Top 3 Best Savings Accounts in Lebanon (2020)
Lebanon’s banks are some of the greediest and most charge lots of fees — none of the banks we include here charge you for an account like most banks in Lebanon do. In fact most of these accounts have almost no fees at all and at worse a very small maintenance fee of <3% of the yield the accounts provide.
We’ll be covering two of the best traditional savings accounts in Lebanon that offer competitive interest rates and no fees — as well as one Shari’a Compliant Savings Account which doesn’t offer set interest rates but rather distributes proceeds from investments they make.
Overall these are the only accounts we think are worth considering if you live in Lebanon, as other banks in lebanon charge ridiculous fees and generally have questionable banking practices that present risks that we personally wouldn’t be comfortable with taking with our savings.
Our Top Choice: Bank Audi's Deposit Account
We’d say this is the best choice so long as you don’t want a Shari’a Compliant account as it’s one of the biggest and most well-capitalized banks in all of Lebanon, and is extremely transparent compared to most banks in Lebanon.
The account only offers between 0.5% and 3% or so on deposits depending on which currency you keep with the bank and how much. The fees for this account are $2 USD a month and the account has a minimum of $1000 USD per month, so factoring in the fees if you deposit in Lebanese Pounds you’ll easily turn a slight profit even at with the minimum account deposit of $1000.
Bank Audi has locations throughout most populated cities and the most ATM’s of any bank in Lebanon last we checked — which makes banking with them overall the easiest in person — as well as online since their online site is also fantastic and includes live-chat features. You can check out this account further on Bank Audi’s website by clicking here.
An Overall Decent Account: Bank of Beiruit's Savings Account
This account doesn’t have any real advantages over our top choice — but not really negatives either. It’s about the same, however the interest rates they offer are a bit lower (0.3% to 2.5%~ last we checked) than Bank Audi’s offerings and the bank doesn’t have as good of a website or other technology features that makes banking with Audi so easy.
Regardless if you just don’t like Bank Audi and have had a bad experience with them we’d go with Bank Beirut unless you want a Shari’a compliant savings account as Bank beiruit is otherwise exactly like Bank Audi with similar account minimums. The only real difference is Bank Audi charges a fee for the account, while Bank Beiruit doesn’t — but the lower interest rate makes the actual realized yield of the savings accounts nearly identical.
You can view the online account page for this savings account by clicking here, but it doesn’t have much information and you’d have to go into a physical location to open an account or ask any questions about the account.
Best Islamic Savings Account: Arab Finance House's Saving Account
This would probably be our second choice as from what we’ve heard you can expect about a 2% return from their shared investment earnings from your deposits and the account has no fees whatsoever so long as you keep a decent amount of money in the account and don’t abandon the account for multiple years.
More importantly if you do care about Shari’a compliant banking this bank doesn’t just offer such banking — it’s ENTIRELY an Islamic Bank. We prefer to stick to Islamic-Only banks when suggesting Shari’a Compliant accounts as it’s our belief that giving a portion of the profits of the investments that then uses those proceeds in predatory ways that wouldn’t fit with Shari’a guidelines against usury just isn’t the optimal choice even if not technically haram.
Overall they’re probably the safest savings account in our view, which makes them our second choice — only coming second to Bank Audi due to not guaranteeing an interest rate which we know is important to many people. If it’s not important to you and prefer a more ethical bank, then Arab Finance House would probably be a better choice. You can review this account and get in contact with the bank to open an account through this page on their website.