For young Emiratis
Opened by a parent or guardian on the child's behalf
RAKBANK Watani Starter Account
RAKBANK Watani Starter Account is an Islamic savings account for young Emiratis, run by a guardian. No minimum balance, and it is opened by email.
At a glance
Key facts
Minimum BalanceNo minimum balance
Account TypeSavings
Holding CurrencyAED
Account access
For young Emiratis under guardian control. Email the issuer with the guardian’s and minor’s passports and Emirates IDs, application and KYC forms; RAKBANK confirms opening.
The Watani Starter Account is a savings account from RAKBANK's Islamic banking division for young Emiratis. The child is the account holder, and a guardian opens the account and controls it for them, from the child's first years through to university age. There is no minimum balance, so you can start with any amount. The account is held in AED and comes with digital access. You do not visit a branch to open it. The guardian emails the bank with the documents, and the bank gets in touch to confirm the new account. The account uses the same Key Fact Statement as the RAKBANK Islamic Savings Account, which is the equivalent account for other customers.
Who can open it
Fees and balance
Minimum balance
None
Benefits
Guardian-Run Account for Minors
A guardian opens and manages the account for a young Emirati
Zero Balance Account
No minimum balance requirement
Opening by Email
Apply by email with the forms and identity documents
Digital Access
The account comes with digital access
Shariah-compliant
Banking model
How to open
Before you apply
1.For young Emiratis under guardian control. Email the issuer with the guardian’s and minor’s passports and Emirates IDs, application and KYC forms; RAKBANK confirms opening.
2.No minimum balance.
Application steps
1.Fill in the minor's account opening form and the KYC form.
2.Gather the passport and Emirates ID of both the guardian and the minor.
3.Email the forms and documents to watanistarter@rakbank.ae.
4.Wait for RAKBANK to contact you and confirm the new account.
Good to know
Good option for
Emirati parents and guardians who want to start a savings account in a child's name without a balance requirement or a branch visit.
Consider another account if
The child is not a UAE national. A minor of any nationality can hold the RAKBANK Islamic Savings Account under a guardian, with a balance requirement that starts after 3 months.
Who controls the account
Under the bank's Islamic savings terms, a savings account that belongs to a minor is administered by the parent or guardian, and debit cards are issued only to account holders over 18.
Saving for the longer term
RAKBANK pairs the account with its Fawrun Term Deposit as a savings plan for money meant to stay untouched for longer. Fawrun is a separate deposit with its own minimum of AED 15,000 and a fixed tenure.
Frequently asked questions
Get answers to common questions about the RAKBANK Watani Starter Account