One of the high-interest savings accounts in the UAE is FAB iSave Account. If you are a resident in the UAE and you wish to enjoy benefits with ease, this is the perfect account for you as well. While you may just be wondering how to ease the process of opening the account, there is a guide and you will be taking the required steps.
What is the FAB iSave Account?
To save the UAE residents a lot of trouble, this account comes with a lot of perks and savings options. They offer high savings with high-interest rates with no minimum deposits and no dormant account fees, which makes this account ideal for those with no monthly savings targets.
Some of the key features of the FAB iSave account include:
- Interest on Savings: If you want to grow your savings, this account is ideal for you as you will be able to earn interest on your savings.
- No Minimum Balance: Each month, your bank account will be devoid of a minimum required amount and be free to spend or save as you wish.
- Free Debit Card: Every holder of an iSave account is entitled to a complimentary debit card which facilitates account withdrawals.
- Easy Access: Track and manage your account and saving via the mobile app and internet banking provided by FAB.
Whether you are a banking novice or already have a full-fledged financial portfolio, the iSave account will serve you well in accumulating savings over the years.
Eligibility Criteria for Opening a FAB iSave Account
Before applying for the FAB iSave account, it’s important to check if you meet the eligibility requirements. Here’s a breakdown of who can apply:
| Eligibility Criterion | Details |
|---|---|
| Nationality | UAE Nationals and residents with a valid Emirates ID. |
| Age Requirement | Must be at least 18 years old to apply. Minors can apply with a guardian. |
| Documents Needed | Emirates ID, Passport, Proof of Address (utility bill, etc.), Salary certificate or bank statements (if required). |
| Employment Status | No specific employment status required, though proof of income may be requested. |
These simple requirements make the account accessible for most UAE residents, whether employed or self-employed.
How to Open a FAB iSave Account?
Opening an account with FAB is an iSave account that is simple and straightforward. This can be done either online or at a branch of your choice. Whichever option you choose, the steps are the same. The FAB iSave account can be opened in a few easy steps.
Step 1: Access the FAB Website or Mobile App
The first step is to head over to the FAB website, or if you so choose, install the FAB mobile banking app. Whichever you decide, you can set up an iSave account using either option. The FAB mobile app offers the added benefit of allowing you to apply for an account from any location and at any time.
Step 2: Complete the Application Form
When you access the site or the application, the first step is to complete an online application form. There are some basic questions that you will have to answer. These are:
- Full Name
- Emirates ID Number
- Date of Birth
- Email Address
- Phone Number
- Residential Address
Make sure to complete the form as efficiently as you can. It is poorly designed, and taking more than 15 minutes is unreasonable.
Step 3: Upload Required Documents
You also have to upload the relevant documents to confirm your status and identity. These are as follows:
- Emirates ID (for UAE Nationals and residents).
- Passport (if you are a non-UAE national).
- Proof of Address (e.g. utility bill, tenancy contract).
- Salary Certificate (if required, to confirm income).
You can upload the documents on the mobile application or the website. It is very straightforward and simple on both ends.
Step 4: Account Approval and Activation
After submitting the application along with the required documents, FAB will start working on your request. Normally, the approval stage can last anywhere between 1-2 days. Account status will be provided to you via email or sms, resulting in instant account access. FAB iSave account can then be used.
Step 5: Visit Your Account And commence Your Account
You can start to access your account after activation. A complimentary debit card which can be used for purchases and withdrawal of cash is also sent to you. Moreover, you can manage your accounts and attend to transactions using the long withdrawal and balance inquiry. which is simple to show and does the transactions of your choice.
