The Complete FAB iSave Account Guide for UAE Residents
FAB iSave bank account is known for its savings in the UAE. This account is designed for those who want to earn some interest on their account balance. With the FAB iSave bank account interest rates, this account stands out as a great choice for those looking to earn interest on their savings. This bank account can also be opened with a zero balance with no minimum balance requirements. In this article, we review every detail of the FAB iSave account, targeting common questions such as interest rates, eligibility, benefits, and the online account opening process.
What is FAB iSave Account?
This Account is a digital savings account that First Abu Dhabi Bank (FAB) offers. It offers flexibility, competitive interest rates, and unmatched convenience. It’s particularly appealing to those who value high returns and easy account management.
Key Features:
- High interest rates, up to 5.25% per annum during promotional periods.
- There is no minimum balance requirement, making it accessible for all savers.
- Unlimited withdrawals with no penalties.
- Easy account management through the FAB Mobile app and online banking.
- Zero paperwork for account opening, requiring only an Emirates ID.
Also Read: How to Check Lulu Card Balance Instantly: Step-by-Step Methods
Benefits
This account offers a number of benefits, making it a great choice for savers in the UAE. You will learn about this bank account’s High-Interest Rates, FAB Mobile App, and Promotional Campaigns here.
1) High-Interest Rates
One of the most important features of this bank account is its competitive interest rate structure. During promotional campaigns, customers can earn up to 5.25% per annum on new funds deposited within a specified period. This rate is one of the highest available in the UAE.
2) Flexibility and Accessibility
Unlimited Withdrawals: Customers can withdraw money at any time without penalty, offering complete flexibility.
No Minimum Balance: FAB iSave account does not require a minimum balance to earn interest or avoid fees. Here you can open your bank account without making any deposit, unlike other banks, there is no requirement to deposit money.
3) Seamless Digital Onboarding
The account can be opened instantly using the FAB mobile app or online banking. There is no need for physical paperwork to make the process fast and hassle-free. You can open your bank account anytime, anywhere with the help of a mobile app. With the help of the online app, you don’t need to visit any bank account.
4. Robust Features Through FAB Mobile App
- 24/7 account access.
- Balance checks, fund transfers, and bill payments.
- Advanced security features like biometric authentication and OTP.
5. Promotional Campaigns
The FAB iSave Account often features limited-time promotional rates, rewarding customers who deposit new funds during these periods. These campaigns are ideal for those looking to maximize returns on their savings.
Also Read: Lari Exchange Balance Check Made Easy: Your Complete Guide
Interest Rates
The FAB iSave account interest rate structure is designed to reward large deposits while remaining competitive for small balances. Below you will find the Balance Range and Interest Rate that you will be paid per annum.
| Balance Range | Interest Rate (per annum) |
|---|---|
| Up to AED 500,000 | 2.465% |
| AED 500,001 to AED 4,999,999 | 3.251% |
| AED 5,000,000 and above | Capped at 3.251% |
Eligibility Criteria and Requirements
To open a FAB account, you must meet the following eligibility criteria, information about which is given below:
Eligibility
- Open to salaried, self-employed, and non-salaried individuals
- Must be a UAE resident with an Emirati ID
- Available to UAE nationals, GCC nationals, expatriates, and non-residents
Documents required
- Emirates ID (original and copy)
- Passport and residency visa (for expatriates)
- Contact details such as phone number and email address
How to Open a Account Online
FAB iSave account can be opened easily. Follow the steps below and open your account:
- Visit the FAB website or Download App: To start the account opening process, access the FAB mobile app or visit the FAB official website.
- Register or log in: Create an account by providing basic details such as name, email, and mobile number. Existing users can log in with their credentials.
- Select Open a new account: Go to the Open a new account section and select FAB iSave account.
- Provide your personal information: Fill in your details including Emirates ID number, nationality, and date of birth.
- Verify your identity: Upload a copy of your Emirates ID, passport, and residency visa for verification.
- Review and submit: Check all the information provided, agree to the terms and conditions, and submit your application.
- Account activation: Upon approval, your FAB iSave account will be activated, and you will receive a confirmation via email or SMS.
Also Read: FAB Balance Check: Online, Mobile App, and SMS Options
Bank Account Charges
| Type | Details |
|---|---|
| Maintenance Fees | None |
| Minimum Balance Fee | Not applicable |
| Transaction Fees | Free for most transfers and bill payments via the FAB Mobile app. |
Interest Calculator
Use the iSave Account calculator to estimate your potential savings based on your deposit amount and duration.
FAQs
To open a FAB iSave Account, simply visit the FAB Mobile App or website, register or log in, and provide your personal information. Submit your application after verification, and your account will be activated upon approval.
The FAB iSave Account is a digital savings account offered by First Abu Dhabi Bank (FAB). It’s an excellent choice for individuals in the UAE looking to grow their savings efficiently and conveniently.
To withdraw money from your Account, transfer funds via the FAB Mobile App or online banking to a linked account. Then, withdraw cash from any FAB ATM or use the funds for transactions.
Conclusion
This Account is a powerful financial tool for individuals seeking higher returns, flexibility and digital convenience. With a promotional interest rate of up to 5.25% per annum, seamless account management via the FAB mobile app, and no minimum balance requirement, this account is a great choice for savers in the UAE.
