Minimum balance
None
Mashreq Islamic NEO Plus Saver Account
Mashreq Al Islami NEO PLUS Saver pays an expected 6.25% a year with an AED 10,000 salary transfer, or 5% on AED 50,000. Two withdrawals a month are free.
An existing account with Mashreq is required, such as Mashreq Islamic Current Account.
At a glance
Key facts
Monthly FeeNo monthly fee
Minimum BalanceNo minimum balance
Account TypeSavings
Account access
No debit card included.
Open in the app.
An existing account with the bank is required.
The Mashreq Al Islami NEO PLUS Saver is the bank's Sharia-compliant savings account built around the profit rate. It is a pot you fill from your main Mashreq account, in AED, and it has no debit card, no chequebook, no monthly fee and no minimum balance. You need an existing Mashreq account to open it, and you do that in the Mashreq Mobile App. The rate you receive depends on whether your salary comes to Mashreq and on how much you keep in the Saver. A conventional NEO PLUS Saver exists too, and a customer can hold only one of the two.
Fees and balance
Nothing is charged on the Saver: no monthly fee, no fall-below fee and no closure charge. The condition that can cost you money is on the linked account. If you are a standard NEO customer, the bank still expects a combined AED 3,000 across your accounts each day or a salary of AED 5,000, and charges AED 26.25 a month when you have neither. What you keep in the Saver is part of that combined balance, so a funded Saver also helps you clear the test.
Monthly fee
Free
Fall-below fee
Free
Account closure fee
Free
Profit
No profit is paid for a month with 3 or more withdrawals. Funds above AED 500,000 do not earn profit. After 2 consecutive months without qualifying salary, the rate drops to 5%, subject to the balance requirement.
How profit works
PayoutMonthly
Calculated onAverage monthly balance
Eligible balanceUp to AED 500,000
- Anticipated
- Monthly salary transfer of AED 10,000 or more to Mashreq
How profit works
PayoutMonthly
Calculated onAverage monthly balance
Eligible balanceFrom AED 50,000 · Up to AED 500,000
- Anticipated
- Balance of AED 50,000 or more in the account
In plain words
- Profit rate
- An Islamic account does not pay interest. It pays you a share of what the bank earns on your money. The profit rate is that share as a yearly percentage of your balance. More on this
- Which balance counts
- The return is worked out on your average balance across the month, so money held for only part of the month counts in proportion. More on this
- Conditional rate
- A rate that applies only while you meet the condition listed beside it. When the condition is not met, that rate is not paid. More on this
What your money earns here
Which rate applies to you
Salary of AED 10,000+ paid to Mashreq
Held for
1 year
Monthly salary transfer of AED 10,000 or more to Mashreq.
The amount and the rate stay the same for the whole period, and the profit is paid out, not added to the balance. Try other rates
AED 625
profit over 1 year
6.25%
a year
profit earned over time
There are two expected profit rates and one way to get nothing: with neither the salary nor the balance condition met, no profit is paid for the month. You are allowed two withdrawals a month.
Benefits
Monthly Profit Payout
Expected profit is calculated on your monthly average balance and paid every month.
Two Withdrawals a Month
Up to two withdrawals a month leave that month's profit intact.
In-App Opening
Mashreq account holders open the account instantly in the Mashreq Mobile App.
Shariah-compliant
Banking model
How to open
Before you apply
1.Open in the app.
2.An existing account with the bank is required.
3.No minimum balance.
4.No debit card included.
Application steps
1.Open a Mashreq account if you do not have one.
2.Once it is active, open a Mashreq Al Islami NEO PLUS Saver Account in the Mashreq Mobile App.
3.Transfer your salary of at least AED 10,000 to Mashreq, or plan to keep at least AED 50,000 in the Saver.
4.Move money from your account into the Saver to start earning anticipated profit.
Good to know
Good option for
Customers whose salary of AED 10,000 or more is paid to Mashreq, or who can leave AED 50,000 or more in the Saver, and who want Sharia-compliant savings they seldom draw on.
Consider another account if
You withdraw from savings more than twice a month. The Wakala Convenience Account pays a lower expected rate but never withholds profit for withdrawals.
What anticipated profit means here
The account is a Wakala arrangement: the bank invests your money as your agent. The rates above are the profit the bank anticipates paying, and it can change them with at least 30 calendar days' notice. Mid-month changes are handled in two parts. If your salary lands part-way through a month, profit to that day is paid at the lower rate and the higher rate applies from the next day.
Frequently asked questions
Get answers to common questions about the Mashreq Islamic NEO Plus Saver Account