More info Here: https://www.bankfab.com/en-ae/personal/accounts/savings-accounts/isave-account
Fees and Charges for the FAB iSave Account
| Fee/Charge | Details |
|---|---|
| Monthly Maintenance Fee | None – No monthly maintenance fee. |
| ATM Withdrawal Fee (Outside UAE) | AED 2 per transaction at non-FAB ATMs. |
| International Transfer Fee | Varies based on the type of transfer (e.g., SWIFT). |
| Overdraft Fee | Varies; check FAB terms and conditions. |
Advantages of the FAB iSave Account
The iSave Account and its features has become a top option for savers in the UAE and for good reason. Here is a look at the top features.
iSave Competitive Interest Rates
Like many other savings accounts offered by FAB, the iSave Account is a high rate savings account, which is one of its biggest selling points. The interest earned is calculated on the user’s daily account balance, and is credited on a monthly basis, which is a good thing, as the interest earned helps in growing one’s savings in the account.
No Minimum Account Balance
The iSave Account has no visible account balance restrictions at any time, which is a good thing, as many traditional savings accounts do. Thus the account works for any user that wants to haphazardly save and earn interest on the savings, without the worry of maintaining a visible balance.
No Fee Debit Card and Access to FAB Account
All iSave accounts have a no annual fee debit card associated which helps the user have instant access to their funds as and when the debit card is used at an ATM, or any of the stores physical or online. Further, an owner of an iSave account has access to the full range of FAB services, including lending, credit, investment and other banking services.
24/7 Mobile Banking Access
FAB’s absolutely free mobile banking app allows daily savings access and balance management from the palm of your hand. From the app, the user can transfer and manage the mobile banking account with user-friendly features.
Secure and Trustworthy
FAB mobile banking relies on a secure banking platform, preventing your finances from phishing or tarnishing. Being the number one bank in the UAE, FAB offers a secure safe place for any and all banking.
Tips for Managing Your FAB iSave Account Effectively
In this blog, I will guide you on how to manage your FAB iSave Account effectively:
Automate Maximized Savings
Automate your salary account’s savings transfer to your iSave account. This way, you effortlessly can save on a monthly basis.
Monitor Account Balance
FAB iSave account holders can access their mobile banking app to keep track of their daily savings history, ensuring no excess spending occurs to their savings goal.
Maximized Account Balance
Maximized account balances will save much more for the user, of which iSave account users will especially benefit from. Spending less will get you more money, especially if you save money regularly.
Explore Other FAB Services
Investment products as well as loans are services provided by FAB. If you are looking to expand your savings or take new steps in your financial venture, these services are worth considering.
Conclusion
Saving money in an account where you can still make money is uncomplicated when you choose to open an FAB iSave account. There’s no hassle in maintaining account balances that are too high or hidden charges. You gain ease in convenience once you enroll in an account that provides you competitive interest rates. With this step-by-step guide, opening an FAB is completely stress free. You will be able to save money effectively right away.
To manage your finances in an efficient manner, you can download their app or visit their official website to do this.
FAQ’s
What is an FAB iSave Account
High interest savings accounts are FAB iSave accounts that allow you to save money while earning interest. There is no minimum balance requirement so it is easy to manage your account.
Who Is Eligible To Register For an FAB iSave Account
Every resident and citizen of the UAE above the age of 18 is eligible to open an FAB iSave account. Anyone younger has to apply with their parents.
What Documents do You Need to Register
A salary certificate, proof of residency, passport or emriates ID, along with other documenets proving your identity and residence is needed.
Does the FAB iSave account require a minimum balance?
The FAB iSave account is considerate of individuals with different saving capabilities, which is why, there is no minimum balance required.
What is the process of opening an iSave account?
You may create an account through the FAB website, the mobile application, or physically at any FAB branch.
Does the iSave account require any sustaining monthly payment?
The FAB iSave account is completely free of any sustaining monthly payment, also known as monthly maintenance fees.
What is the process to login to my iSave account?
One can use their payment card at any ATM, the FAB mobile application, or utilize the bank’s online registrations to gain access to their account.
How is the interest earned on the iSave account?
You can earn interest on a savings account through monthly crediting that is calculated on the daily balance, at a competitive rate.
Is there a restriction on how often I can withdraw money?
The FAB iSave account permits an unlimited number of withdrawals without any fees through ATMs, mobile application, or online banking.
Is there a fee associated with international money transfers?
The specifics of the method used to execute the international transfer will determine whether any international fees will apply. Directly listed on the FAB website will be the exact amounts.
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