Alinma Bank Launched No-fee Instant Savings Service

As part of Alinma Bank’s effort to support the government’s 2020 Financial Sector Development Program, which promotes saving and prudent financial planning, Alinma Bank has launched its "Instant Savings" service, which allows bank partners (customers) to save either a fixed amount or a percentage on each of their purchases. The service is provided free of fees.

Speaking about the new service, Alinma Bank CEO and Managing Director, Mr. Abdulmohsen Al-Fares, said that the new service was in line with the bank’s commitment to meet the ever-evolving needs of its partners, including the need for effective, convenient mechanisms to grow personal savings and plan for the future. 

With Instant Savings, partners are able to easily register for the service through Alinma’s 24/7 self-service channels, where service settings can also be managed.  Once registered, partners can indicate whether they wish to save a fixed amount or a percentage on each of their in-store and online mada or credit card purchases.  They can also instruct the bank to either deposit saved amounts into an Alinma savings account, or to donate saved amounts to an Alinma-certified charity.

The service also includes a number of usedul features such as the ability to set maximum daily savings limits and minimum account balances. Partners may cancel the service at any time, using the bank’s self-service channels; and the service is provided free of registration fees.

It is worth noting that services such as Instant Savings are important tools for partners who wish work toward important goals such as education savings, marriage savings, or debt repayment. And in addition to Instant Savings, Alinma Bank provides its partners with a number of other useful saving and protection services that suit their needs.