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Earn higher interest through fitness

Commercial Bank of Dubai has launched a new mobile app, CBD Active Saver, that allows what the bank describes as ‘fitness-conscious customers’ to earn higher interest rates on their savings based on the number of steps taken each day. According to an official of the bank, the app promotes fitness and health among the bank’s customers while giving them increased financial benefits. The savings rate of 0.2% rises to 0.3% once Dh250,000 is in the account, and reaches a maximum of 1.5% 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 in future it will be available for programs on iOS and Android devices such as Android’s S Health.

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