You can ensure that your child learns about money management at a young age by encouraging your child’s financial independence while keeping tabs on their spending. The best way to do this is to open a child bank account. A number of banks in the United Arab Emirates allow the parent or guardian to open a bank account for their underage child, which on occasion may even be linked to the parent’s account.
If you’re a parent wanting to open an account for your child or a youngster trying to get your parents to open an account for you, here’s everything you need to know.
Amwali Savings Accounts in ADIB
The Abu Dhabi Islamic Bank offers “Amwali Savings Accounts” for kids between the ages of eight and eighteen. The account has no minimal balance requirement, and it may be opened by the father or another appointed guardian of the kid. However, in order to open the account, the parent or legal guardian must already have one with ADIB and be acquainted with the bank.
#YOUNGAccount at Ajman Bank
Ajman Bank offers #YOUNG accounts, which have no minimum balance requirements, to anyone under the age of 18. The account may be opened by the child’s father or another authorised party.
Al Hilal Bank
A child under the age of 13 may have a “Seghaar Savings Account” opened at Al Hilal Bank by a parent or legal guardian. The account has no minimum balance requirement. However, the parent must already be a bank client.
DIB Shaatir Savings Account
Children under the age of 18 can open a Shaatir Savings account with Dubai Islamic Bank (DIB). There is no minimum balance requirement for the account.
Account for the Minors at Al Maryah
Al Maryah Community Bank does not have a minimum balance restriction for minor accounts, therefore a person under the age of 21’s father or legal guardian may open one.
Emirates Islamic’s Child Savings Account
Emirates Islamic offers a “Child Savings Account” that can be opened by the father or the legal guardian for youngsters between the ages of six months and eighteen.
Mashreq Neo NXT
Mashreq provides a “Neo NXT” account that a parent can open for a kid between the ages of 12 and 18. The parent must, however, already be a Mashreq customer.
National Bank of Fujairah
The father or legal guardian may open a minor account on behalf of a kid who is younger than 18 years old at the National Bank of Fujairah (NBF). There must be Dh2,500 in the account to open it.
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