Unique offering from Emirates NBD aims to encourage customers to exercise to higher interest rates on bank account
A bank in the United Arab Emirates has launched a new account that offers money off for customers who use a wearable to track their health.
Emirates NBD’s Fitness Account will allow saves to earn up to two per cent annual interest on their balances by doing more physical activity.
Customers will start with a base rate of 0.25 per cent, with interest rates rising depending on how many steps they take each day. It will climb to 0.5 per cent when they clock 5,000 steps, then 1.0 per cent 8,000 steps, reaching 2.0 per cent when they pass 12,000 steps.
Steps taken will be measured by a wearable, such as an Apple Watch or another compatible device, using the bank’s Fitness App, which translates to the steps to interest on the account balances at the end of each day.
It is part of the NBD’s “Health is wealth” scheme, which also includes free insurance cover of AED 100,000 provided by global insurer MetLife, plus vouchers and rewards from sports and fitness bands such as Fitness First and ADIDAS.
Emirates NBD senior EVP for retail banking and wealth management Suvo Sarkar said: “The Emirates NBD Fitness Account heralds a new phase in digital banking as it effectively combines customers’ health and lifestyle goals with their banking needs.
“In conjunction with leading brands in the fitness space, we are offering customers a holistic value proposition where health, wealth and technology merge to provide a truly distinctive customer experience.”