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%
Minimum Balance: AED 100
Relationship Manager: No
Operating Currencies: Local and Foreign Currencies
Dubai Islamic Bank Shaatir Savings Account
Rate: 0.4%
Minimum Balance: Nil
Related articles:
Teaching Kids the Art of Saving
How to Properly Budget Your Monthly Income