Residency
UAE resident
Mashreq NEO Plus Savings Account
Mashreq NEO PLUS Saver pays 6.25% a year with an AED 10,000 salary transfer, or 5% on an AED 50,000 balance. A third withdrawal loses the month's interest.
An existing account with Mashreq is required, such as Mashreq NEO 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 NEO PLUS Saver is a second account that sits next to your main Mashreq NEO account and holds the money you want to earn interest on. It has no debit card, no chequebook and no minimum balance. You open it in the Mashreq Mobile App, move money across from your NEO account, and the bank pays interest every month. It is only for UAE residents who already hold an active Mashreq NEO account, such as the NEO Current Account, and you can hold one Saver, either this one or its Mashreq Al Islami version.
Who can open it
Fees and balance
The Saver itself has no monthly fee, no minimum balance, no fall-below fee and no closure charge. The cost to keep in mind sits on the Mashreq NEO account you must hold alongside it. A standard NEO customer pays AED 26.25 in a month when the combined balance across all their Mashreq accounts dips under AED 3,000 on any day, unless a salary of AED 5,000 or more is transferred. That fee is worked out across everything you hold with the bank, and it is charged once per customer.
Minimum balance
None
Monthly fee
Free
Fall-below fee
Free
Account closure fee
Free
Interest
No interest is paid for a month with 3 or more withdrawals. Funds above AED 500,000 do not earn interest. After 2 consecutive months without qualifying salary, the rate drops to 5%, subject to the balance requirement.
How interest works
PayoutMonthly
Calculated onAverage monthly balance
Eligible balanceUp to AED 500,000
- Monthly salary transfer of AED 10,000 or more to Mashreq
How interest works
PayoutMonthly
Calculated onAverage monthly balance
Eligible balanceFrom AED 50,000 · Up to AED 500,000
- Balance of AED 50,000 or more in the account
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
- 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 interest is paid out, not added to the balance. Try other rates
AED 625
interest over 1 year
6.25%
a year
interest earned over time
Which rate you get depends on your salary, not on the Saver. Fall short of both conditions and the month pays nothing. The monthly average balance is the average of each day's closing balance. You can withdraw twice a month freely.
Benefits
Monthly Interest Payout
Interest is calculated on your monthly average balance and credited at the end of each month.
Two Withdrawals a Month
Up to two withdrawals a month leave that month's interest intact.
In-App Opening
Existing Mashreq NEO customers open the account in the Mashreq Mobile App with no documents.
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 NEO account if you do not have one.
2.Once it is active, open a NEO PLUS Saver Account in the Mashreq Mobile App.
3.Transfer your salary of at least AED 10,000 to Mashreq NEO, or plan to keep at least AED 50,000 in the Saver.
4.Move money from your NEO account into the Saver to start earning interest.
Good to know
Good option for
People who have their salary of AED 10,000 or more paid to Mashreq and want a return on spare cash they rarely touch, or who can park AED 50,000 or more and leave it.
Consider another account if
You dip into savings more than twice a month, or you have no qualifying salary and less than AED 50,000 to keep here. The Daily Bonus Account has no withdrawal limit.
What the Saver cannot do
Money leaves the Saver only by moving back to your Mashreq NEO account. There are no direct international transfers, no standing instructions or auto-debits, and no joint accounts. It is held in AED only.
Frequently asked questions
Get answers to common questions about the Mashreq NEO Plus Savings Account