Al-Watani Offers Comprehensive Savings Solutions to Help Customers Achieve Their Financial Goals
National Bank of Kuwait continues to develop its innovative banking solutions to help customers achieve their financial goals and promote a savings culture, through a comprehensive suite of solutions designed to meet diverse needs, whether they are short- and medium-term objectives or long-term plans requiring the accumulation of savings and wealth growth.
The Bank offers customers two savings pathways, enabling them to choose the most suitable solution based on their financial goals and future needs. The first is the Electronic Savings Account, dedicated to short- and medium-term savings goals, while the second is the Fixed Savings Account, designed for long-term objectives. This dual approach provides customers with the flexibility to achieve their current goals and the confidence to plan for their financial future.
**Electronic Savings Account**
The National Bank’s Electronic Savings Account is a fully digital savings account that customers can open and manage entirely online via the NBK Mobile app. It allows customers to create a personalized savings plan and track their progress toward achieving their financial goals step by step, from anywhere and at any time.
Upon opening the account, customers can select a savings plan duration ranging from one month to five years, with a target amount starting from 200 Kuwaiti Dinars (KWD) and reaching up to 5,000 KWD. This offers significant flexibility to meet various short- and medium-term financial needs.
The Electronic Savings Account is suitable for a wide range of financial requirements, such as planning for holidays and travel, purchasing appliances and personal items, preparing for marriage or engagement, covering education and training costs, and building an emergency fund.
The account relies on a set of smart tools that make saving a natural part of daily life. These include the “Auto Saver” service, which automatically transfers fixed amounts periodically into the savings account; the “Save the Change” service, which rounds up purchases made at point-of-sale terminals or online and transfers the difference directly to the account; and the “Tap to Save” feature, which allows customers to transfer a pre-defined amount to their savings account with a single tap via the NBK Mobile app.
The account also offers flexible reward options, allowing customers to choose between receiving monthly interest with competitive returns or accumulating Electronic Savings Account loyalty points upon achieving their savings goal within the specified timeframe. These points can be redeemed for electronic vouchers from a variety of brands.
**Fixed Savings Account**
For customers planning to achieve long-term financial goals, National Bank of Kuwait offers the Fixed Savings Account, which helps them build their savings through a clear plan combining regular savings with guaranteed returns.
The account allows customers to set savings goals ranging from 5,000 to 50,000 KWD, through a savings plan spanning five to 15 years. During this period, a fixed monthly amount is deducted via a standing order from the customer’s primary account to the Fixed Savings Account. This helps customers adhere to a regular savings plan and achieve their future objectives in a structured manner.
The account is well-suited for long-term goals, such as preparing for a future home purchase, financing children’s university education, establishing a personal business, planning for a more comfortable and stable retirement, and building long-term wealth through regular savings and guaranteed returns.
The account offers greater clarity in financial planning, as the interest rate is agreed upon at the time of account opening and remains fixed throughout the savings plan duration. This enables customers to know their expected returns in advance and build their financial plans with greater confidence. Interest is calculated daily on the account balance at the end of each day and paid out monthly.
Interest rates stand at 3.25% for plans ranging from five to seven years, 3.75% for plans spanning seven to ten years, and up to 4% for plans lasting between ten and fifteen years. Customers can open the account via the NBK Mobile app or by visiting their nearest bank branch.
The introduction of these solutions aligns with National Bank of Kuwait’s strategy to enhance digital innovation and develop more accessible and flexible banking products. These initiatives help customers manage their finances more effectively and transform saving into a financial habit that supports the achievement of their goals and future aspirations.
By combining the Electronic Savings Account for short- and medium-term goals with the Fixed Savings Account for long-term objectives, National Bank of Kuwait continues to provide a comprehensive savings ecosystem that meets diverse customer needs. It equips customers with the appropriate tools to achieve their financial goals, whether they involve near-term plans or long-term ambitions spanning many years.
