check your earnings interest, and plan for future contributions.
Conclusion: Is the FAB iSave Account the right choice for you?
FAB iSave Account is for individual persons who wish to save more without much banking formalities. This account can be used for both short-term goals and long-term financial security with flexible and excellent interest benefits.
It’s 4.75% interest paid on new funds annually. No fees, instant access, and no minimum balance are why it now ranks as one of the top savings accounts in the UAE market.
If you are a resident in the UAE and are already a valiable customer with FAB, step towards opening an iSave account.
For more details, you can visit the FAB website or download the FAB Mobile App today to open your iSave Account instantly.
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FAQs
- Can I open an iSave Account without already having an existing FAB account?
No. To apply for an iSave account, you must already have an existing relationship with FAB. - Is there any fee for opening or maintaining the account?
No. Opening or maintaining the iSave Account incurs no fees. - How frequently is the interest declared?
Interest is calculated using the average monthly balance and is credited monthly. - Can the account be held in a different currency?
No. The iSave Account is available only in AED. - Is it possible for me to withdraw my funds whenever I choose?
Yes. There are no restrictions on withdrawals.
