Three of the best UAE profit-bearing fixed deposit accounts

Emirates NBD FlexiDeposit: 2.5 %

Benefits: This fixed deposit account offers flexible terms with a minimum tenure of three months. Account holders can make premature withdrawals as many times as they wish, but the highest rate is awarded to longer durations. The account has no monthly fee and can be opened in either dirhams, dollars, pounds or euros.

Beware of: You must make a minimum deposit of Dh10,000 or its currency equivalent.

Noor Bank Term Deposit: 2.4%

Benefits: Ideal for short and long-term savers, terms of one, three, six, nine or 12 months are available. The step-up 2.4 per cent profit rate applies to the bank’s dirham Mudaraba Investment Deposit. Profit payouts are made monthly, quarterly or at maturity. The account is available in dirhams, euros, pounds and dollars.

Beware of: A minimum deposit of Dh10,000 is required.

UAB Escalator Deposit: 3%

Benefits: This account from United Arab Bank is available for a minimum of one year and two or three years. Rate step-up to 3 per cent applies on balances held for three years. You must maintain a minimum balance of Dh100,000 or $25,000 or €25,000 – although lower rates apply to dollar and euro balances.

Beware of: Early redemption is possible but penalties can apply in the first 12 months.

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