1. Move your money to a savings account that pays a high rate of interest while giving you the flexibility to withdraw your money when you need to. There are many banks that now offer e- saver accounts which offer full liquidity while paying you over 2% p.a.
2. Find a bank that offers free ATM cash withdrawals. Most banks in UAE offer free cash withdrawals but charge a small fee if you use the UAE Switch. If you use an ATM regularly and pay a charge for using it, it's time to change banks.
3. Consolidate your accounts to one bank. If you have several bank accounts, consolidating them at one bank can give you leverage to get discounted services. The more banking you do, the more leverage you're likely to have to negotiate on little fees and charges that can add up over time.
4. Choose your payroll bank wisely. Banks give you much cheaper loans and facilities if they get your payroll credited every month. Also, it allows you to set up direct debits for all loans so you never end up paying late payment charges or extra interest. Simply ask your bank what incentives it gives to customers who deposit their payroll.
5. Close accounts you don't use. Banks frequently change the terms of accounts, and an account that is forgotten or not used could very well be drained of any money in it through newly enacted monthly fees. Even worse, once the account hits a negative balance (due to the monthly fees), it will incur even more fees for not having money in it.
6. Use online banking to regularly check your accounts and credit cards. In case there are any issues, you can raise them with the bank before it is too late and you are asked to foot the bill for some error.
7. Check the interest rates on your home loans, car loans and personal loans every year to compare them with current rates in the market. Often, you can save a lot by simply switching your loans to another bank.
8. Do an online financial health check-up to measure your financial health and see if you are prepared for the future. It should be useful to look at how much you saving versus what you need to save.
9. Choose a credit card wisely - a lot of credit cards give you good benefits that can save you a lot of money. So check what suits your need and take a card that meets your requirements.
10. Make a budget and stick to it. It is extremely important to create a balanced budget (as per your financial situation) and keep a tab on where you are spending your money. There are FREE expense trackers that you can use for this purpose.