Does the Mashreq NEO Savings Account pay interest?

No. Mashreq lists it as a non-interest bearing savings account. Interest is paid on other Mashreq savings products such as the Daily Bonus Account and the NEO PLUS Saver Account.

What happens if my balance drops below AED 3,000?

If the combined balance across all your Mashreq accounts falls below AED 3,000 on any day of a calendar month, a fall-below fee of AED 26.25 is charged the following month. The fee is not charged if a salary of AED 5,000 or more is transferred that month, or if you hold a Mashreq loan or overdraft.

Do I get a chequebook with the savings account?

No. Chequebooks are not available on Mashreq savings accounts. If you need cheques, the NEO Current Account includes a chequebook.

Do I get a debit card?

Yes. A free Visa debit card is issued once the account is open. Mashreq says it gives access to your funds in over 200 countries and through 1.8 million ATMs.

Do I need to visit a branch to open or use the account?

No. The account opens online with a valid Emirates ID, and there is no need to visit a branch. Teller transactions are not allowed for NEO customers, so you use a Mashreq ATM to withdraw cash.

Can I earn the salary transfer cashback on a savings account?

Yes. You need a monthly salary of at least AED 5,000 transferred to the NEO Savings Account. The total is calculated on the first salary credited and paid in twelve equal monthly instalments.

Mashreq Savings Account

Mashreq NEO Savings Account is an AED account with a free Visa debit card and no chequebook. It pays no interest and has an AED 3,000 daily balance rule.

Open account

At a glance

Key facts

Monthly Fee

AED 26.25/month below AED 3,000

Account TypeSavings

Holding CurrencyAED

See balance requirements See all charges

Account access

Debit card included.

See opening steps

Despite its name, the Mashreq NEO Savings Account works as a plain everyday account. You can receive and send money, pay bills, set up recurring payments and spend with the free Visa debit card that comes with it. It pays no interest, and it has no chequebook. That makes it the simpler sibling of the NEO Current Account, which adds cheques. It opens online in AED with an Emirates ID. If you want a return on your savings, this account can serve as the base for the NEO PLUS Saver, which is only open to people who already hold an active Mashreq account.

Who can open it

Minimum age

18 years

Fees and balance

An account that pays nothing can still cost money if it sits nearly empty. Mashreq looks at the total you hold across all your accounts with the bank, not at this account alone, and it checks that total daily. One day under AED 3,000 in a calendar month is enough for an AED 26.25 fall-below fee, debited the month after. It is charged once per customer however many accounts you have. You escape it in a month when your UAE employer pays a salary of AED 5,000 or more into your Mashreq account, or for as long as you have a Mashreq personal, home or auto loan or an overdraft. Balances in Mashreq Al Islami accounts count towards the AED 3,000 as well.

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

Benefits

Free Visa Debit Card

A Mashreq Visa debit card comes with the account for purchases and cash withdrawals.

Salary Transfer Cashback

Cashback set by your first salary credit, from AED 100 to AED 2,500, paid in 12 monthly instalments.

How to open

Application steps

1.Start the online application with your Emirates ID to hand.

2.Scan your Emirates ID.

3.Take a selfie.

4.Enter your personal details.

5.Choose the savings account as your account type.

Documents and terms

Mashreq Key Facts Statement: Current, Savings and Term Deposit Accounts (August 2026)

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Mashreq Savings Account Product

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Good to know

Good option for

Someone who wants a Mashreq account for a salary and card spending and has no use for cheques, or who needs an active Mashreq account before opening a deposit or saver account.

Consider another account if

You expect your savings to earn something. The Daily Bonus Account pays interest from a balance of AED 3,000 and keeps the debit card.

Foreign currency versions

The digital application opens this account in AED. Mashreq also offers it in EUR, CAD, USD, GBP, AUD, NZD, JPY, SAR and QAR, but those versions are not opened digitally. You can hold one savings account per currency.

Frequently asked questions

Get answers to common questions about the Mashreq Savings Account