Current Accounts

In Saudi Arabia, banks offer various account types to accommodate different financial needs, from everyday expenses to long-term savings and investment.

»MORE: Learn more about Banking in Saudi Arabia 

Here’s an overview of the main types:

Current Accounts

Overview Current accounts are popular among individuals and businesses needing regular access to their funds for daily transactions. They are suitable for managing routine financial activities like salary deposits, payments, and personal or business expenses. Most Saudi banks provide current accounts without interest, but they allow easy access to funds through several channels.

Key Features

• Debit Card Customers receive a debit card for purchases and ATM withdrawals both within Saudi Arabia and internationally.

• Cheque Book Many banks issue cheque books for current accounts, useful for larger transactions or business payments.

• Online & Mobile Banking Current accounts typically include digital banking access, allowing customers to monitor balances, transfer funds, and pay bills conveniently.

• Salary Transfers Current accounts are often used for salary deposits. Banks may offer perks, like fee waivers, when salaries are directly deposited by employers.

• Minimum Balance Requirements Each bank sets minimum balance requirements for current accounts. Some banks waive fees if the balance is maintained, while others charge a nominal fee if the balance drops below the required threshold. Reviewing these requirements beforehand can help avoid unexpected fees.

Eligibility Criteria

• Saudi Nationals Must present a valid Saudi national ID, proof of address, and occasionally employment verification.

• Expats Need to provide an Iqama (resident permit), passport, and proof of employment.

Current accounts provide easy access to funds, making them ideal for managing everyday finances effectively.