Your savings account can do so much more than being just a repository for your money. It can also incentivise saving for your next vacation.
A savings bank account is a precious commodity in personal finance. It is a safe place for your surplus cash, it holds your precious savings and it also helps you grow your savings fund when the bank pays interest on it.
Every person who makes an income must have a savings bank account. It is especially useful for students, homemakers and freelance workers who have lower reserves of cash than others. The savings account is a safe repository that also lets one grow the corpus deposited therein through periodic interest.
Since so many people use savings bank accounts, banks in the UAE incentivise their use by introducing several reward programmes. While most banks offer free lifetime debit cards and reward points on purchases above a certain sum of money, premier banks in the UAE now offer ‘super savings’ initiatives to boost the power of the savings account.
The best banks in the UAE offer saving account holders the chance to get high interest rates as well as earn valuable traveller miles on the money deposited. These miles are different from those offered on purchase of flight tickets using credit or debit cards. This is a special reward given by the bank to save more money in the bank account.
How it works:
- The more money you save, the more travel miles you earn. You can earn up to 15,000 miles per quarter.
- The more travel miles you have, the more you save on your flight ticket on your next vacation. If you have more miles than you need, you can get a ticket for free!
- Customers can also get high profits from the common Murdaraba pool generated by joint investment between shareholders and depositors.
- There are over 2,000 bonus miles you get simply on opening your savings account, based on certain conditions.
- On opening your savings account, some banks offer the option of a free current account with zero balance requirement.
- The savings account has phone and mobile banking capabilities.
Thus, travelling becomes much more convenient and affordable with the accumulation of travel miles through the super savings rewards programme. Your bank can shed more light on other benefits offered on opening the savings account, the eligibility criteria for the same and the documentation required.