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With the current turmoil in the world economy, I am thinking of putting all my money in a term deposit for 1 or 2 years.

So the question is : what's the best interest rate for term deposit currently offered by the banks in Dubai? I hear HSBC Bank is offering very attractive interest rates - their eSaver plan is 2.5% per annum.

Anyone knows a better deal?

Keep it under your bed until they sort out the breach in the banking system here.

Unless you want to see it trickling out of an ATM machine very soon...



Knight

Dubai Knight wrote:Keep it under your bed until they sort out the breach in the banking system here.

Unless you want to see it trickling out of an ATM machine very soon...



Knight

Dubai Knight , it is nice to try to be funny but in excess can get really annoying. If you cant say anything productive I guess u can keep it to yourself, the forum is losing quality members.

Gene I dont know about UAE banks cos of hassle and crap involved, I leep[ overseas one of the best is ING Direct. Try them out. I opened via Canada

desert surfer wrote:

Dubai Knight wrote:Keep it under your bed until they sort out the breach in the banking system here.

Unless you want to see it trickling out of an ATM machine very soon...



Knight

Dubai Knight , it is nice to try to be funny but in excess can get really annoying. If you cant say anything productive I guess u can keep it to yourself, the forum is losing quality members.

Gene I dont know about UAE banks cos of hassle and crap involved, I leep[ overseas one of the best is ING Direct. Try them out. I opened via Canada

The whole point of a 'Forum' is that its open to all and sundry to post what they like and I feel I have somewhat earned my spurs in this particular field of operation. I shall continue to embellish my posts however the hell I see fit...and, if you read the meaning behind my comments here, I was attempting to use levity to point out a somewhat serious point, which is that the banking system in this country is prehistoric and about as secure as a leaking colander. If you wish to attempt to prove me wrong, then off you go.



Knight

Dubai Knight wrote:

desert surfer wrote:

Dubai Knight wrote:Keep it under your bed until they sort out the breach in the banking system here.

Unless you want to see it trickling out of an ATM machine very soon...



Knight

Dubai Knight , it is nice to try to be funny but in excess can get really annoying. If you cant say anything productive I guess u can keep it to yourself, the forum is losing quality members.

Gene I dont know about UAE banks cos of hassle and crap involved, I leep[ overseas one of the best is ING Direct. Try them out. I opened via Canada

The whole point of a 'Forum' is that its open to all and sundry to post what they like and I feel I have somewhat earned my spurs in this particular field of operation. I shall continue to embellish my posts however the hell I see fit...and, if you read the meaning behind my comments here, I was attempting to use levity to point out a somewhat serious point, which is that the banking system in this country is prehistoric and about as secure as a leaking colander. If you wish to attempt to prove me wrong, then off you go.



Knight

Sry to hit raw nerve but if you 95% of ur jokes are when somebody asks serious question which drives new members away. Who knows they may provide valuable info. I know you have spent quite lot of time in UAE and in the forum but in the end after writing the post could you ask yourself if you did provide any solution to question asked which he/she can use in reality.

Dubai Knight’s occasional light hearted comments, albeit deemed inappropriate at times by others , appear to me to be harmless and entertaining. I don't detect any sarcasm or disdain in them. Let’s lighten up on each other, and not turn this forum into a boxing arena!

As to the best return on time deposits, I’m told that Dubai Islamic Bank gives 3+ % on 3-months deposits! Check them out!

desert surfer wrote:

Dubai Knight wrote:

desert surfer wrote:

Dubai Knight wrote:Keep it under your bed until they sort out the breach in the banking system here.

Unless you want to see it trickling out of an ATM machine very soon...



Knight

Dubai Knight , it is nice to try to be funny but in excess can get really annoying. If you cant say anything productive I guess u can keep it to yourself, the forum is losing quality members.

Gene I dont know about UAE banks cos of hassle and crap involved, I leep[ overseas one of the best is ING Direct. Try them out. I opened via Canada



Sry to hit raw nerve but if you 95% of ur jokes are when somebody asks serious question which drives new members away. Who knows they may provide valuable info. I know you have spent quite lot of time in UAE and in the forum but in the end after writing the post could you ask yourself if you did provide any solution to question asked which he/she can use in reality.

Take a chill pill will you.

to cheer up dessert surfer i offer the following sensible advice.

I bank with lloydstsb on Wasl Road.

They do fixed 12 months sterling accounts @ 5%

Dollar is 4% - i think

and the AED accounts - as DK suggested you may as well keep your dirhams under the mattress

hope this help and meets with your approval Desert Surfer

Hey guys,

Thanks for all your input so far.

5% in sterling seems attractive but I think the pound may weaken against the dirham next year. 3+% at DIB is also very attractive and I will definitely check it out. I prefer to stick with AED so as to save the hassle of conversion (+ commission etc.) to other currency/offshore banks. Moreover, I strongly believe the dirham will strengthen over the coming years as will the US$.

Keeping the dirhams under the mattress is over-reacting to the current crisis eventhough it is the worst in 100 years. Over the years, I begin to understand more of human nature; they tend to be overly optimistic during good times and overly pessimistic during bad times. The challenge (and courage) for all of us is to sometimes go against the grain of the masses in order to accomplish great things in life. Many people sees this as a crisis but some will see it as a golden opportunity of a lifetime; what are you?

I am sure desert surfer and Dubai Knight are just pulling each other's leg and having their fun on the forum that's all. They are both certainly very rational and fun-loving people l'm sure.

Dubai is like a melting pot of people from all walks. Any type of posting from the different nationalities are always informative. That's the beauty of life here and I guess it would also be important for her progress on the world stage. The fundamental theme of success for a globalised city like Dubai is to " live in harmony" as all eyes will be on her for the next 15 years.

You will never receive a good rate against the AED.

As far as the conversion to sterling, in my opinion now is a good time because the dollar is relatively strong against the pound. Also as in my case if you are depositing a large amount the bank will negotiate on the exchange rate.

Also the BOE meets this Thursday and it is highly likely to go down a quarter to 4.75 so a fixed bond this week would be prudent.

Without giving your resons why to want to keep your savings / currency in AED i do not see your point about changing it back from sterling to AED.

At the end of the day you will always receive a better fixed rate with $/£ againt the AED. If at some point you ever wish to convert back from AED to £$ then you still may loose if

a/ end or revalue the $/Dhm peg or

b/ the currency fluction againt sterling will take any advantage gained by the small amount of interest you have gained through a AED Deposit account.

In my case this month, with the strong dollar to sterling rate i gained more pounds for my AED, i get 5% fixed on my Sterling account. I can then either take that a a gain in Sterling 12 months time and keep it as such or see what the exchange rate is at the time of maturity. If the dollar strengthens against sterling i win, if not i just fix my deposit again for a further 3/6 or 12 month term. I cant loose.