Question 1

What's the difference between Mudaraba and Term Deposit?

Accepted Answer

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.

Question 2

Are savings accounts in Saudi Arabia safe?

Accepted Answer

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.

Question 3

What savings profit rates are currently available?

Accepted Answer

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.

Question 4

Can I withdraw my money anytime?

Accepted Answer

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.

Question 5

What is a Wakala savings account?

Accepted Answer

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.

Question 6

Are savings accounts subject to zakat?

Accepted Answer

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.

Question 7

What is the minimum balance to open a savings account?

Accepted Answer

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.

Question 8

Can I open a savings account for my child?

Accepted Answer

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.

Question 9

How are profits distributed on Mudaraba accounts?

Accepted Answer

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).

Question 10

Can non-Saudis open a savings account?

Accepted Answer

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.

Savings Accounts

Savings Accounts