Opening a Bank Account for Your Child or Teenager in the UAE: A How-to Guide
If you are keen for your child to get started on their financial education, we recommend opening their own UAE bank account
19 July 2022
Minors will require a parent or legal guardian to open a UAE bank account for them.
Opening a UAE bank account for your child can be an important milestone on teaching your kid or teen about responsible money management.
Some UAE providers offer bank accounts for children and teenagers. These are generally the same as adult bank accounts where you can deposit money and make withdrawals through an ATM, bank branch, or a banking app.
In this guide, we cover what you may need to open a bank account for your child and the types available in country.
If you're a parent looking to introduce your child to financial education, or a minor considering opening his or her own bank account in the UAE, read on!
Requirements to open a UAE bank account for children and teenagers
Each UAE-based bank has varying requirements to open an account for your child or teenager, but the general requirements are usually:
- Valid Emirates ID (both the parent/guardian and minor)
- Valid UAE residency visa (both the parent/guardian and minor)
- Valid passport (both the parent/guardian and minor
Some banks may require an opening deposit (usually between AED 100 - 1,000), the child's birth certificate, etc.
The minimum age requirement will vary per provider, with some banks allowing as young as 8 years old.
Opening a bank account for your child may require you to fill in an online application form, or you will have to visit a branch to complete the application and provide the necessary documents.
We recommend getting in touch with a bank representative for their complete list of requirements beforehand.
What features do bank accounts offer for minors?
A child's bank account operates generally the same as an adult's, allowing kids to deposit and withdraw money from ATMs, make purchases with a debit card, manage their account through a banking app, and transfer funds.
There are several exceptions though, as children are not allowed to take out a credit card or get into debt.
What to consider when choosing your child's bank account?
While you might be drawn to opening your child's account through the same bank you are currently using, other banks in the UAE might offer better interest rates and features.
- What is the interest rate?
- What is the minimum age to open an account with the bank?
- If an opening deposit is required, are you comfortable with it?
- How much should the account's minimum balance be?
- Will the bank provide a debit card for your child to use?
- Can you manage your child's account through a mobile banking app?
- Does the bank offer text or email spending alerts for parents?
- What is the limit on daily withdrawals?
It is best to shop around and look for the best interest rates, terms, and features for your child's account.
Benefits of opening a bank account for your child
Opening a bank account for your child can help you:
- Teach them about positive money habits.
- Teach kids and teenagers how to use a bank, what is interest, and how to manage their money.
- Save money for your child's short-term financial goal (e.g., a trip to an amusement park or a new toy).
- Teach children why saving for the future is important.
- Help them save money from their allowances or part-time jobs in a safe and secure place.
- Provides children and teenagers with a sense of financial independence.
Children's bank accounts available in the UAE
If you are looking to open a bank account for your child or teenager in the UAE, here is a list of banks and their account plans for minors.
- ADIB Amwali Savings Account
- ADIB Baboon Children's Savings Account
- Al Hilal Seghaar Savings Account
- Al Hilal Youth Account
- Al Maryah Eyalna Minor Account
- Al Masraf Arab Bank Minor Savings Account
- Ajman Bank YOUNG Account
- DIB Shaatir Savings Account
- Emirates Islamic Child Savings Account
- ENBD Liv Young Account (banking app only)
- HSBC Little Expat Savings Account
- Mashreq Neo NXT
- National Bank of Fujairah account
- Rakbank Minor Account
- SIB Hassalati Account
To find out more about each bank account and what they offer, we recommend getting in touch with a bank representative.