Why should I set up a personal bank account?

Personal banking, as self-explanatory as it may sound, is more than just saving money. The current dilemma in today’s world revolves around the idea of whether or not personal banking is necessary: is it worth the effort? Will I be able to maintain it? How much will I be charged? These are only some of the questions that you might have, however, learning how to utilize its benefits can help you build overall security in the long run.

Although saving money for the future is one thing, personal banking can also be strategically used to expand and flourish your savings. Whether it’s investing in the stock market or buying property, making good use of the savings you have is key. And so, we’ve answered a few of the most common questions about personal banking and we hope this makes your selection process easier.

Which bank should I choose?

There is no ‘good’ or ‘bad’ option when it comes to selecting your savings bank, in fact, the best practice is to do some research in your own time. This is due to the fact that each bank will have its own set of requirements and benefits that may be more fitting to your lifestyle and spending habits. Luckily, we’ve done some research for you below to identify which bank is most suitable for you.

ADCB Abu Dhabi Commercial Bank 

Offers made-to-measure personal loan packages for UAE Nationals as well as expatriates residing in the UAE. Their offer comes with low-interest rates, higher salary multiples, and flexibility eligibility criteria.

ADIB Abu Dhabi Islamic Bank

Offers instant approvals and personal loans up to one million Dirhams at a highly competitive profit rate. ADIB personal loans can also be used to settle conventional finance and credit card balances, offering repayment periods of up to 48 months. Some of its benefits are: freedom of trading, 1% processing fees, and a free VISA cashback card.

DIB Dubai Islamic Bank

Offers personal loans at an excellent profit rate of 8.82% and a high finance amount considered to be one of the best in the UAE. They also offer cash payments to you without any early settlement fees and a maximum loan repayment period of 48 months. Moreover, some other benefits include fixed arrangement fees ranging between AED600 and AED800, with a maximum finance amount of 2 million Dirhams for UAE Nationals, and 1 million Dirhams for expatriates.

Emirates NBD

Offers personal cash loans at competitive interest rates, low monthly payments, and long repayment periods of 1 to 4 years. One of the main features of their package is their financial assistance even to those employed by companies that are not on the bank’s approved list, offering a minimum loan amount up to AED 350,000 with a repayment period of 1 to 4 years.

Emirates Islamic Bank

Offers personal finance based on a Murabaha arrangement through the trading of Shari-a compliant instruments like shares or Wakala certificates. EIB’s loans come at very competitive profit rates as well and are available for employed or self-employed individuals. Some benefits include: Pre-approved credit cards, 100% discount on the first year’s annual fees, and nominal processing fees.

So, what are the requirements of setting up a personal bank?

1. Valid passport
2. Emirates Identification Card
3. Valid UAE residency visa
4. Salary transfer letter (only applicable if you choose to transfer your salary)
5.  Post-dated checks (for expats)
6. Previous bank statements for two months

To sum it up, personal banking may seem daunting in the beginning. There may be doubt and other feelings of distrust, however, trusting the bank of your choice will allow you to secure your hard earn money without worries.