Options in the UAE for Children’s Saving Accounts

The value of money is an important lesson and should be taught to children in their adolescent years, which is why various financial institutions across UAE are encouraging parents to teach their kids the art of saving by offering children’s saving accounts.

Saving for your child’s future is an chief concern for every parent and should incentivize banks to offer lucrative, enticing, child-friendly saving options. Here is a look at the current children savings accounts offerings:

ADIB Banoons Children Saving Account

Rate: 0.44%

Minimum Balance: AED 5,000

Relationship Manager: No

Operating Currencies: Local and Foreign Currencies

First Gulf Bank Child First Savings Account

Rate: 1.0% [Basic interest rate is 0.5% for maintaining AED 5,000 average monthly balance and additional 0.5% on a minimum AED 2,000 monthly deposit]

Minimum Balance: AED 3,000

Relationship Manager: No

Operating Currencies: Local Currency

Union National Bank Al Ahbab Account

Rate: 1.5%