Having a savings account is essential once you start earning, as such a bank account can help you in securing your capital along with attractive interest rates.
It is said that the earlier you start saving the better it is. This is why most people start saving from a very young age. Some parents even start savings account for their children so that their children have enough to kick-start their savings when they start earning. This is why multiple financial institutions in the UAE offer savings bank account for their children below the age of 18 years that can be opened and managed by parents. This article focuses on savings bank accounts for children and lists all the best bank accounts for kids in the UAE. Some of them are available for both UAE nationals and ex-pats, while others are exclusively for nationals. The article will cover the features and benefits of each account mentioned. You will also find a list of documents required to open those accounts. Let’s get started.
Most financial institutions allow parents to open a savings bank account for their children. Given below are some advantages of having a savings account for your kids:
Below we have stated the top ten financial institutions that allow parents to open savings account for their children along with the minor savings account they offer:
It is one of the most popular children’s accounts in the emirates. There are a plethora of benefits account holders can avail of with the Sehgaar Savings Account from Al Hilal Bank. Applicants can fill out the form online or connect with the contact centre to open this account. Another option is to visit the nearest bank branch and complete the documentation there.
All children below the age of 18 years are eligible to open this savings account via their parents. This children’s account in UAE can be opened by visiting the nearest branch of the Abu Dhabi Islamic Bank. Make sure to carry all the required documents with you when you visit the bank branch.
The RAKsave account is available to be opened for both minors and adults. In the case of minor applicants, the financial institution offers debit cards once they are above 18 years of age. Adult account holders get their debit card at the time of opening the account. Read below to know the advantages of having the RAKsave account.
The Mashreq Neo NXT account is a savings bank account designed specifically for teenagers. In the case of the Neo NXT, you can open a bank account for teenagers online or by visiting the nearest bank branch in person.
The CBD bank account for kids – Mustaqbali – is a child savings plan that allows parents to invest in their child’s future by adding small amounts of funds to the savings plan periodically. To open a CBD Mustaqbali savings plan, you can submit an online application form or visit the nearest branch of the bank.
The Shaatir savings account is a popular children’s account offered by Dubai Islamic Bank. Parents can submit online applications to open a Shaatir savings account or go to a DIB bank branch to carry out the process offline.
This type of account can be opened for both kids (below the age of 13 years) and teenagers (between the age of 13-21 years). Applicants can open the account via the bank’s mobile app or by consulting a bank representative in person.
Ajman Bank #YOUNG Account is considered to be one of the best bank accounts for children’s savings accounts. The process to open a #YOUNG Account can be completed online as well as offline. Either submit an online application or go to your nearest branch of Ajman bank to open the account. Make sure you keep all the required documents handy.
Opening an ADIB Amwali savings account allow users to earn while learning to handle their savings effectively. To apply for the Amwali Savings Account, you install the ADIB mobile app and submit an online application or complete the documentation in person by visiting a nearby ADIB branch.
A unique savings account for minors, Emirates NBD EarlySaver Account promotes habits of savings among kids and helps parents build a corpus for them. The account also offers deals for parents to enjoy day outs with their children. To open this children’s account in UAE, fill out an online application or go to your nearest branch of Emirates NBD to open the account offline.
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