High Interest Rates on Deposits in Doha?
By xpatadventure •
Hi All,
It's time to start saving money. It's quite difficult due to high cost of living here in Doha, but I figure what's the purpose of moving here and not saving anything.
So please tell me where/what bank offers attractive interest rates on deposits (saving, fixed, fund, etc.). I checked some of banks' websites but they usually don't post interest rates.
Any comment greatly appreciated.
Thanks
P.S. I don't loan $$$
Thanks for your comments. I checked Mashreqba and it currently offers 3% only.
For your info, IBQ offers 5% interest rate on saving account. However, I would like to bank somewhere else except IBQ. Do you know any other bank offer similar/better than IBQ?
Thanks.
Interest rates are floated in Qatar. It is up to each individual bank to decide how much to pay you on your deposit. So, it is the bargaining power of the individual or company opening the account vis-a-vis the bank's representative employee or branch manager; the value of your deposit; the type of account being opened and the length of time period you will hold your money with the bank without any withdrawal or the term of the deposit.
In breif, you have to shop around and bargain with them for the best rate of interest that you can get.
Good luck.
Balders, the e-savings rate has been dropping steadily for a while and is now 2.75% p.a!
Mashreq's easy savers account offers 4% . Don't know that much about it though.
http://www.mashreqbank.com.qa/personal/deposits-and-growth/savings/easy-saver.asp
I have an eSaving account with CBQ that pays around 5% :o)