💌 Account Switch Offers: Does your bank really love you?
- Kacper Duda
- Nov 6, 2024
- 4 min read
Updated: Dec 29, 2024
It's not often that banks give you money for free - but when they want you as a customer, they do!
Opening a new bank account can land you a bonus from the new bank. In the UAE, they are particularly keen on your salary going into their account - hence the name: salary transfer offers. Add a credit card into the mix and your bonus could be worth several thousand.
In today's newsletter, we explore how these offers work, what you need to do to land yourself that extra spending money and what the current best offers are in the market. Enjoy!
What are salary transfer offers?
When banks want to attract new customer to their products, they launch various offers. In the case of salary accounts (i.e. your main account that your salary gets paid into), they are called salary transfer offers and are paid in cash, often multiple thousands of dirhams.
To get the best reward, banks will usually want you to get at least one other product with your salary account. Frequently, this will be a credit card or another form of finance.
The size of your reward will depend on how big your salary is and how many products from the bank you will take.
Is it worth the effort?
It depends. Some of the offers for high-salary earners that we outline below can get you up to AED 20k, which is not a small amount of money. Equally, if you've been meaning to change who you bank with, these offers can give you that extra motivation to go ahead and make some money while you're at it.
There will be some effort involved to produce documents for the new bank (e.g. salary certificates), and go through the onboarding and signing processes. Do consider the bank's reputation and customer service levels when making your decision.
What do you need to do to get the bonus?
The conditions vary from bank to bank but it will usually be a combination of the following steps. Before you start, make sure you meet the bank's conditions for all the required products, otherwise, you won't be able to get the bonus.
Open a new salary transfer account
Change your bank details with your employer to ensure your salary goes to the new account
Apply for the relevant credit card (if that's part of the deal) and be approved
Hit the minimum spend on the credit card (usually within 45-60 days, if required)
If there are any additional products required, make sure you get them too.
Wait for the cash to be credited to your account. When this happens, depends on the T&Cs.
Remember, salary accounts only require you to transfer your salary into the account, not keep it there. As we've written previously, always pay yourself first and move your money into a high-interest savings account the day after you get paid.
Best current offers out there
For simplicity, we only cover offers that require you to open a salary transfer account, and at most, get a credit card.
If you search for "UAE salary transfer offers", you will be able to find other multi-product offers including personal finance, auto loans and home loans. Our golden rule is always to have good credit, not bad debt, so don't take on too many products you don't really need.
Salary account + credit card
Bank | Salary | Bonus (AED) |
|---|---|---|
5k-15k | 1,500 | |
15k-25k | 4,000 | |
25k-50k | 5,000 | |
50k+ | 20,000 | |
15k-50k | 500-750 | |
50k+ | 1,000-1,500 |
* salary transfer offer only available until the end of November 2024 so be quick as it will take time to get everything set up
Salary account only
Bank | Salary | Bonus (AED) |
|---|---|---|
5k-10k | 250 | |
10k-20k | 750 | |
20k-50k | 1,500 | |
50k+ | 3,500 | |
10k-40k | 1,500 | |
40k+ | 2,000 | |
7.5k-20k | 100 | |
20k-50k | 500 | |
50k-80k | 1,000 | |
80k+ | 1,300 | |
50k-75k | 1,500 | |
75k-100k | 2,000 | |
100k+ | 3,000 |
For a lot of these offers, the details are buried in the T&Cs, so make sure you read them and feel free to ask us any questions you may have.
Is it safe and what to watch out for.
As always, all banks we recommend are licensed by the Central Bank of the UAE (CBUAE), which you can always check on the CBUAE's register.
You should consider the following when looking at salary transfer offers:
Check the T&Cs for the deal carefully to make sure you find any catches
Ensure you meet eligibility criteria for all the required products before applying
Only get products you actually need (and can afford) and know when you can close the accounts - don't chase the offer bonus at all cost!
Review how long you have to keep the products for (otherwise the bonus can be clawed back)
Check when you will get paid the bonus amount, set yourself reminders and chase up the bank if they don't credit it automatically (rare, but it does happen)
Disclaimer: Please bear in mind that this email does not constitute financial advice. Any choices you make you are solely responsible for. We always aim to provide highest quality, independent views but do your own research to ensure you’re comfortable with any changes you make to your personal finances.
