A Dubai bank has taken steps to make money from savings accounts more interesting.
Commercial Bank of Dubai on Tuesday launched a new mobile app, CBD Active Saver, that allows “fitness-conscious customers” to earn higher interest rates on their savings based on the number of steps taken each day.
“The app promotes fitness and health among our customers while giving them increased financial benefits,” said Murray Sims, personal banking general manager of CBD.
The savings rate of 0.2 per cent rises to 0.3 per cent once Dh250,000 is in the account, and reaches a maximum of 1.5 per cent on savings of Dh1 million or more.
To get going, there are five sets of goals beginning at 5,000 steps with 2,500 step increments going up to 15,000 steps. Once these goals are completed, CBD will give new weekly targets for customers.
Customers can download and install the app on a mobile device using the number registered with CBD. For those without CBD accounts, a one month trial period is available.
The app currently only works with Fitbit or Jawbone fitness devices, although next month it will be available for programmes on iOS and Android devices such as Android’s S Health.
Reem Kassab, Abu Dhabi-based fitness instructor, said that while she didn’t consider fitness trackers entirely accurate, they were a motivational tool. “I believe the key to optimum health is 70 per cent good eating habits and 30 per cent exercise,” she said. “Too often, people over-train and end up over-eating.”
According to Achillefs Manolopoulos, the head of digital channels at CBD, the bank’s goal right now is to engage with its existing customer base and offer value to them.
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