A transactional account or current account has the ability to make a banking journey a pleasurable experience. It provides streamlined access to payments and customers should have no difficulty receiving their funds. Furthermore, there is an array of add-ons to consider, and customers often have the choice as to which products they want to add. National Bank of Abu Dhabi Current Accounts promises a streamlined banking relationship. Whether it can live up to that promise, is the purpose of this review.
We also did a review on the current accounts offered by the Bank of Ireland. See how they compare here.
A Brief History of National Bank of Abu Dhabi
The National Bank of Abu Dhabi was founded in 1968 and is, therefore, considered a modern bank. Despite only being in the industry for a few decades, the bank has managed to achieve quite a bit in its short history. It climbed up the ranks and slowly started expansion efforts. The first branch outside the UAE was in Cairo, Egypt. It’s expansion efforts didn’t affect its sound policies, as it soon ranked on the World’s 50 Safest Banks. Not long after, the bank also managed to occupy a slot on the Global Financial Markets Forum.
In 2008, the entire world was experiencing an economic crisis, however, this didn’t affect the National Bank of Abu Dhabi.Solid fiscal policies shielded the bank from this disaster and even allowed them to experience increased profits. In fact, the bank was the first in the UAE to break the record of $1 billion in profits in 2010. Even after this record-breaking victory, the safety ratings did not suffer. It is now considered the safest bank in the Middle East. The bank signed up to the Equator Principles and still manages to climb the ranks with its conservative approach rewarded.
For a full review of National Bank of Abu Dhabi, read here.
Key Characteristics of a Good Current Account
Current accounts are ideal for day to day banking. Customers have access to great account benefits and there should be full flexibility where the customer’s money is concerned. Apart from offering great benefits, the pricing on the accounts should also be in line with the benefits.
Customers need to make financial decisions all the time, and those decisions include whether their banking packages make sense. One of the worst banking experiences for a customer is where they were under the impression their account would cost a certain amount, only to find out that the package had other hidden fees. This does not encourage customer loyalty, and a customer that suffers this will be the first to act as a detractor for this bank.
Even if a product happens to be priced lower than others, it’s important for a bank to keep a certain level of standards. This includes the minimum service offering and access to various channels of transacting.
The pricing needs to be in line with the services provided and should also be in line with the industry standards. Regions and income levels will also affect the types of products banks should provide to customers and their relevant prices.
National Bank of Abu Dhabi Current Accounts
NBAD Etihad Guest Elite Gold Current Account
Customers who wish to get the most out of their traveling will find this account to meet their needs. Furthermore, it also provides a host of other benefits as well.
- The account provides customers with 1,000 Miles when they set up a salary transfer.
- Also, customers earn 3 Etihad Guest Miles for every AED 1,000 on their average monthly balance.
- Furthermore, customers are required to have a Total Relationship Balance of AED 500,000 or more within 2 months of opening the account.
- Customers are required to place a minimum opening deposit of AED 100,000.
- There is a 10% discount on Etihad Holidays. This is when customers use their NBAD Etihad Signature Debit Card.
- The account has no minimum balance requirement.
- Customers enjoy 4 free local fund transfers and 1 free international remittance per month.
- The first checkbook is free upon account opening.
- Finally, the account requires a minimum average balance of at least AED10,000.
NBAD Etihad Guest Account
This is a suitable account for those who want a simple account packed with many benefits.
- Customers earn 1.5 Etihad Guest Miles for every AED 1,000 on their average monthly balance.
- Furthermore, they will earn 500 bonus miles on their first salary transfer and first debit card purchase respectively.
- There is a 10% discount on Etihad Holidays with their NBAD Etihad Platinum Debit Card.
- This account is available to UAE residents only.
- Also, the account carries a minimum monthly salary requirement of AED 10,000.
- Customers who don’t plan on depositing their salaries in the account will need a minimum deposit of AED 10,000. If they do, there is no minimum balance required.
- The account provides 4 free local fund transfers and 1 free international remittance per month.
- Finally, the first checkbook on the account is free.
Elite Gold Current Account
This account provides customers with the highest level of service. Furthermore, customers also have access to Elite Gold Lounges in selected branches, among other things.
- This is a multi-currency account that has no minimum balance requirement.
- Customers have access to a lifeline overdraft facility with a maximum limit of up to 3 times their salary, with a maximum of AED 250,000.
- The account also provides free unlimited checkbooks.
- Furthermore, customers are required to maintain a Total Relationship Balance of AED 500,000 or above within the first 2 months of opening.
- Finally, the account is opened with a minimum opening deposit of AED 100,000.
NBAD One Current Account
The ideal account for those who require something simple and flexible. Furthermore, the account provides customers with hassle-free banking.
- Customers enjoy up to 6 free teller transactions per month.
- Also, customers can earn NBAD Stars on purchases and account balances.
- The account provides 4 free cash withdrawals at any ATM in the UAE.
- The first checkbook on the account is free. Customers may also stand the chance to qualify for discounts on processing fees for loans.
- Customers are required to have a minimum salary payment of AED 10,000 in the account each month or an initial deposit of AED 10,000.
- Finally, the debit card provides customers with complimentary airport lounge access across the Middle East with no prior booking. They simply need to show their MasterCard Platinum Debit Card.
Personal Current Account
This is a flexible current account with a load of benefits. Furthermore, this account is ideal for those opening their very first current account.
- Customers receive their first checkbook free with account opening.
- The account also provides free lounge access at selected airports.
- Also, customers enjoy free cash withdrawal at all NBAD ATMs in the UAE.
- Customers have access to a MasterCard Platinum Debit Card and other great lifestyle benefits.
- The account requires customers to keep an average balance of at least AED 3,000 or equivalent.
- Finally, customers can apply for a Lifeline Overdraft facility with this account.
One of the most popular current accounts is the one offered by Ally Bank. Read here to find out why.
What We Like About the National Bank of Abu Dhabi Current Accounts
These accounts provide customers with elite access from the entry-level account right up to the Elite levels. Customers not only benefit from world-class service and products, they also enjoy this at very low account fees. The fees are charged on the individual transactions, however, customers enjoy many transactions free per statement cycle.
Those who love to travel will find the Platinum MasterCard debit card that is linked to many of the accounts to open comfortable doors for them. Airport lounge access is simply sublime for weary travelers who need to perk up their energy reserves again.
Furthermore, the accounts are simple to open and simple to manage. Whether customers decide to do this online, via telephone, or in the branch.
Finally, those who require some help with their cash flow can apply for an overdraft facility to cover the odds and ends.
What We Don’t like About the Abu Dhabi Current Accounts
The entry level account requires a minimum deposit of AED 3,000, or customers are required to have their salary of a minimum of AED 3,000 paid into it. This makes it inaccessible to a large portion of the community. Those who don’t qualify are forced to look elsewhere for their very first current account.
The accounts are also mainly aimed at the middle to upper working class. Although the accounts provide great benefits, there is hardly anything special for professionals, students, seniors, and more. This makes the account offer quite limited.
Critical Reviews Rating National Bank of Abu Dhabi – 7 of 10
This is one of those banks that simply personify everything we love about banking. Fast, efficient, and at times even luxurious. That is why the rating is something we grudgingly give. We feel that this bank, with all its pomp and flair, can offer better. The elitist approach is costing this bank quite a bit, however, it might just be the strategy that places this bank at the top of the food chain.
If this is the case, then a “Bravo!” would suffice, however, the products are not a match on a global scale. The bank will need to be a bit more inclusionary before we can adjust this rating any higher.
Read here to find out why Standard Bank Current Accounts received this rating.