UAE bank accounts to teach children to be thrifty

Three of the best child savings accounts to help establish healthy financial habits in your offspring.

Mona Al-Marzooqi / The National

NBAD First Step Savings Account

Benefits: This account comes with a free debit card that offers complimentary airport lounge access across the Middle East and purchase protection on all purchases for up to 90 days. There is also an interest rate 10 basis points higher than standard savings accounts with no minimum balance. The account holder also qualifies for NBAD discounts on restaurants, retailers and lifestyle venues. Watch out for: Only dirham accounts can be opened.

ADCB Child Saver Account

Benefits: This Sharia compliant account is available in dollars or dirhams with no monthly fee. The profit is quarterly and a debit card is issued when the child turns 15. The account also qualifies for TouchPoint, ADCB's unique rewards system with points exchangeable for retail or air miles vouchers. Watch out for: The account must be opened and operated by the guardian of a minor.

Emirates Islamic Child Savings Account

Benefits: This account comes with no monthly charges or minimum balance requirements. There is the option to recieve free SMS alerts on transactions and a free debit or prepaid card. Life Takaful cover of up to Dh120,000 for the parent or guardian with the child as beneficiary (for a maximum of five children) is also available. Watch out for: You need Dh100 to open an account.

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