🪙 UAE Current accounts: What to look for in 2025?
- Kacper Duda
- Feb 5
- 3 min read
Current accounts - a lot of us have one, but we don't really pay attention to them. And that's a mistake because you might be missing out on benefits, or worse, be exposed to risks.
And so our 2025 series of personal finance fundamentals continues. Read on to learn:
Difference between standard vs. premium accounts
What to look for in a current account
In the news: UAE Central Bank holds interest rates - what does it mean for me
What is a current account?
A current account (also sometimes known as a checking or salary account) is usually your primary account with a bank. The majority of current accounts come with basic functionalities, such as a debit card, cheque book and the ability to make and receive transfers. It's also where you would usually receive your salary.
Standard vs. premium current accounts
Current accounts are divided into standard and premium products, with some banks also offering a mid-tier solution. Standard accounts tend to be no-frills. With premium products, you can expect a range of additional benefits, such as priority access to customer services or preferential credit cards and savings rates (but don't expect the world!).
Whilst the key requirement for a standard bank account is usually a salary of AED 5,000 (or a minimum average balance of AED 3,000), mid-tier and premium products will often have higher demands and are normally geared towards higher earners.
What do we look for in good current accounts?
Not all current accounts are made equal. When choosing who to bank with, we would look at the following factors:
Security - This will usually be your primary banking relationship, so you want that to be with a well-established bank (can be international or local), regulated by the UAE Central Bank
Ease of opening and digital experience - It's 2025, so a reasonable digital experience is to be expected, and a large part of the onboarding experience should be digital.
Ongoing benefits - Particularly if you are a higher earner, you should expect a premium product with benefits attached, such as a free premium credit card.
Transfer offers - For customers switching banks, bonus offers of AED 1,000s exist to move your account to a new bank. Make sure you check before switching!
Minimum criteria - Bear in mind, that depending on the account, banks may impose minimum salary requirements to allow you to open an account with them. Check what they are before you apply.
Salary transfer offers
Banks will pay you a bonus for switching your bank account to them and transferring your salary to the new account. If you get an additional product, such as a credit card or personal loan, the amounts tend to increase.
Depending on your salary, it's not uncommon for the bonus to be AED 3,000-5,000, reaching AED 20,000 for high earners. We wrote about salary transfer offers previously, but stay tuned for a refresh soon!
A few things to be mindful of with current accounts
Current accounts are not good for everything, so take the following precautions to maximise your gains and minimise any risk:
Cash held in your current account is exposed - Anyone with your debit card details can start withdrawing large amounts and there is close to no recourse available to you. Only keep minimal amounts there, and transfer everything else away.
Current accounts pay no interest - Another reason to keep your savings in a savings account, where your money can grow at ca. 4% per annum.
Keep them secure - As with all accounts, never share your OTP with anyone. If you have to use a cash machine, use a trusted one (ideally within a bank branch). Keep your login details safe.
IN THE NEWS - Interest rates stay where they were
Last week, the US Federal Reserve decided to hold interest rates (meaning no change), and the UAE Central Bank followed with the same action (as it commonly does), keeping the UAE base rate at 4.4%.
The US inflation remains elevated and unemployment figures are low, so the Fed will likely take a wait-and-see approach for now. However, with trade wars and tariffs looming, there is little certainty about future interest rate cuts.
So if you have savings or a mortgage in the UAE, you can expect rates to stay constant for now with potential for some volatility later on this year.
Disclaimer: Please bear in mind that this email does not constitute financial advice. Any choices you make you are solely responsible for. We always aim to provide highest quality, independent views but do your own research to ensure you’re comfortable with any changes you make to your personal finances.
