Top 5 Best Savings Accounts in Jordan (2020)
Jordan has quite a few good savings accounts, although the rates they offer aren’t that high compared to other countries. This is due to Jordan’s Government having a relatively low interest rate on the bonds they create, largely because the inflation rate in Jordan is quite low. This causes banks not have as much to pass down to you.
Due of all this while there’s some decent accounts that we’ll go over below we’d still say if you have substantial sums of money, more than a few months of your living expenses, then you should consider investing it into real estate or stocks/equities/gold/silver rather than in a savings account, as in the long-term they would preserve your wealth better than a savings account.
We’d still say holding 3-6months of your living expenses in a savings account is a good idea for the vast majority of people.
Our Favorite Account: Capital Bank's Premium Savings Account
This is the account we’d personally say is best for most people who are looking into getting a savings account in Jordan. It offers a fantastic 1.5% interest rate, which is close to the inflation rate in Jordan, and allows you to withdraw your money any time you need it without penalty.
There’s a couple downsides to this account — namely they don’t have the best online interfaces and you have to go in branch to open the account. You also must have 1000 JOD to open the account, which isn’t something everyone has on hand when they’re just starting to save a portion of their income.
Overall if you have 1000 JOD this is probably the account you’d want to go with, although there’s reasons to go with the other accounts below if you’re looking for something different than just a standard savings account with a good interest rate. You can review the account on Capital Bank’s accounts page on their website, and see the other features it has such as free life/disability insurance, however we don’t believe those other features to be very relevant to most individuals.
Best For Digital Banking & Small Savings: Bank Al Etihad's Savings Account
If you’re younger and more interested in a good interface, ease of banking, and building your credit through credit cards, then Bank Al Etihad would be a great option. They don’t stick to a single interest rate, so their rate varies, but generally it’s around 1% per year currently.
The main advantage they have over other banks is their easy to use online interface and their extremely modern website/apps, however another benefit of having your savings account with them is that you’ll have an easier time getting a credit card with them or a loan of some sort. Generally we’d say paying in cash is better than getting a loan for a purchase such as a vehicle or even a mortgage due to the relatively high interest rate mortgages have in Jordan currently.
Overall unless you only have a hundred or so JOD and want to just start savings then one of the other accounts would probably be a better option in the long-term, unless you just really want an easy to use and open account — as you can open this account online or through their mobile app.
Best for Wealthy Individuals: Jordan Kuwait Bank's Term Deposit Account
If you have over 5000 JOD and aren’t planning to spend it anytime soon I’d say this is the best account available for you — it offers between 1.5% and 2.5% per year in interest depending on how long you keep your money in the account (1 month to 12 months+).
The downside to this account is like we mentioned, it’s only accessible for people with 5000+ JOD to keep in this account, as otherwise they provide a horrible 0.5% interest rate, which is worse than all the other savings accounts we covered in this article. If you don’t have that much money but would still like to bank with Jordan Kuwait Bank, then we’d say their Golden Savings account that we cover below is a better option at 0.75% interest rate per year and no restrictions or extras fees.
You must open this account in person at a physical branch or location at this time as they’ve yet to update their website with the ability to open an account online.
Best for Foreign Currency Savings: Standard Charter Savings Account
If you don’t want to keep your money in JOD then Standard Charter generally offers the best rates for other currencies — or at least allows you to have them in your account unlike most Jordan banks. Rates are generally between 0.5% and 1.5% in the foreign currencies, however some such as the Euro often yield 0%.
This account isn’t right for most people as their expenses aren’t in foreign currencies, and the point of having a savings account is to provide you safety in case you lose much of your income and need to continue paying your living expenses while you get a new job or for your business to improve. However for some it may be a good option, so we included it none the less. You can save in USD, GBP, EUR, AUD, CAD, AED, JPY, or CHF in this account, which makes it suitable for most foreign-currency saving needs.
Unfortunately you generally need to open this account in person at a physical branch/location due to certain regulations in Jordan when it comes to handling foreign currency deposits/holdings. You can read about the specific requirements/documents you’d need to open this account on the savings account page of their website.
An Overall Decent Account: JKB's Golden Savings Account
We briefly touched on this account in another section of this article — but overall this is an account that offers slightly above rates compared to other Jordanian banks. It’s still lower than most of the other accounts mentioned in this article at only 0.75%, however it’s still better than other savings accounts in Jordan so we figured we’d include it here.
While we’d personally use one of the other accounts in this list, if you already bank with JKB and have had good experiences with them you aren’t losing out on much having your savings account with them as well.
You can’t apply for their accounts online due to their outdated digital infrastructure — you must apply in a physical branch/location. Ensure if you apply for this account you get the golden savings account rather than their regular account which has an interest rate of only 0.5% instead of 0.75%.
According to their online page for the account you can hold foreign currencies in it, however from what we’ve experienced/been told the rates they provide for foreign currencies are next to or actually 0%, so we wouldn’t use this account for holding foreign currencies.