Dubai: Want to ensure that your child learns money management at a young age? One of the best ways to help your child gain financial independence, while still having the ability to monitor their spending habits, is to open a child bank account. In the UAE, several banks allow the parent or legal guardian to open a bank account for their child, which at times may even be linked to the parent’s account.
If you are a parent who wants to open an account for their child, or a child who is looking to convince their parents to open a bank account for you, here is all you need to know.
ADIB Amwali Savings Account
Abu Dhabi Islamic Bank (ADIB) offers the ‘Amwali Savings Account’ for children aged between 8 years and 18 years old. The account requires no minimum balance and can be opened by the father or legal guardian of the child. However, to open the account, the father or legal guardian has to hold an account and have an active relationship with ADIB.
Documents required
- Passport of the minor
- Emirates ID of the minor
- Visa of the minor (for expatriates)
To open the account, you can visit the nearby branch or use the Amwali mobile application, which is available for Apple and Android devices.
To open the account, you would need to download the app and simply upload your child’s Emirates ID, passport and visa copy. Your child's account will be verified and activated and the welcome pack will be delivered to you.
ADIB Banoon Children’s Savings Account
Abu Dhabi Islamic Bank also offers a Banoon Children’s Savings account that requires no minimum balance and can be opened by the father or legal guardian on behalf of their children. To be eligible for this account, the child must be below 13 years old.
Documents required
- Passport (of both the guardian/parent and the child)
- Emirates ID (of both the guardian/parent and the child)
- Valid visa for expatriates (of both the guardian/parent and the child)
- Opening deposit of Dh1,000
To apply for this account, you must visit an ADIB branch.
Ajman Bank #YOUNG Account
Ajman Bank provides individuals below 18 years old with a #YOUNG account that requires no minimum balance. The father or guardian can open the account on behalf of the child.
Documents Required
- Account opening application form
- Original Passport and Emirates ID
- Original Visa page for expatriates
- Opening deposit of Dh500
The documents should be provided for both the guardian and the minor.
To open the account, you would need to visit an Ajman Bank branch. You can also start the process by contacting the bank’s call center.
Al Hilal Bank Seghaar Savings Account
Al Hilal Bank offers ‘Seghaar Savings Account’ that can be opened by the parent or legal guardian on behalf of a child who is under 13 years of age. The account has no minimum balance requirements. However, the parent must already have an account with the bank.
Documents required
- Emirates ID (for both guardian and minor)
- Passport (for both guardian and minor)
- Birth certificate of child (if mother is opening the account)
- Opening deposit of Dh500.
To open the account, you can visit the nearest branch or open through the ‘Al Hilal Digital’ application, which is available for Apple and Android devices. If you are opening the account through the application, opening deposit may not be needed.
Al Hilal Youth Account
Al Hilal Bank also offers a ‘Youth Account’ that requires no minimum balance and can be opened by the parent or legal guardian for children between the age of 13 and 18 years. The parent must already have an account with the bank to apply for this account.
Documents required
- Emirates ID (for both guardian and minor)
- Passport (for both guardian and minor)
- Birth certificate of child (if mother is opening the account)
- Opening deposit of Dh500.
To open the account, you can visit the nearest branch or open through the ‘Al Hilal Digital’ application, which is available for Apple and Android devices. If you are opening the account through the application, the opening deposit may not be needed.
Al Maryah Eyalna Minor Account
Al Maryah Community Bank offers a minor account that requires no minimum balance and can be opened by the father or legal guardian for the an individual under the age of 21.
Documents required
- Valid Emirates ID of the minor (for UAE Nationals)
- Valid Emirates ID and valid passport along with valid residence visa of the minor (for expatriates)
- Court notarised guardianship letter if father is not minor’s legal guardian
If you are a new customer, the Emirates ID of the father or the legal guardian is also required.
The father or guardian can open the account through the ‘Mbank UAE’ application.
DIB Shaatir Savings Account
Dubai Islamic Bank (DIB) offers a Shaatir Savings account for children less than 18 years old. The account has no minimum balance requirements.
Documents required
- Account opening application
- Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) Declaration signed at the time of application
- Valid Emirates ID
- Valid Passport
- Valid Residence visa (For expats)
- Source of Funds and Proof of Income such as Salary Certificate or Trade Licence or any other source of income
- Proof of physical residential address such as Utility Bill or any other document
The documents listed above are for the father or legal guardian. In addition to these documents, you will also require the guardian or father’s consent along with general documents of the minor, like their Emirates ID.
To open the account, you need to visit a DIB branch.
Emirates Islamic Child Savings Account
Emirates Islamic offers minors aged between 6 months and 18 years old a ‘Child Savings Account’ that can be opened by the father or the legal guardian.
Documents required
- Emirates ID (for both father/guardian and child)
- Passport (for both father/guardian and child)
- Birth certificate of the child
To open the account, you need to visit an Emirates Islamic branch, with the required documents.
Liv. Young
Liv., the online banking app launched by Emirates NBD has the Liv. Young app, which is specifically for children aged eight to 18 years. Liv. Young allows parents to assign chores and rewards, automate allowances, as well as monitor their child’s spending. The account requires no minimum balance and also provides a debit card to the child.
Documents Required
- Emirates ID of the minor
To open a Liv. Young account, the parent needs to be a Liv. account holder. The parent can create their child’s account from their own Liv. digital banking app.
Mashreq Neo NXT
Mashreq offers a ‘Neo NXT’ account that can be opened by the parent and is offered for children aged between 12 to 18 years. However, the parent must be an existing Mashreq customer.
Documents required
- Emirates ID of the minor
To open the account, the parent can log in through the ‘Mashreq Neo’ application or the ‘Mashreq Mobile’ application.
SIB Hassalati Account
Sharjah Islamic Bank (SIB) offers minors below 18 years old a Hassalati account, which requires a minimum balance of Dh500. The account can be opened by the father or the legal guardian.
Documents required
- Emirates ID (for both guardian/father and minor)
- Passport (for both guardian/father and minor)
- Visa for expatriates (for both guardian/father and minor)
- Copy of the child’s birth certificate
- Initial deposit of Dh100
To open an account, you need to visit an SIB branch.
Al Masraf Arab Bank Minor Savings Account
Al Masraf offers a minor account that can be opened by the father or legal guardian on behalf of the minor below 18 years old. The account requires a minimum balance of Dh3,000.
Documents required
- Emirates ID (for both guardian/father and minor)
- Passport (for both guardian/father and minor)
To open the account, you need to visit an Al Masraf branch.
RAKBANK Minor Account
RAKBANK allows the parent or legal guardian to open an account for minors under the age of 18. The account requires a minimum balance of Dh3,000.
Documents required
- Emirates ID (for both guardian/father and minor)
- Passport (for both guardian/father and minor)
- Visa for expatriates (for both guardian/father and minor)
To open the account, you need to visit a RAKBANK branch.
National Bank of Fujairah
National Bank of Fujairah (NBF) allows the father or legal guardian to open a minor account on behalf of the child below 18 years old. The account requires a minimum balance of Dh2,500.
Documents required
- Passport(for both guardian/father and minor)
- Emirates ID (for both guardian/father and minor)
- A photo of the child (not mandatory)
To open the account, you need to visit an NBF branch.
- The writer is an intern with Gulf News
