Embracing and implementing fresh ideas (known as innovations) are significant to progress in life. For example, metal replaced stones, Android and iOS took over rotary phones, artificial intelligence is all set to overshadow the human race. Digitization has advanced so much that it is vigorously driving the banking sector.
Likewise, the UAE banks not only introduced the concept of innovative savings accounts for children but also brought the same on the digital platform, enabling the kids to inculcate the habit of saving and be prudent with money. This initiative also encouraged parents to start saving for their children early, being one step forward in the digital banking era.
During the times of new normals, the banks have introduced On-Boarding, a SaaS-based app for a hassle-free digital banking experience to their customers.
However, putting together an easy-to-use, secure banking ecosystem for kids and millennials is not easy. Competition is stiff and will keep on intensifying.
Many banks, including legacy financial institutions, have hard-to-resist offers to attract customers such as greater interest/profit rates, low or no-minimum-balance requirements, minimum documentation, etc. With all banks adopting digitisation, online ‘On Boarding’ often uses mobile phones. Let’s take a closer look at banking experience with the UAE digital banks not only for you but also for your children.
Here is a list of some neo-banks in UAE you can consider having a saving account for your children:
Emirates Islamic Child Savings Account
This account is specifically designed for children and offers interest with zero balance requirements. The Islamic account provides the option of a free debit card and life insurance, covering up to Dh 120,000. As this is a zero-balance account, it does not offer any rewards.
CBD Mustaqbali Saving Scheme
This account is meant for children and can be opened in more than one currency. This account also does not require a minimum balance and offers a free gift at the time of account opening. The account even offers life insurance coverage.
ADIB Amwali Bank Account
Offered by Abu Dhabi Islamic Bank, Amwali is the world’s first Islamic digital bank for Emirati and UAE kids as young as 8 years old. It not only offers a savings account but also a world of privileges, starting with a personalised debit card. You can easily open a bank account for your child by sharing the QR code with your kid. Once the child scans the code and download the app, s/he will be able to access the account. Also, the digital bank allows its young customers accessibility via a mobile application.
