Major Benefits for Minors.
Empower their financial journey with our Eyalna Minors Savings Account. Digitize their allowance with the best debit card. Start building smart money habits today.
Secured, numberless debit card for minors.
Empower their financial journey with simplicity and security. Join us today!
Designed for them. Controlled by you.
Set daily and monthly limits, receive instant alerts for peace of mind. Join us now!
Top them up. Remotely.
Conveniently top up their spending account remote and instantly transfer money to their account with ease using your Mbank UAE app.
Save and Spend. With confidence.
Take control. With super support and access to our customer service hotline for any assistance you need, we’ve got you covered.
Pay for online games and services.
Easily pay for online games and services linked to their Eyalna Minors Savings Account, (keeping your main account separate).
Mbank Lifestyle Club
Get all the offers and discounts. We work hard to get you the best deals.
Benefits of Eyalna Minors Savings Account
The Mbank Eyalna Minors Savings Account – where managing your child’s finances is made easy and convenient. With our account, you can remotely top up their spending account using the Mbank UAE app, ensuring they always have funds available for their needs. Plus, you can instantly send money to their account with just a few taps on your phone.
Our account also allows children to spend using a debit card linked to their minor account, keeping your main account separate and secure, especially when paying for online games and services.
As part of the Mbank Lifestyle Club, we offer exclusive discounts and offers from top brands, ensuring that you get the best deals while managing your child’s expenses.
Rest assured, as the guardian, you have complete visibility and control over the account until your child turns 18, at which point it will seamlessly transition to a normal independent account. Join us today and start shaping your child’s financial future with an Mbank Eyalna Minors Savings Account.
Eyalna Minors Savings Account. We’ll get you up and running in less than 5 minutes.
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All the answers. Right here.
Get all the answers you need to frequently asked questions.
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What is a minor account?
Accounts for minor children (under 18 years of age) are called minor accounts. Until the child turns 18, it is a custodial account owned by the child, but managed by the parent or guardian.
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What is the age criteria for opening a minor account at Mbank?
You can open a minor account for your children below the age of 18 years.
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Is it mandatory to be a Mbank customer to open a minor account?
You do not need to be an existing Mbank UAE customer to open a minor account. However, first you need to register your information on the Mbank UAE application, as a father or legal guardian and proceed to open a minor account by registering your children’s information.
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How do I open a minor account using the Mbank UAE mobile application?
For existing customers, the father or legal guardian can open a minor account via the Mbank UAE mobile app by choosing to open a minor account from the home page, and then proceeding to register the child’s information. The minor’s account segment shall be the same as the father or the legal guardian’s account segment.
For non-customers, the father or legal guardian can open the account for the minor without opening an account for themselves, through the following steps:- Download the Mbank UAE app.
- Choose “Open an Account”, and register your identity using UAE PASS.
- Choose “Minor Account” from the list of accounts and provide relevant information to register the minor and open the account.
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What are the required documents to open a minor account?
For existing customers:
- UAE National: valid EID of the minor
- Expatriate: valid EID and valid residence visa of the minor
- In case the minor’s father is not the legal guardian, then a court notarized guardianship letter is required
For new customers:
- Same documents required for minor along with the father or legal guardian’s EID (UAE/Expat)
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What are the minor account opening fees/charges?
There are no fees or charges to open a minor account. However, terms and conditions apply that relate to the segment of the account. (For account segments click here)
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Will the minor have separate access to the Mbank UAE app?
Minors can have access to the mobile application and can manage their account. They can login using the user credentials once the access is provided by their father/legal guardian through their Mbank app.
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Is a Debit Card issued on the minor’s account?
Yes, the father/legal guardian can request for a Debit Card via the Mbank UAE mobile app. The debit card can be used for purchases and ATM cash withdrawal. Since the Mbank UAE Debit Card is numberless, the father/legal guardian should share the Debit Card details with his child for online purchases. The card number can be obtained from the cards section in the Mbank UAE mobile app, by clicking on the card image.
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What are the minor account closure fees?
The customer will be permitted to close the account without fees any time after 6 months of opening the account. If the request is less than 6 months, then a fee of AED 100 + 5% VAT is applicable.
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What is the minimum balance required to be maintained in the minor account?
The minimum balance requirement depends on the segment of the membership. There is no balance required for gold account holders, which is also a free for life account. However, minimum balances and other requirements vary for other type of accounts (For account segments click here). T&Cs apply.
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Are there pre-set Debit Card transactional limits? Are they adjustable and how?
Mbank will automatically set transaction limits of AED 1,000 per day for point-of-sale and e-commerce transactions, and AED 200 per day for ATM withdrawals. Mbank may increase the transaction limit for ATM withdrawals depending on the account segment. As the father or legal guardian, you can change these limits at any time via the “Manage Card” option in the cards section in the Mbank UAE app.
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Will the father or guardian still have access on the account once converted to major account?
No. When the minor account converts to a major account, the adult will be able to operate the account himself, and his father or legal guardian will no longer have access to the account.
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What is the maximum number of minor accounts you can open under the same major account?
You can open multiple minor accounts under a major account, with limit of one account per child.
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Are cheque books available for a minor account?
No, cheque books are not available for minor accounts, as they are saving accounts.
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How can a minor account be converted to a major account?
- The bank will notify the guardian (by SMS or email) 90 days and 30 days before the child attains the age of 18.
- After attaining the age of 18, the minor account will automatically convert to a major account.
- Post age of 18, the minor must register directly on the Mbank UAE app, and link the existing account.
- All Debit Cards tied to the minor account will be cancelled and new Debit Cards tied to the saving account of the major will be issued upon request.