Islamic banks, traditional banks and neobanks. Compare fees, savings, home financing (murabaha) and cards.
This comparison puts 10 banks in Saudi Arabia side by side, among them Al Rajhi Bank, SNB (Saudi National Bank), Riyad Bank, Banque Saudi Fransi (BSF). They belong to different families, branch banks, neobanks, and that distinction explains most of the pricing differences: a branch bank charges for the account and the branch network, an online bank rarely charges for the account but sends you to the phone, and a neobank costs almost nothing and almost never lends. The table compares account fees, the debit card, overdraft, savings, mortgages, foreign transaction costs and mobile payment, line by line and without an overall score, because an average hides exactly what matters to you. Dedicated offers are broken out for students, youth, premium and business, because the account that suits a student on no income is rarely the one that suits a business.
Select 2 to 4 banks.
Traditional Banks
Neobanks
| Criteria | Al Rajhi Bank Traditional | SNB (Saudi National Bank) Traditional | STC Bank (ex-STC Pay) Neobank |
|---|---|---|---|
Monthly Fee | Free | Free | Free |
Debit Card | mada | mada | mada / Visa Prepaid |
Minimum Balance | None | None | None |
Payment Facility | Not available (Sharia-compliant) | Financing depending on profile | Not available |
Mobile App | Mobile app | Mobile app | Mobile app |
Branches | Branch network | Branch network | 100% digital |
Instant Transfer | Free (sarie / IPS) | Free (sarie / IPS) | Instant transfers between users |
Savings (Sharia-compliant) | Deposits and savings (yield per bank; SAMA repo rate 4.50%) | Deposits and savings (yield per bank; SAMA repo rate 4.50%) | Deposits and savings (yield per bank; SAMA repo rate 4.50%) |
Home Finance (Murabaha) | Home finance (margin depends on profile, SAIBOR benchmark) | Home finance (margin depends on profile, SAIBOR benchmark) | Not available |
Investing | Al Rajhi funds, stocks, sukuk | SNB Capital, funds, stocks, sukuk | Investing via partners |
Credit Cards | Visa / MC (Sharia-compliant) | Visa / MC, Darahim rewards | Prepaid card only |
Apple / mada Pay | Apple Pay + mada Pay | Apple Pay + mada Pay | Apple Pay + mada Pay |
Checks | Available | Available | Not available |
Foreign Fees | See the bank's price list | See the bank's price list | See the bank's price list |
Welcome Bonus | Per current offers | Per current offers | Per current offers |
Students, youth, premium and business.
| Bank | Available | Offer | Price | Card | Details |
|---|---|---|---|---|---|
Al Rajhi Bank | Compte universitaire | Depends on age | mada | Youth terms | |
SNB (Saudi National Bank) | Compte étudiant SNB | Depends on age | mada | Youth terms | |
Riyad Bank | Compte étudiant Riyad | Depends on age | mada | Youth terms | |
Banque Saudi Fransi (BSF) | Compte étudiant BSF | Depends on age | mada | Youth terms | |
Arab National Bank (ANB) | Compte étudiant ANB | Depends on age | mada | Youth terms | |
Alinma Bank | Compte étudiant Alinma | Depends on age | mada | Youth terms | |
STC Bank (ex-STC Pay) | STC Bank | Depends on age | Visa Prepaid | Youth terms | |
D360 Bank | D360 (Standard) | Depends on age | mada | Youth terms | |
Saudi Awwal Bank (SAB) | Compte étudiant SAB | Depends on age | mada | Youth terms | |
Bank AlJazira | Compte Fawri étudiant | Depends on age | mada | Youth terms |
* Terms for students and young people vary by bank; opening requires a national ID or a valid iqama.
Our recommendations based on your situation.
Free account, digital services, great for starting out.
D360: the Kingdom's first Sharia-compliant digital bank, opened from the app. STC Bank (formerly STC Pay): digital bank of the STC ecosystem, instant transfers.
Best value with comprehensive banking services.
Alinma: modern Islamic bank, excellent app, low fees. Riyad Bank: extensive network, investments via Riyad Capital.
Need home financing (murabaha) and in-branch advice.
Al Rajhi: leader in Islamic home finance (murabaha), extensive branch network. SNB: the country's largest bank by assets.
Minimize forex fees and international transfers.
SAB: HSBC international network, ideal for expats. BSF: Credit Agricole expertise, French-speaking services, international finance.
Business account and Islamic financing.
SNB: largest bank by assets, full trade finance, LC, cash management. Al Rajhi: extensive network, leading Islamic finance.
Premium services and wealth management.
SNB: preferred banking and SNB Capital for wealth management. Al Rajhi: Sharia-compliant premium offer.
For Islamic home finance: Al Rajhi. For size and full services: SNB, the country's largest bank. For digital: D360 Bank or STC Bank (formerly STC Pay). For an expat, access is the deciding factor: opening requires a valid iqama, and minimum salary requirements vary by bank. The SAMA repo rate is 4.50%.
Murabaha is an Islamic financing method where the bank purchases the asset and resells it to the customer at an agreed-upon profit margin. It is the most common home financing method in Saudi Arabia, Sharia-compliant as it does not involve interest (riba).
SAMA (Saudi Arabian Monetary Authority / Saudi Central Bank) regulates all banks, insurance companies and financing companies in the Kingdom. It protects depositors, supervises Sharia compliance and ensures financial stability. It also publishes benchmark rates, authorises new financial products and caps household borrowing as a share of salary, in order to limit over-indebtedness.
Yes, all residents with a valid iqama can open a bank account in Saudi Arabia. You typically need the original iqama, an employer letter, and to complete the KYC (Know Your Customer) form. Some neobanks like D360 allow 100% online opening.
