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Wed 25 Feb 2009 02:55 PM

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Financial crisis dents confidence in Gulf banks - poll

One third say they are not tempted to save by increased interest rates - online survey.

More than third of those responding to an online poll have said they are keeping their cash at home rather than depositing it a savings account, because they have lost all trust in the banking and finance sectors.

The survey by Arabian Business has revealed that 32.8 percent of responders had become disillusioned with the finance and banking industries since the economic downturn and credit crisis.

However, a similar proportion, 30.2 percent, said that they were planning to start saving more in the wake of improved interested rates for fixed deposits, which are now being offered by several UAE banks in a bid to improve their loan to deposit ratios.

A further 29.1 percent said they were planning on saving more, but not for another six months as they have to get their loan repayments in order first.

The minority, totalling 7.8 percent, reported that they were intending to invest all their cash, ratehr than take the safer saving option.

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angelo 11 years ago

I does not help when a bank that I use charges 40Dhm per month on a Savings account - the interest doesnt cover their charges. I have NEVER been chared ANY fees on a Savings account before this. Oh - I have to use this bank because the company I work for will only pay your salery into banks they are affiliated to - If you want to use another bank you have to transfer the funds form their associated bank into the bank of YOUR choice -

Mike 11 years ago

I withdrew 90% of my money from personal accounts and company accounts and keep only enough to clear monthly checks. If the banks start going under I don't expect to get a warning from any bank CEOs. They will only talk about it after the the fact, when we will have to wait in line to see how much of our money we can get back. It's happened in the US, UK and Japan, don't think it won't happen here.