Features
Type
Showing 10 of 48 accounts
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Istithmar Program
Saudi National Bank
ProtectionGoalsPartial Withdrawal
Profit Rate6.78%
MinimumSAR 25,000
Profit PayoutN/A
Education Program
Saudi National Bank
ProtectionGoalsPartial Withdrawal
Profit Rate6.59%
MinimumSAR 500
Profit PayoutN/A
Marriage Program
Saudi National Bank
ProtectionGoalsPartial Withdrawal
Profit Rate6.36%
MinimumSAR 500
Profit PayoutN/A
Retirement Program
Saudi National Bank
ProtectionGoalsPartial Withdrawal
Profit Rate6.11%
MinimumSAR 500
Profit PayoutN/A
Murabaha Deposit
Meem Digital Banking
Term DepositPartial Withdrawal
Profit Rate4.80% - 5.11%
MinimumSAR 25,000
Profit Payoutat-maturity
Future Account - Long Term
Al Rajhi Bank
ProtectionGoals
Profit Rate2.90% - 4.95%
MinimumNo minimum
Profit Payoutat-maturity
Awaed Albilad Account
Bank Albilad
Term Deposit
Profit Rate3.96% - 4.89%
MinimumSAR 50,000
Profit Payoutat-maturity
Nama Investment Product
Alinma Bank
Term Deposit
Profit Rate4.53% - 4.77%
MinimumSAR 50,000
Profit Payoutat-maturity
Investment Wakalah Account
Bank Albilad
Term Deposit
Profit Rate3.80% - 4.75%
MinimumSAR 50,000
Profit Payoutat-maturity
Islamic Commodity Investment Account
Saudi Awwal Bank
Term Deposit
Profit Rate3.00% - 4.50%
MinimumSAR 25,000
Profit Payoutat-maturity
Showing 1-10 of 48
Your Complete Guide to Savings Accounts in Saudi Arabia
Everything you need to know about savings accounts and deposits from Saudi banks
What is a Savings Account?
A savings account is a bank account designed to grow your money by earning returns on your balance. All Saudi banks offer Sharia-compliant savings accounts, using structures like Mudaraba (profit-sharing) or Wakala (agency-based investing) instead of conventional interest.
All savings accounts are supervised by the Saudi Central Bank (SAMA), providing deposit protection. Returns vary by account type, balance, and tenure — with options ranging from instant-access accounts to term deposits offering higher returns in exchange for withdrawal restrictions.
Types of Savings Accounts Available
Mudaraba accounts are the most common — you receive a share of the bank's profits (typically 50-70%) calculated on the lowest monthly balance. Term deposits offer higher returns in exchange for locking your funds for a set period (1 to 60 months). Goal-based accounts help you save toward specific targets with regular monthly contributions.
Other types include: prize-linked accounts that enter you into draws for large cash prizes, gold accounts for premium customers with higher returns, children's and student accounts with simplified requirements, and Wakala accounts where the bank invests on your behalf at a predetermined return.
Understanding Profit Rates
Returns are displayed as Annual Equivalent Rate (AER) to enable fair comparison between different accounts. Current rates range from under 1% for instant-access accounts to over 5% for long-term deposits. Generally, the higher your balance or the longer the deposit term, the higher the return.
In Mudaraba accounts, profit is calculated on the lowest balance during the month — so mid-month withdrawals can affect your earnings. Profits are distributed monthly or quarterly depending on the bank. Term deposits distribute profits at maturity or periodically based on contract terms.
Withdrawal and Liquidity
Withdrawal flexibility varies by account type. Mudaraba accounts typically allow withdrawal at any time, though it affects monthly profit. Term deposits may impose early withdrawal penalties — ranging from loss of accrued profits to a percentage penalty. Goal-based accounts may require sticking to monthly contributions to access full benefits.
Tip: if you need instant liquidity, choose a Mudaraba or call account. If you're certain you won't need the funds for a set period, a term deposit will give you a higher return. You can also split your savings across different accounts — some in a liquid account and some in a longer-term deposit.
