Accounts to encourage children to save

Some local banks provide accounts for children and young people, to provide them with a safer future. Monitoring savings and their increase in size encourage children to enter into regular saving habits.

And transferring an amount, determined by the parents, every month to the child's account automatically, guarantees the development of monthly savings for the benefit of the child.

The interest due to the account is calculated according to the balance, and is added at the end of each month or every specific period. These products are designed to encourage children to save and develop good financial habits, with a regular savings plan that also entitles them to benefits.

Some banks require minimum limits of up to 500 dirhams to open the account, with minimum limits for regular monthly deposits that may reach about 200 dirhams for some banks, and it is available to UAE citizens and residents in the country, with access to phone banking services and electronic banking services, Free electronic account statements.

These accounts are available in UAE dirhams, and a direct debit card is issued to the child when he reaches the age of 15 and above.

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