A ChildFirst account can be opened with AED 3000 or more and there are no fees associated with account opening nor “fall below” fees in case the account balance drops below this minimum. The account offers interest if a minimum of AED 5000 is maintained as average balance. If at least AED 2000 is deposited each month and the average balance increases over the previous month, an interest rate of 1% is paid. Otherwise an interest of 0.5% is paid. There are no restrictions on withdrawals in the “ChildFirst” saving scheme.

 

Furthermore, apart from ongoing interest, a quarterly raffle will also be held for all clients for every AED 5,000 deposit, offering a chance to win up to AED 100,000 as reimbursement of tuition expenses. 

 

Commenting on the launch, Huda Abdulla, Executive Vice President of Branch Distribution at FGB, said: “We want to help as many parents as possible in providing their children with the best education, to create a better future for our community.” 

 

Joyseej Mukherjee, Head of Liabilities at FGB, added. “This programme demonstrates FGB’s commitment to provide innovative financial solutions which balance the needs of all its stakeholders. Through this account we aim to provide parents a rewarding and sustainable way to build savings to finance ever growing education costs of their children.” 

 

The “ChildFirst” Savings accounts programme offers competitive monthly interest rates, based on the monthly average balance maintained in the ChildFirst Savings account. A Fee Free international debit card and online account access will also be issued in the name of the primary account holder. There are no charges on full or partial withdrawal from the account. 

 

“ChildFirst” is available in all FGB branches across the UAE. For more information on the programme, please call 600 5255000 or SMS ‘Child’ to 2121, or visit www.fgb.ae