Minimum age
18 years
Mashreq Daily Bonus Account
Mashreq Daily Bonus Account is an AED savings account that credits interest every day, from 0.5% a year at AED 3,000 up to 1.5% at AED 1,000,000.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Account TypeSavings
Holding CurrencyAED
The Daily Bonus Account is Mashreq's easy-access savings account. You keep money in it in AED, the bank credits interest to the account every day, and you can take money out whenever you want. It is opened by existing Mashreq customers through Mashreq Online or the Mashreq Mobile App, with no paperwork, and each customer can hold one. It comes with a debit card. Compared with the NEO Savings Account, which pays nothing, this one pays a return once your balance reaches AED 3,000.
Who can open it
Minors
A child under 18 can apply together with a guardian.
Fees and balance
AED 3,000 matters twice on this account. It is the balance where interest starts, and it is also the line for Mashreq's fall-below fee. The fee is AED 26.25 a month, charged once per customer when the combined balance across all your Mashreq accounts is below AED 3,000 on any day of the month. So a Daily Bonus balance above AED 3,000 on its own keeps you clear of the fee. If you run it lower, the fee is still waived in a month when a salary of AED 5,000 or more is transferred to Mashreq, or while you have a Mashreq personal, home or auto loan or an overdraft.
Monthly fall-below fee
AED 26.25
How to avoid the monthly fee Meet any one of these conditions.
- Keep a balanceBalance of AED 3,000 or more
- Other exemptionsCharged at relationship level if the combined daily balance across Mashreq accounts is below AED 3,000, unless a monthly salary of at least AED 5,000 is transferred. The fee is also waived with a Mashreq personal, home or auto loan or an overdraft.
In plain words
- Fall-below fee
- A monthly charge for holding less than the balance the bank asks for. Here it is AED 26.25, charged in a month when your balance is under AED 3,000. It is not charged in a month when you stay at or above that amount. More on this
Interest
Annual interest rate
| Your balance | Rate a year |
|---|---|
| From AED 3,000, up to AED 49,999 | 0.5% |
| From AED 50,000, up to AED 999,999 | 1% |
| From AED 1,000,000 | 1.5% |
| Your balance | Rate a year |
|---|---|
| From AED 3,000, up to AED 49,999 | 0.5% |
| From AED 50,000, up to AED 999,999 | 1% |
| From AED 1,000,000 | 1.5% |
In plain words
- Annual rate
- The rate is quoted for a full year. Money held for part of a year earns the matching part of it. More on this
- Balance bands
- The rate changes with how much you hold. Each band is a range of balance with its own rate. More on this
What your money earns here
Held for
1 year
The amount and the rate stay the same for the whole period, and the interest is paid out, not added to the balance. Try other rates
AED 50
interest over 1 year
0.5%
a year on this balance
interest earned over time
Interest is credited daily, so it shows up in your balance as you go instead of arriving at month end. Withdrawals and transfers do not cost you any interest, however many you make. That is the main practical difference from the NEO PLUS Saver, where a third withdrawal in a month cancels that month's interest.
Benefits
Daily Interest Credit
Interest is credited to the account every day instead of once a month.
Unlimited Withdrawals
Withdraw or transfer as often as you like with no loss of interest.
Debit Card
The account comes with a Mashreq debit card.
How to open
Application steps
1.Hold an active Mashreq Current or Savings Account.
2.Sign in to Mashreq Online or the Mashreq Mobile App.
3.Open a Daily Bonus Account from there. No paperwork is needed.
4.Move at least AED 3,000 into it so that interest starts.
Good to know
Good option for
Savers who move money in and out often and want it to earn something in between, with a debit card attached and no limit on withdrawals.
Consider another account if
You can leave the money alone. A Mashreq Fixed Deposit fixes a rate for a set term, and the NEO PLUS Saver rewards a salary transfer or a larger untouched balance.
Frequently asked questions
Get answers to common questions about the Mashreq Daily Bonus Account