You can learn about the best savings account in Saudi Arabia, its features, and how to choose it on the GoStart.Biz website, as many customers seek to open a savings account for their money to protect it from loss or theft, and for other purposes. Therefore, many people wonder about the best savings account in Saudi Arabia before starting the account opening procedures.
The best savings account in Saudi Arabia
Choosing the best savings account in Saudi Arabia depends on the customer’s satisfaction with the service provided, as:
- There are many banks that provide the service of opening a savings account among the services they provide to their customers.
- Each of these banks seeks to provide the best features to attract customers to open a savings account with them.
- Several banks are classified as offering the best savings account in Saudi Arabia, including Arab Bank, Albilad Bank, Alawwal Bank, Snap Bank, Alinma Bank, Banque Saudi Fransi and other banks.
- The services and features offered by each bank change. Some offer a small amount as a condition for opening an account, or provide a free check book and credit cards.
- Some banks calculate profits on the savings account on a monthly or quarterly basis, and there are some banks that deal in accordance with Islamic legislation and some without it.
- Some banks allow opening accounts for children under the legal age as part of the benefits offered to parents’ savings accounts.
- Banks also differ among themselves in the currency used to open a savings account. Some rely only on the national currency, such as the Saudi riyal, and some banks rely on different currencies.
- Banks also facilitate customers' transactions on their savings accounts by facilitating withdrawals, deposits and other services through ATM machines.
Arab National Bank savings account
- Arab National Bank is one of the banks that tops the list of providing the best savings account in Saudi Arabia to customers.
- Arab National Bank allows its customers to open a savings account, and also facilitates withdrawal and deposit services for any amount in the savings account.
- It also allows the payment of water, electricity, and drainage bills, and many other payment services, through ATM machines distributed in many areas or through the phone at the designated numbers.
- Arab National Bank also allows its customers to open a savings account for children who have not reached the legal age through the savings account of the parent responsible for them.
- The Arab National Bank customer chooses to obtain a monthly statement of his savings account information, in the language he prefers, whether Arabic or English.
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Al Bilad Bank Savings Account
- Bank Al Bilad is one of the well-known banks that offers the best savings account in Saudi Arabia.
- A savings account is opened at Bank Albilad based on the provisions of Islamic Sharia, and Bank Albilad requires a certain amount in order to open a savings account with it, which is 1000 Saudi riyals.
- But the customer who opens a savings account at Bank Albilad in order to obtain profits, his savings account must have an amount of 20 thousand Saudi riyals, not less than that amount.
- Bank Al Bilad determines the customer’s profits on the savings account based on the amount in the account each month.
- When his profits are issued, he can obtain them in several ways: through ATM machines, by phone, or from the main Bank Al-Bilad website.
- Bank Al Bilad does not allow opening a savings account in a foreign currency, but dealing in savings accounts is done through Saudi riyals only.
A savings account at Alawwal Bank
- Alawwal Bank allows customers to open a savings account, but it is in accordance with Islamic Sharia provisions.
- His profits will vary according to economic competition during the period of saving money in the savings account at Alawwal Bank.
- Alawwal Bank allows trading in foreign currencies and opening a savings account in Saudi riyals or others.
- Bank Albilad allows you to view your savings account statement through the Bank Albilad website.
- Bank Al Bilad determines the amount allocated for opening a savings account, which is 100 thousand Saudi riyals.
- If the amount in the savings account at Bank Albilad is less than 100 thousand Saudi riyals, the fees will not be calculated or their value will be deducted from the account.
Riyad Bank savings account
- Through Riyad Bank, you can open a savings account in either national or foreign currencies, i.e. the Saudi riyal or the US dollar.
- No amounts are deducted from your savings account as fees, and the Riyad Bank savings account is suitable for customers who do not seek to make profits through the account.
- Riyad Bank customers receive a debit card to easily handle their account, deposit or withdraw money from it, and perform various payment services.
SABB Bank savings account
- The best savings account in Saudi Arabia may be offered to you by SABB Bank, which provides its customers with several advantages.
- The relationship manager organizes everything related to customers’ savings accounts at SABB Bank.
- It is possible to open a savings account with an amount of no less than 100 thousand Saudi riyals at SABB Bank. SABB Bank also allows the use of various national or foreign currencies, and offers its customers a free advanced visa.
- It also provides the customer with some discounts, as he only pays half the fees on medium and small safes.
- SABB Bank prefers that dealings with its customers include opening savings accounts through the bank’s branches in different regions.
- It offers other benefits specific to the bank, such as wealth management for customers. The bank also insures the customer’s bank card.
- The customer can also follow many services on the official website of SABB Bank or through the designated phone numbers.
- SABB Bank also requests confirmation, via the customer’s designated phone, of some of the procedures taken on the savings account, as a form of insurance for the customers’ funds and financial transactions.
- The customer also receives a statement of the procedures related to the savings account, and SABB does not offer rewards for the savings account.
Alinma Bank savings account
- The Alinma Bank savings account differs in that the customer receives a daily return on the savings account because Alinma Bank accounts are investment accounts.
- Alinma Bank is also dealt with in accordance with the rules of Islamic legislation in financial transactions.
- The minimum amount for the Alinma Bank savings account starts from 100 thousand Saudi riyals, which is the amount allocated by many of the banks we mentioned above.
Banque Saudi Fransi savings account
- Banque Saudi Fransi does not require a specific currency in order to open a savings account, so the customer can use the national or foreign currency.
- To obtain profits from Banque Saudi Fransi, the amount saved in the account must be no less than 5,000 Saudi riyals.
- The customer can deal with complete ease in deposit and withdrawal procedures and everything related to the savings account.
- Banque Saudi Fransi also allows its clients to obtain profit increases every three months.
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National Commercial Bank savings account
- To open a savings account with the National Commercial Bank, the amount must not be less than 250 Saudi riyals only, as it is a competitive advantage offered by the National Commercial Bank as it is the smallest amount paid by all banks.
- No fees or discounts are applied to the National Commercial Bank savings account customer on a monthly basis.
- The National Commercial Bank's dealings are also in accordance with Islamic legislation regarding financial transactions and profits on the account.
What is the best savings account in Saudi Arabia? What are the advantages that each bank offers in order to attract customers to open a savings account, and what is the amount with which we must open a savings account? This is what we explained to you in this article.