How Can I Open a Bank Account for My Child, in the UAE 2023?

June 21, 2023 Banking Comments Off on How Can I Open a Bank Account for My Child, in the UAE 2023?

child’s account - Emirates Loan

Parents always care for the bright future of their children. It is only possible when a child learns how to manage their finances. In the UAE, the banks assist parents in teaching a child about money management. In this way, the children learn how to spend their money. It is only possible with the bank’s special feature of a child’s account. In 2023, parents prefer to open accounts for their kids in the UAE. But still, many of you have no idea about how can I open a bank account for my child, in the UAE in 2023. 

This blog is a superb place for you to know how you can open your kid’s account in an easier way. In particular, with banks, the financial company Emirates Loan is also ideal for the opening of different accounts for all ages of applicants. It means any age of the children has a chance to get their accounts. But, the parents or legal guardians can only open for them. Everything you will need to know is described here. Therefore, read it carefully, so there will not any confusion in your mind.

Significance of Bank Account for child

Majority of the financial institutions including banks give the right to parents to open bank accounts for their kids. This step is of huge significance in the financial life of a child. This huge significance is due to the below points:

  • In the starting stage of a kid’s life, they learn different things more interestingly. They have too much interest in learning new aspects of life. With the personal account of children, they will easily know how to do money management.
  • Children will save money and banks give them many good positive factors for doing it.
  • The minor accounts are really beneficial for the understanding of investment. The kids easily understood wealth growth after opening their accounts in banks.
  • Numerous banks offer emergency funds to children for any of their instant needs.

Requirements for opening UAE bank accounts for children

All banks in the UAE have their specific requirements if anyone wants their child’s account in a particular bank of their choice. The requirements are not the same in every lender’s conditions. But, the common of them are mentioned following and these requirements of documents’ of both parent and kid are essential:

  • Emirates ID must be valid
  • Valid residency visa
  • Passports also valid with other documents
  • Copy of your child’s birth certificate
  • Numerous lenders need the depositing of money after opening the account. This deposit amount is from 100 to 1000 AED.
  • Every provider has a different age limit for the children. But, most lenders allow the opening of accounts for those who are at least 8 years old.

For all the processes, there is a need of filling out the form. It is possible to do this process online as well as offline. For online, open the lender’s site and fill out the form. On the other hand, you will need to go to the nearest branch of the bank. When you completely fill out the form, attach all the required documents.

It is our suggestion to keep in contact with the professionals of the financial company Emirates Loan. The reason is that their professionals are exceptions in giving a better understanding of how to open your child’s account.

Features that bank offer to child’s account

The working features of the kid’s account are the same as the adult’s account. The children have the right to deposit & withdraw their money through the use of any ATM. With the use of a debit card, the minor can easily purchase any of his/her favorite things. Moreover, the online banking app is helpful for easily managing finances in the child’s account. Anyone can transfer the fund more quickly through the app. However, there are some limitations to the children’s use of accounts also. They cannot apply or get a credit card. In this way, they can never receive the debt amount.

Factors to consider during choosing of child’s bank account

Most parents decide the opening accounts for their children in the same bank where they have their accounts. But, maybe other banks provide more good features. Thereby, you should explore the options of banks. Thus, you should choose the one which gives you more amazing features as compared to your existing bank account. The factors to consider are the following:

  • Always choose the lower rate of interest, so it will not enhance the extra financial burden on you.
  • Check the criterion about what exactly the minimum age requires for opening an account.
  • Many of the banks are with the compulsory requirement of opening deposits. If you have no issue with the deposit, then choose it. Otherwise, search for another bank that does not have this essential factor.
  • The minimum balance must always be in the accounts. So, check out how much minimum balance is mandatory.
  • Your selected bank may offer a debit card and may not be for the children’s use.
  • You have to manage the accounts of your kids also through the banking app. So, take this information from the bank’s professionals.
  • Children are not always sensible, especially in matters of finances. Therefore, that bank is outstanding which informs you of all details of spending of money by the children.
  • Know about the limits of regular withdrawals. When you will know it, you will guide your kid more efficiently.

Benefits of your child’s bank account

This sort of account is with numerous benefits that will be helpful in giving lessons about financial life to kids. There are so many benefits that not only children get but their parents also enjoy such finances.

Parents can easily save money for their children which will help them in achieving their short financial goals. (For instance, a kid can purchase his favorite toy)

Give complete teachings to your child about why it is essential to save your money for any future requirement of financial help.

It provides financial independence to every individual without any age limit. You can also save your money in minors’ accounts. As a result, they will get a complete idea of savings as well as their importance.

The interest for these accounts is also not too higher for kids. Therefore, the parent will pay the reasonable interest that remains in their financial budget.

Banks for Children’s Accounts in the UAE

In the UAE, there are various banks that offer the facility of children’s accounts. No matter if parents have their accounts in that particular bank or not, you can anytime open the kid’s account. On the behalf of teenager, the parent or guardian can apply for it in the banks. All banks have terms & conditions that elaborate the eligibility criteria with the required documents.

It is necessary to select a bank that has a high quality of work. You can read feedback from the bank’s clients and easily know if it provides good services or not. Moreover, for any questions in your mind, directly communicate with the bank’s professionals. They will ensure you will open the accounts of your kids with full confidence in their services of finances. It is the most amazing way of giving a lesson to your child on the aspects of positive money habits.

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