Longer savings deposits with banks and savings plans are becoming increasingly popular among UAE citizens. The reason for this is that when interest and profit rates are high, they want to take advantage of the high returns before they start to fall.
Consumers are increasingly choosing solutions for saving with longer time horizons, such as our Millionaire program, Second Salary, and Booster products, which offer investments ranging from three to ten years.
Everyone is aware that it is only a matter of time before rates begin to decline. Thus, they wish to lock yields going forward. For the next four to five years, they will receive a return of three and a half to four percent.
Notably, UAE interest rates are anticipated to decline this year in tandem with the US Federal Reserve. The Fed is predicted by analysts to lower interest rates twice this year. Shariah-compliant banks and financial institutions provide depositors with profit rates rather than interest rates.
Residents can begin saving Dh1,000 per month via National Bonds’ Second Salary saving scheme. They can choose from a three- to ten-year term and generate substantial returns. More people now view the savings journey as a means to achieve their financial objectives rather than a barrier. Thus, we have witnessed a significant psychological change.
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