Best 5 Digital Bank Accounts in UAE

The way banking services are run for the last decade is completely changing. Availing bank services and products has become very easy and comfortable. Right from opening a bank to tracking the transactions on the account, everything is getting digitized where a customer can perform bank services online from anywhere at any time. Previously, opening a bank account in the UAE used to take at least a day but right now due to digitalization, a bank account can be opened in less than 10 mins online at any time of the day from anywhere in the world. 

Digital banking makes the work of a customer easy and provides banking services conveniently. There are several banks in the UAE that are offering Digital Bank Accounts where the customers can open a bank account online without even visiting a bank for anything. Here are the top Digital Bank Accounts in the UAE in 2022. 

Mashreq Neo

Mashreq offers a digital bank account in the UAE which is completely digital. The account runs on the app with no offline office at all. 

Features & Benefits of Mashreq Neo Account 

• AED 350 is offered as a welcome bonus cashback 
• AED 2500 is offered as cashback on salary transfer 
• A free Platinum debit card is provided 
• 1% per annum is the interest rate provided 
• The first cheque book is provided for free 
• Access to the global stock exchanges 
• Can invest in gold & foreign currencies 
• Can earn salaam points on spending the debit card anywhere worldwide 
• Maintain an average balance of AED 3000 in the account or spend AED 1000 using the debit card
• A minimum salary of AED 5000 is needed

How to open a Mashreq Neo Account? 

• Download Mashreq Neo App 
• Have Emirates ID and follow the instructions on the app 

ADIB Smartbanking

ADIB is one of the popular banks in the UAE and among several other banking products and services in the UAE, it offers a digital bank account called Smartbanking. 

Features and benefits of ADIB Smartbanking account 

• No minimum balance is required on the account
• A free Debit card is provided and delivered home for free
• Can earn a profit on the account balance
• Can get the debit card customized 
• Can win rewards on salary transfer 
• Earn AED 20 smart bonus by referring a friend 
• Avail 1 free domestic and international transfer per month 
• Can get a chance to win Tesla on the account 
• Access to 1500 deals and discounts on the smartdeals app 
• A minimum income of AED 5000 is needed or housewives with housewife visa status are eligible 

How to open an ADIB Smartbanking account? 

• Visit the ADIB moneysmart website to apply 
• Keep your Passport, Emirates ID and Resident Visa ready 

Liv

Liv. is sponsored by Emirates NBD. It is one of the well-known digital banking accounts in the UAE which can be opened online without visiting any branch at all.  

Features and benefits of Liv. 

• Can earn upto 1.5% profit rate per annum 
• Up to 50% discount and deals on movies, lifestyle, dining, and much more 
• Can top up Liv. account easily using any debit card 
• Can share money easily 
• A monthly salary transfer of AED 4,000 is needed or Spend at least AED 1,000 with your Liv. card/month Or become a Prime subscriber Or have a Liv. credit card or Liv. loan Or keep your monthly average balance of AED 2,500 to enjoy the account for free without any maintenance charges 

How to open Emirates Liv. Account?

• Download Emirates Liv. App and follow the instructions 
• Have Emirates ID in hand while applying 

YAP

YAP is a digital banking app provided by RAKBank. It provides a digital bank account and also helps the user to keep a track of the finances. 

Features and benefits of YAP 

• There is no minimum balance required on the account 
• No account maintenance fees charged 
• No paperwork is involved to open the account 
• Once you open a digital bank account on YAP, RAKBank will provide you an IBAN and the debit card will be delivered at your doorstep 

How to open a YAP Digital Bank Account? 

• Download YAP app 
• Keep your Emirates ID in hand to scan  

ADIB Amwali Account

ADIB Amwali account is a digital bank account for the children and the parents which encourages savings. 

Features and benefits of ADIB Amwali Account 

• Children can get money from parents & family
• Track the balance on the app and create savings goals 
• Send money to others and make payments, withdraw cash, shop online and offline 
• Can add ADIB Amwali Account to Apple Pay
• Can open multiple accounts 
• Get AED 50 Welcome Bonus 
• Can win AED 50,000 cash on lucky draw on opening the ADIB Amwali Account 
• Can avail exclusive offers and deals on online shopping, entertainment, games, etc. 
• Parents can monitor the children’s account and set limits on the debit card 
• Children should be of below 18 years to be eligible for the ADIB Amwali Account 

How to open an ADIB Amwali Account? 

• ADIB customers can download ADIB Mobile App and apply for Amwali Account under the new accounts section 
• Only existing ADIB customers are eligible

Advantages of Digital Bank Accounts in the UAE

The popularity gained by digital bank accounts in the UAE is immense and some of the advantages are, 

• Can apply for the account online 
• The account application process is less time taking 
• No paperwork is involved 
• Documents needed to apply for the digital bank account is less 
• Can apply and track the account from anywhere
• Get debit card delivered at home 
• High discounts and offers on the usage of the card or account 
• Simple and quick money transfer 
• Free or low charges on international money transfer 
• Can maintain zero balance on the account at some banks 
• Quick customer support 

Though digital bank accounts make banking easy and secure, it is important to maintain confidentiality regarding your passwords, PINs and OTPs to access the online account.