Children are future of the world and one of the greatest gifts you can give them is to prepare them to be responsible and empowered adults around money. With children having an increasing exposure to the world, their dreams and aspirations know no bounds. Saving for their future can ensure that you provide them with the launch pad to help them fulfil their dreams.
While children must be encouraged to operate their accounts by depositing money whenever they save, the banking laws in UAE make it mandatory for such accounts to be opened jointly with a guardian. However, good financial habits cultivated at a younger age go a long way in making children financially responsible adults.
In UAE, banks offer a huge variety of children’s accounts. It might seem confusing, but having a clear perspective of your financial needs and goals can help you select one that best suits your needs. Accounts can vary based on the interest rate offered, minimum balance requirement, charges for services and many other factors. It is important that you understand the schedule of charges and services before opening an account.