Minimum age
18 years
Mashreq NEO Current Account
Mashreq NEO Current Account is an app-run AED account with a Visa debit card and chequebook. Keep AED 3,000 or transfer a salary to avoid the monthly fee.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Account TypeCurrent
Holding CurrencyAED
Account access
Debit card included.
Applicants must be at least 18 years old with a valid Emirates ID.
Mashreq NEO Current Account is the bank's everyday AED account, opened online and run through the Mashreq Mobile App. You use it to receive your salary, pay bills, send money and write cheques. A Visa debit card is issued with the account and the first chequebook is free. NEO has no branch counter service, so teller transactions are not available and cash goes through Mashreq ATMs. If you move a salary of AED 10,000 to the account, or keep AED 50,000 with the bank, Mashreq treats you as a NEO PLUS customer and drops the fall-below fee and several transaction charges.
Who can open it
Residency
UAE resident
Fees and balance
The one recurring charge is the fall-below fee of AED 26.25 a month. Mashreq works it out at relationship level: it adds up the balances in every account you hold with the bank, Mashreq Al Islami accounts included, and charges one fee per customer, not one per account. The test runs every day. If the combined balance is under AED 3,000 on any single day of a calendar month, the fee is taken the following month. Three things switch it off: a salary of AED 5,000 or more paid in by your UAE employer, a Mashreq personal, home or auto loan, or a Mashreq overdraft. A remittance, a direct transfer, cash or a cheque is not counted as a salary, even when it comes from your employer. Closing the account costs nothing.
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.
Account closure fee
Free
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
Benefits
Visa Debit Card
A Visa debit card is issued with the account for purchases and cash withdrawals.
Free First Chequebook
The first chequebook is free. Further cheques cost AED 1.05 a leaf.
Salary Transfer Cashback
Cashback set by your first salary credit, from AED 100 to AED 2,500, paid in 12 monthly instalments.
Mashreq Mobile App
Open the account, move money and update your Emirates ID, visa and employer details in the app.
How to open
Before you apply
1.Applicants must be at least 18 years old with a valid Emirates ID.
2.Debit card included.
Application steps
1.Start the application online or in the Mashreq Mobile App with your Emirates ID to hand.
2.Scan your Emirates ID.
3.Take a selfie.
4.Enter your personal details.
5.Choose the current account as your account type.
Good to know
Good option for
People paid AED 5,000 or more a month by a UAE employer, or who can keep AED 3,000 across their Mashreq accounts every day, and want a current account with a chequebook that is managed from a phone.
Consider another account if
You earn under AED 5,000 and hold no other UAE bank account. The NEO Simple Account has no balance rule and a flat AED 2.10 monthly fee. This account also pays no interest on what you keep in it.
Use the account in its first 180 days
Mashreq closes an account that has had no transactions for 180 days from the day it was opened. If you open it ahead of a job start or a move, put a transaction through it within that window.
Frequently asked questions
Get answers to common questions about the Mashreq NEO Current Account