Sarwa launches Sarwa Save, offering users a cash account with a 3% interest rate and zero account minimums 

Sarwa, a UAE-based investing platform and app with over 100,000 registered users, has launched its new product Sarwa Save.

Sarwa Save is a cash account with high yields, a new addition to the line of investment offerings under Sarwa. It provides many key advantages in today’s market: a 3% interest rate, zero transfer cost for AED local accounts, no account minimums, no management fees, as well as easy and fast online onboarding. 

“While we are strong believers in long-term passive investing, we are also conscious of how market conditions might affect short/medium-term goals. Having a short-term investing option is an important part of a good financial plan. Our clients were asking for a product to park their cash while earning returns, with the same easy access and simple experience as their Sarwa Invest, Sarwa Trade and Sarwa Crypto accounts. As always, we listened to our community and decided to launch our fourth pillar: Sarwa Save,” said Mark Chahwan, Co-founder and CEO of Sarwa. 

This added product makes it easier than ever to centralise all different investments a client looks for in one app, from hands-off long-term investing to self-directed trading, and an option of interest on cash. 

For those looking for a sharia-compliant equivalent, Sarwa also offers Save Halal, a low-risk money market funds portfolio, which consists of cash and cash-equivalent securities projecting a return of 3%, net of all fees.

Recent studies showed that 43% of affluent individuals in the UAE cited that the Covid-19 pandemic weakened their confidence in their finances, preventing them from achieving their financial goals. For those not investing, 35% of the total surveyed said general financial market volatility was the cause of their lower confidence, 30% said the fear of poor returns, while 26% said it was the complexity of developing an investment strategy. 

Sarwa Save was developed with these insights in mind and offers a stepping stone for those who are about to start their investment journey or investors that want to earn returns on their parked cash. 

Clients can give different names to their Sarwa Save account, from ‘emergency account,' ‘daycare tuition’ to ‘new car’ or ‘fight inflation,' to help them focus on the end goal. 

Overview of Sarwa Save: 

• 3% interest rate
• Easy online onboarding and access to human advisors
• No withdrawal fees. No lock-in periods
• No account minimums
• No management fees
• Zero transfer costs for AED local accounts
• Integration with Sarwa Invest accounts, easy no-fee transfers

“The average yield on saving accounts in the U.A.E banks is around 0.8% as it stands today. Sarwa Save offers almost 4x this amount. Diversification is at the essence of a sound investment strategy, and we’re happy to continue expanding our range of wealth management products," added Mark Chahwan. "Our aim is to help everyone reach their financial goals by managing their money through different tools, all in one place.”

Sarwa Save is available to new and existing clients through the Sarwa website and mobile app.