15 Best Savings Bank Accounts for Children in Pakistan

Children to financial management at a young age is a great way to help them develop a strong sense of responsibility and savings habits. Many banks in Pakistan offer specialized savings accounts for children, which come with various benefits tailored to the needs of young savers. These accounts are designed to promote the importance of saving while providing parents with a secure platform to manage their children’s finances. Below is an overview of the 15 best savings bank accounts for children in Pakistan, along with their features, eligibility requirements, and benefits.

1. HBL Junior Account

HBL (Habib Bank Limited) Junior Account is one of the most popular savings accounts for children in Pakistan. It is designed for minors under 18 years of age and is managed by a parent or guardian.

• Minimum deposit: PKR 1,000
• Interest rate: Competitive profit rate
• Key features: Free debit card, access to digital banking, and no monthly charges. Parents can also set withdrawal limits to control spending.

2. UBL Junior Account

UBL (United Bank Limited) offers the UBL Junior Account to help children develop saving habits from a young age. This account offers flexibility for both the child and the parent managing it.

• Minimum deposit: PKR 500
• Interest rate: Attractive profit on savings
• Key features: Free personalized ATM card, access to UBL Digital app, and educational benefits such as financial literacy programs.

3. Meezan Bank Rupee Kids Account

Meezan Bank’s Rupee Kids Account is a Shariah-compliant savings account designed for minors. It aims to teach children the importance of savings under Islamic principles.

• Minimum deposit: PKR 1,000
• Interest rate: Profit sharing based on Islamic principles
• Key features: Free personalized checkbook, debit card, and SMS alerts. It also offers exclusive educational resources to encourage financial literacy.

4. Allied Bank Aitebar Minor Account

Allied Bank offers the Aitebar Minor Account to minors, which is managed under the supervision of a parent or guardian. This account encourages children to learn about saving and financial management.

• Minimum deposit: PKR 500
• Interest rate: Competitive profit rate
• Key features: Free debit card, internet banking, and mobile banking services. The account also offers attractive discounts on children’s educational products and services.

5. MCB Young Savers Account

MCB (Muslim Commercial Bank) offers a Young Savers Account for children under 18 years of age. This account aims to promote the importance of savings among the younger generation.

• Minimum deposit: PKR 100
• Interest rate: Quarterly profit based on a tiered interest system
• Key features: Free ATM card, no account maintenance fee, and SMS alerts. Parents can monitor the account’s activities through digital banking platforms.

6. Bank Alfalah Future Generation Account

Bank Alfalah’s Future Generation Account is designed to meet the future financial needs of children. This account provides various features to make saving fun and rewarding.

• Minimum deposit: PKR 1,000
• Interest rate: Tier-based profit
• Key features: Debit card, access to mobile and internet banking, and parental controls over spending limits. It also offers educational content for kids to enhance financial literacy.

7. Faysal Bank Kids Club Account

Faysal Bank’s Kids Club Account is specifically designed for minors, encouraging a savings culture in a Shariah-compliant manner.

• Minimum deposit: PKR 500
• Interest rate: Based on Islamic profit-sharing principles
• Key features: Free debit card, exclusive discounts at partner outlets, and access to digital banking. The account also offers incentives for children who maintain consistent savings.

8. JS Bank Child Savings Account

JS Bank offers a dedicated savings account for children under the age of 18, allowing parents to manage their children’s savings and foster financial responsibility.

• Minimum deposit: PKR 1,000
• Interest rate: Competitive profit rate
• Key features: Debit card, online banking access, and no account maintenance fees. The account also provides educational resources to help children understand basic financial concepts.

9. Summit Bank Child Savings Account

Summit Bank’s Child Savings Account helps parents plan for their children’s future financial needs. This account offers competitive returns on savings while ensuring ease of management for parents.

• Minimum deposit: PKR 500
• Interest rate: Quarterly profit
• Key features: Free debit card, SMS alerts, and online banking access. Parents can also set withdrawal limits for their children to help control spending.

10. Askari Bank Smart Kids Account

Askari Bank’s Smart Kids Account is designed for minors under 18 and is managed by a parent or guardian. It offers a secure and flexible way for children to save.

• Minimum deposit: PKR 500
• Interest rate: Competitive profit rate
• Key features: Free ATM card, online banking, and special discounts at educational institutions and entertainment venues.

11. Standard Chartered Saadiq Kids Account

Standard Chartered Bank’s Saadiq Kids Account is an Islamic savings account aimed at teaching children about savings and financial responsibility from a young age.

• Minimum deposit: PKR 1,000
• Interest rate: Profit based on Islamic principles
• Key features: Debit card, internet banking, and no account maintenance fees. The account also includes features like setting savings goals and educational incentives.

12. Silkbank Future Saver Account

Silkbank’s Future Saver Account is designed to encourage saving habits among children and is available to minors under 18 years of age.

• Minimum deposit: PKR 500
• Interest rate: Monthly profit
• Key features: Free debit card, online banking, and no service charges. The account also provides reward points for regular savings, which can be redeemed at partner outlets.

13. Soneri Bank Junior Account

Soneri Bank offers a Junior Account for children to help parents plan for their children’s future financial needs. It promotes a disciplined savings culture.

• Minimum deposit: PKR 1,000
• Interest rate: Competitive profit rate
• Key features: Debit card, SMS alerts, and online banking. The account provides special discounts for educational products and services.

14. First Women Bank Minor Savings Account

First Women Bank offers a Minor Savings Account, catering specifically to the needs of girls and young women. It is managed by a parent or guardian and aims to instill savings habits from a young age.

• Minimum deposit: PKR 500
• Interest rate: Quarterly profit
• Key features: Free ATM card, mobile banking, and educational content for financial literacy. The account also offers discounts on educational courses and school supplies.

15. Bank of Punjab Junior Saving Account

The Bank of Punjab provides a Junior Saving Account designed for minors, managed by parents or guardians, helping to foster early financial responsibility.

• Minimum deposit: PKR 1,000
• Interest rate: Monthly profit based on the balance
• Key features: Debit card, mobile banking, and no service charges. The account also offers exclusive discounts on educational materials and children’s services.

Conclusion

Opening a savings account for children is a great way to instill financial responsibility and the habit of saving from an early age. The 15 savings accounts listed above offer a variety of benefits, from attractive profit rates to exclusive discounts on educational products. Whether you’re looking for an Islamic banking option or a conventional savings account, Pakistan’s banking sector offers a wide range of choices to cater to the needs of children and parents alike. By selecting the right account, you can help secure your child’s financial future and set them on the path toward financial literacy.