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Best Bank Account for Kids in the UAE

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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.

Significance of Bank Account for Kids

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:

  • Children learn money management in the early stages of life when they have a savings account and understand the concept. 
  • Such bank accounts help children to start saving money from an early age and hence give them a head start. 
  • Having a minor savings account also helps children learn about investment and wealth growth.
  • Minor savings accounts serve as a great way to build up emergency funds for children. 

Best Bank Account for Children’s Savings Accounts

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:

Al Hilal Bank Seghaar Savings Account

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.

Key Features and Benefits

  • It is a Shariah Compliant account.
  • It is a zero-balance account so, no minimum balance is required to be maintained in the bank account.
  • This savings account is available in AED.
  • Holders get a free personalized debit card and e-statement.
  • Bank account holders can access their accounts via net banking, mobile banking and SMS banking.  
  • The banking service is available 24*7.
  • The Sheghaar savings account offers a monthly profit distribution facility.
  • Provision of thumb impression recognition.

Documents Required

  • Passport of both the minor and the guardian
  • Emirates ID of both the minor and the guardian
  • Minor’s birth certificate (only if the mother is opening the account)

ADIB Banoon Children’s Savings Account

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.

Features and Benefits

  • Both UAE nationals and ex-pats can open an ADIB Banoon account.
  • Mothers can open an account under the Hiba contract.
  • Fathers can open the account under the Mudarabah contract.
  • Get a free Darhoom prepaid card upon opening the ADIB Banoon Children’s savings account.
  • No minimum balance required to be maintained in the account.
  • Enjoy an attractive profit rate.
  • Bank account holders can withdraw unlimited cash via the teller service.
  • The profit is calculated on a monthly basis and paid out every quarter.
  • Individuals receive regular updates on their regular account activities through a free SMS service.
  • An initial deposit of AED 1000 is required to open the account.

Documents Required

  • An ID proof or passport of the guardian
  • An ID proof or passport of the minor
  • Valid resident visa for ex-pats

RAKsave Account for Minors 

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. 

Key Features and Benefits

  • It is an interest-bearing savings account.
  • Get a free debit card upon opening the account.
  • The debit card is operational in all ATMs in the UAE.
  • Account holders get monthly account statements to track their account activity.
  • A zero minimum balance is required for the first three months to maintain the RAKsave account.
  • A minimum balance of AED 3000 is required to maintain the account after three months of opening it.
  • Interest is calculated on a monthly basis and paid out half yearly.

Documents Required

  • Copy of Emirates ID of the guardian
  • A valid copy of the resident visa of the guardian
  • Copy of passport of the guardian
  • Copy of Emirates ID of the minor
  • Copy of resident visa of the minor
  • Residential address proof

Mashreq Neo NXT

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.

Key Features and Benefits

  • Parents who are currently Mashreq customers can open a Mashreq Neo NXT account for their children.
  • Children between 12-18 years of age are eligible to have this account opened.
  • This is a no-fee account.
  • Account holders get a free debit card upon opening the Mashreq Neo NXT account.
  • Parents can also set monthly allowances for their children using the Neo NXT account.

Documents Required

  • Valid Emirates ID of the minor
  • Valid Emirates ID of the parent

CBD Child Savings Plan - Mustaqbali 

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.

Key Features and Benefits

  • The plan term starts from 5 years and can go up to 18 years.
  • Customers get a choice for savings target (corpus) and get attractive returns.
  • Account holders can opt for a regular monthly contribution, lump sum contribution or a combination of both.
  • The contribution amount is deducted automatically from the linked account as per the frequency specified.
  • Individuals can withdraw the full plan amount(liquidity)  from the CBD savings plan account at any time (conditions apply).
  • Capital is guaranteed during the complete course of the Mustaqbali plan term.

Documents Required

  • Signature cards and photographs of the contributors and the beneficiary
  • National ID or valid passport of the contributors and the beneficiary
  • Emirates ID of the contributors and the beneficiary
  • Residence visa of the contributors and the beneficiary

DIB Shaatir Savings Account 

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.

Key Features and Benefits

  • Both UAE nationals and UAE ex-pats can open this account.
  • Get a personalised debit card upon opening a Shaatir savings account.
  • No minimum balance required to open the DIB Shaatir savings account.
  • Shaatir savings bank account holders do not require a deposit or fee to maintain their accounts.
  • Individuals can access their accounts through online banking and phone banking 24*7.
  • The Shaatir debit card comes with a balance enquiry facility.

 Documents Required

  • Account opening application form
  • Valid Emirates ID of the guardian
  • Valid passport of the guardian
  • Valid Emirates ID of the minor
  • Valid passport of the minor
  • Valid Residence visa (for ex-pats)
  • Physical proof of residential address

Al Hilal Youth Account 

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.

Key Features and Benefits

  • No initial minimum balance is required to open an account.
  • No minimum balance is required to maintain the account.
  • Avail of free monthly statements through the app.
  • The account comes with a debit card.
  • The bank account app offers the facility of parental control.
  • The account comes with both banking and gaming features so that children can learn money management and earn rewards as well.
  • Minors can get a chance to win AED 1 Million every month by getting certain tasks done via the gaming features of the app.
  • Mobile application is available for both Android and Apple users.

Documents Required

  • Passports of both the minor and the guardian
  • Emirates IDs of both the minor and the guardian

Ajman Bank #YOUNG Account

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.

Key Features and Benefits

  • No fall-below charges are applied for not maintaining a minimum balance.
  • Both UAE nationals and UAE ex-pats can open an account.
  • Minors get a free personalised debit card.
  • No minimum account balance is required to be maintained in the account.
  • An initial deposit of AED 500 is required to open the account.
  • Ajman bank #YOUNG account is a profit-bearing account which is based on the concept of “Mudaraba”.
  • To earn profits, a minimum balance of AED 5000 is required.
  • The account is available in AED currency only.
  • 24*7 customer support is available.

Documents Required

  • Completely filled and signed account opening application form 
  • Original Emirates ID of both parents and the child
  • Original passports of both parents and the child
  • Original resident visa page (applicable only to expatriates)

ADIB Amwali Savings Account 

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.  

Key Features and Benefits

  • Parents can fund their children’s accounts through one-off or regular payments.
  • Get a debit card upon opening the ADIB Amwali savings account.
  • Avail of exclusive offers on electronics, gaming, fashion, online shopping and entertainment.
  • The account allows parental access to keep track of debit card spending done by the children.
  • The account provides various facilities such as sending and receiving money, tracking daily spending and creating saving goals.

Documents Required

  • Minor’s Emirates ID
  • Minor’s passport
  • Minor’s residence visa (applicable only for UAE ex-pats)

Emirates NBD EarlySaver Account

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.

Key Features and Benefits

  • The account allows a 12-month deposit with auto rollover.
  • Account holders can track their savings using monthly e-statements.
  • Interest rates are estimated on the daily closing balance and credited on a monthly basis.
  • The account can be linked to a deposit for top-ups. Individuals can set up automatic top-ups or top up the account whenever required.
  • Parents can open separate accounts for their children and manage them via online banking.
  • Parents can avail of supplementary debit cards for each child.

Documents Required

  • Valid Emirates ID of both the minor and the parents
  • Valid Passports of both the minor and the parents

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