Murabaha is a cost-plus sale: the bank buys the asset then resells it to you at a profit. Ijara is a lease-to-own arrangement: the bank buys the asset, leases it to you, and ownership transfers at the end. Both are Sharia-compliant.
Yes, SAMA supervises all banks and ensures banking system stability. While there is no explicit deposit insurance scheme like in Europe, Saudi banks are very well-capitalized and regulated. Deposits in SAMA-licensed banks are considered very safe. There is no formal deposit insurance scheme comparable to the European one, but the central bank has intervened to protect depositors in the past, and the largest local banks are seen as implicitly state-backed.
mada is Saudi Arabia's national payment network, equivalent to Visa/Mastercard Debit locally. All Saudi banks issue mada cards that work at POS terminals and ATMs in the Kingdom. mada Pay is the associated mobile wallet, compatible with Apple Pay. In 2025, mada also supports NFC contactless payments.
Nearly all. Some banks like Al Rajhi, Alinma and Bank AlJazira are 100% Islamic since inception. Others like SNB and Riyad Bank offer both conventional and Islamic products through dedicated Islamic windows. SAMA requires all Islamic products to be certified by an independent Sharia compliance committee.
The Saudi banking sector is undergoing an unprecedented transformation, driven by the Kingdom's Vision 2030 which aims to diversify the economy and establish Saudi Arabia as a global financial hub. With major players like Al Rajhi Bank, the world's largest Islamic bank by market capitalization, and Saudi National Bank (SNB), formed from the 2021 merger of National Commercial Bank and Samba Financial Group to become the country's largest bank, the market offers a comprehensive range of financial services. The Saudi Central Bank (SAMA), the sector's regulator since 1952, ensures system stability and consumer protection. A distinctive feature of the Saudi market is that all banks offer Sharia-compliant products, whether they are fully Islamic institutions or universal banks with dedicated Islamic windows.
The Saudi banking market has about a dozen local commercial banks. Fully Islamic banks – Al Rajhi Bank, Alinma Bank and Bank AlJazira – have followed Islamic finance principles since inception. Universal banks such as Saudi National Bank (SNB), Riyad Bank and Banque Saudi Fransi offer both conventional services and Sharia-compliant products. Saudi Awwal Bank (SAB), born of the HSBC partnership, combines international expertise with local roots.
Vision 2030's financial strategy has profoundly reshaped Saudi banking. The Financial Sector Development Program (FSDP) promotes digital payments and competition. SAMA has introduced an open banking framework allowing fintechs to access bank data with customer consent, and the Fintech Saudi programme, launched in 2018, has made Riyadh a dynamic fintech hub.
D360 Bank presents itself as the Kingdom's first Sharia-compliant digital bank: account opening from the app, with no branches. STC Pay, launched by Saudi Telecom Company, obtained its banking licence and became STC Bank, offering instant transfers, cards and payments built into the STC ecosystem.
The national mada payment network, run by Saudi Payments (a SAMA subsidiary), links all Saudi banks: cash withdrawals, in-store and online payments, contactless via Apple Pay, Samsung Pay and Google Pay. SARIE enables real-time interbank transfers, 24/7. On the fintech side, Tamara and Tabby lead buy now, pay later, and the big banks have built full-featured apps.
Home financing in Saudi Arabia is primarily based on murabaha, an Islamic contract in which the bank purchases the property and resells it to the customer at a marked-up price, with a payment schedule of up to 25 or 30 years. The alternative is ijara (lease-to-own), where the bank purchases the property and leases it to the customer, with ownership transferring at the end of the contract. Al Rajhi Bank dominates the home financing market with the largest market share, followed by SNB and Riyad Bank. The government's Sakani program, launched under Vision 2030, aims to increase the Saudi household homeownership rate to 70%, offering subsidies, free land plots and preferential financing rates through the Real Estate Development Fund (REDF).
On the savings side, Saudi Arabia offers a notable advantage: the absence of personal income tax, meaning that returns on savings accounts and time deposits are not taxed. Savings accounts offer competitive rates, based on the mudaraba principle (profit-sharing) for Islamic products. Time deposits (fixed-term mudaraba) provide higher returns, generally indexed to SAIBOR (Saudi Arabia Interbank Offered Rate). Several banks also offer Sharia-compliant investment funds, allowing savers to diversify their investments across equities, sukuk (Islamic bonds) and real estate. Al Rajhi Bank and SNB are the market leaders in savings products, with digital solutions enabling customers to manage their investments directly from their mobile apps.
Choosing a bank in Saudi Arabia depends on several essential criteria. Salary transfer is a determining factor: most banks offer preferential conditions (reduced financing rates, higher credit limits, free credit cards) to customers who have their salary deposited with them. The SIMAH credit bureau (Saudi Credit Bureau), equivalent to a credit score, plays a central role in accessing financing: a good SIMAH score opens the door to better home financing conditions and credit cards. It is advisable to check your score regularly and maintain a flawless payment history.
To open a bank account, Saudi nationals must present their national ID card (Huwiyya), while expatriates need their valid residence permit (Iqama). Most banks now allow online account opening through integration with the government's Absher platform, which facilitates digital identity verification and biometric authentication. SAMA ensures rigorous consumer protection, requiring banks to be transparent about fees, rates and contractual terms, and offering a complaint mechanism accessible through its online portal. Finally, for Muslim savers, the question of zakat on bank deposits is important: although zakat is calculated at 2.5% on assets exceeding the nisab (minimum threshold), some banks offer automatic zakat calculation services and facilitate its payment to authorized organizations.
* Data checked in October 2026 (SAMA, STC Bank); it may vary. This comparison is for informational purposes only and is not financial advice. Supervised by SAMA.