Minimum age
18 years
Mashreq Millionaire
Mashreq Millionaire is a savings certificate that enters monthly cash prize draws. Each certificate costs AED 1,000, pays no interest and can be redeemed.
At a glance
Mashreq Millionaire is not a bank account in the usual sense. You buy certificates at AED 1,000 each, and instead of paying interest the bank enters every certificate you hold into its prize draws. Mashreq describes the scheme as capital guaranteed: you can redeem certificates and get their value back. So what you give up is the interest the money would have earned elsewhere, in exchange for a chance at a cash prize. Your first purchase must be at least 3 certificates. After that, holding 1 certificate is enough to stay in the draws. Certificates are held in one name only and cannot be transferred to someone else.
Who can open it
Residents and visitors
Open to holders of a valid UAE resident, visit or transit visa and to GCC nationals.
Fees and balance
Two charges apply, and both are avoidable with a little planning. Buying costs AED 36.75 per purchase transaction, whatever the number of certificates in that purchase, so several small purchases cost more in fees than one larger one. Cancelling a certificate within 90 days of buying it costs AED 26.25 per certificate. After 90 days redemption is free. There is no fall-below fee and no minimum balance beyond the certificates themselves. If you may need the money back inside 90 days, the cancellation charge on each certificate is the number to weigh.
Minimum deposit
AED 1,000
Fall-below fee
Free
Benefits
Monthly Prize Draws
Every month 25 prizes of AED 1,000 and 3 prizes of AED 5,000 are drawn.
AED 1 Million Grand Prize
A grand prize of AED 1,000,000 is drawn every April, August and December.
Online Purchase and Redemption
Mashreq account holders buy and redeem certificates in Mashreq Online or the Mashreq Mobile App.
How to open
Before you apply
1.Open in the app.
2.Minimum deposit: AED 1,000.
3.No debit card included.
Application steps
1.Decide how many certificates to buy. Each costs AED 1,000 and the first purchase must be at least 3.
2.If you already bank with Mashreq, buy them in the Mashreq Mobile App or Mashreq Online.
3.Otherwise visit a Mashreq branch with your passport and residence visa page and your Emirates ID. Non-residents bring their original passport showing a UAE entry stamp.
4.Keep your phone number with the bank up to date, because winners are contacted by telephone and SMS.
Good to know
Good option for
People who like the idea of a prize draw, will not miss the interest on the amount, and can leave the certificates in place for more than 90 days.
Consider another account if
You want a certain return on your savings. Certificates pay no interest at all. Compare Mashreq's savings accounts and deposits instead.
How the draws work
Draws take place monthly under the supervision of the Department of Economic Development in Dubai. Each month there are 25 prizes of AED 1,000 and 3 prizes of AED 5,000, and in April, August and December there is also one prize of AED 1,000,000. Every certificate is in every draw, so more certificates mean more entries. Mashreq can change the draw dates or the prize structure with 60 days' notice.
If you win
Winners are told by telephone and SMS, so keep your contact details with the bank up to date. Mashreq has the right to advertise winning numbers and winners' names and nationalities, and winners agree to be available for photographs the bank may publish. A winning certificate is redeemed at a branch.
Frequently asked questions
Get answers to common questions about the Mashreq Millionaire