Savings Accounts
Explore how savings accounts in Saudi Arabia help you grow your funds securely with features like profit-sharing, tiered interest rates, and SAMA-backed insurance.
Savings accounts in Saudi Arabia are designed for individuals with long-term financial goals, such as building an emergency fund or saving for future needs. Unlike current accounts intended for daily transactions, savings accounts enable funds to grow over time, often offering interest or profit-sharing returns based on the bank's investments.
»MORE: Learn more about Bank Accounts
Key Differences from Current Accounts
Current Accounts Best for daily transactions and regular spending.
Savings Accounts Encourages holding funds and may offer returns, either through traditional interest or Islamic profit-sharing (like Mudarabah), where returns depend on the bank’s investment success.
Interest Rates and Savings Plans
Interest rates vary by bank and account type:
Some accounts use standard interest rates.
Others offer tiered rates, where higher balances earn better returns.
Many banks also offer automatic transfer options, allowing customers to regularly move a portion of their salary or current account balance into savings.
Security and Insurance
Most savings accounts in Saudi Arabia are insured by the Saudi Central Bank (SAMA), protecting deposits up to a certain amount and providing additional security for customers.
Minimum Balance and Withdrawal Limits
Savings accounts usually require a minimum balance to earn interest or avoid fees.
Monthly withdrawals are often limited, with fees for exceeding the allowed number, which helps promote a savings mindset.
Eligibility
Saudi Nationals Valid national ID, proof of address, and sometimes employment verification.
Expatriates Iqama (resident permit), passport, and proof of income.
In short, Saudi savings accounts provide a structured, secure way to grow funds over time, with features like tiered interest, automatic transfers, and SAMA-backed insurance, ideal for building financial security.