Zakat and Sharia Considerations
Zakat is obligatory on savings accounts if the balance reaches the Nisab threshold (equivalent to approximately 85 grams of gold) and has been held for one full lunar year (Hawl). The Zakat rate is 2.5% of the balance. Some banks offer automatic Zakat calculation or direct transfer to authorized bodies.
There is no income tax on savings account profits for individuals in Saudi Arabia. All accounts listed on Bankkie are Sharia-compliant and approved by each bank's Sharia supervisory board. The financing structures used (Mudaraba, Wakala, Qard Hasan) are Sharia-approved.
How to Choose the Right Account
When comparing savings accounts, focus on several factors: the Annual Equivalent Rate (AER) for fair return comparison, minimum balance (some accounts start from SAR 0), withdrawal flexibility, and profit distribution method. Use the "High Yield" filter to view accounts with 4% or higher returns.
For savings beginners, a Mudaraba account with no minimum balance is an excellent starting point. For serious savers with larger amounts, term deposits or gold accounts offer higher returns. If you're looking for an engaging experience, prize-linked accounts combine saving with chances to win large cash prizes. Compare all options on Bankkie to find the account that matches your goals.
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Frequently Asked Questions
Answers to common questions about savings accounts
📊What's the difference between Mudaraba and Term Deposit?
Mudaraba: the bank invests your money and shares the profits — returns vary based on investment performance. Term Deposit: you deposit a fixed amount for a set period (1 month to 1 year) and receive a predetermined fixed return. Term deposits typically offer higher returns in exchange for restricting withdrawals during the term.
🛡️Are savings accounts in Saudi Arabia safe?
Yes, all Saudi banks are regulated by the Saudi Central Bank (SAMA), which ensures banking sector stability. Deposits are protected under Saudi banking regulations. All 12 banks offering savings accounts on Bankkie are licensed and regulated by SAMA.
💰What savings profit rates are currently available?
Profit rates range from 1% to 6% depending on account type, deposit amount, and holding period. Term deposits with larger amounts (SAR 50,000+) typically offer the highest returns. Mudaraba accounts offer variable returns that may be higher or lower than fixed deposits depending on market performance.
💸Can I withdraw my money anytime?
It depends on the account type: Mudaraba and regular savings allow withdrawals anytime (though monthly returns may be affected). Term deposits restrict withdrawals during the fixed period — early withdrawal may result in losing some or all expected profits. Choose the right type based on your liquidity needs.
📜What is a Wakala savings account?
Wakala is an Islamic structure where you appoint the bank as your agent to invest your money for an expected specified return. It resembles a term deposit but with a different Sharia structure — the bank invests as an agent, not as a partner. Some banks offer Wakala accounts with competitive returns and flexible terms.
🕌Are savings accounts subject to zakat?
Yes, funds in savings accounts that reach the nisab threshold and have been held for one Hijri year are subject to zakat at 2.5%. Some banks offer automatic zakat calculation or deduction services. Zakat is a personal obligation — consult your bank or a qualified scholar for accurate calculation.
💳What is the minimum balance to open a savings account?
Minimum balances vary by bank and account type: some Mudaraba accounts start from SAR 1,000, while term deposits may require SAR 20,000–50,000 minimum. Children's savings accounts usually start with lower amounts. Compare minimum balances on Bankkie to find an account that suits your budget.
👶Can I open a savings account for my child?
Yes, several Saudi banks offer dedicated children's savings accounts with educational and motivational features. The account is typically opened in the child's name under parental guardianship until they reach legal age. Some accounts offer competitive returns with bonus rewards to encourage regular saving habits.
📈How are profits distributed on Mudaraba accounts?
Profits are distributed monthly or quarterly depending on the bank. Most banks calculate returns on the lowest balance during the month, so mid-month withdrawals may reduce your profits. The profit-sharing ratio between bank and customer is predetermined (e.g., 60% to customer, 40% to bank).
🌍Can non-Saudis open a savings account?
Yes, residents can open savings accounts at most Saudi banks with a valid Iqama. Terms and available products may differ from those offered to Saudi nationals. Some products like term deposits and Mudaraba accounts are fully available to residents at the same profit rates.