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#UAEnews #money #savings
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NewsTranscript
00:00If you've come across a suspiciously high interest rate for a savings account, you need
00:14to beware and read the fine print because probably you'll come across a number of conditions
00:19and prerequisites.
00:20Here are some of them.
00:23You'd probably understand that the high interest rate is conditional of you depositing a fixed
00:28amount for a fixed period of time or you'd have to lock up your savings for a fixed period
00:34of time.
00:35Thirdly, the interest rate may come in the form of a bonus payment or it may be time
00:39bound.
00:40Now, let's say you want to still go ahead and look for a higher interest rate on your
00:44savings.
00:46It has been observed that online banks or digital only banks offer better rates and
00:51lower fees because they don't have the cost of rating abruptly.