Mashreq Bank Easy Saver Account Opening | UAE

Mashreq Easy Saver Savings Account can be opened in just 2 minutes through your smartphone without visiting the branch. Are you looking for an easy and convenient way to grow your hard-earned money? Then the Mashreq Easy Saver Savings Account is made for you! This account helps you save and at the same time offers attractive interest rates.

This savings account comes with a host of features such as No minimum balance requirement to open the account No monthly fees Attractive interest rates Available in multiple currencies (UAE Dirham and US Dollar), Features like easy and quick account opening can be availed.

By reading this post, you will be able to know how to open Mashreq Easy Saver savings account, benefits, features, fees and charges, we will tell you the complete method of opening the account, so stay with us here till the end.

Mashreq Easy Saver Account Overview

The Mashreq Easy Saver Account is a flexible savings option with high interest rates (up to 2.40% per year). It requires no minimum balance and has no monthly fees. You can open an account in either AED or USD and make one free debit transaction per month without losing interest. There’s no debit card or check book included, and teller transactions are not allowed. You can easily open an account online if you are 18 or older and have an existing Mashreq account.

The main information about this account is as follows: 

Feature	Description
Minimum Balance	No
Monthly Fee	No
Interest Rate	Up to 2.40% per annum (subject to change)
Account Opening Eligibility	– Existing Mashreq current/savings account holder – Minimum age: 18 (or minor with guardian) – Minimum monthly income (if not existing customer): AED 5,000
Currency	AED or USD
Debit Transactions	1 free debit transaction per month without impacting interest
Debit Card	Not provided
Check Book	Not provided
Teller Transactions	Not allowed
Online/Mobile Banking	Available
Account Closing Fee	No
Transaction Statements	Monthly e-statement

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Mashreq Easy Saver Account Benefits:

The benefits of Mashreq Easy Saver Account are as follows:

1. High interest rates: Earn up to 2.40% interest per year on your savings (rates subject to change).
2. No minimum balance: You don’t need to maintain a minimum amount in your account to avoid any fees.
3. Zero monthly fees: There are no monthly charges associated with this account.
4. Easy and convenient account opening: Open a Mashreq NEO account in just 2 minutes with your Emirates ID.
5. Flexible saving: You can easily add or withdraw money from your account.
6. Interest earned even with one withdrawal: One debit transaction per month won’t affect your interest earned for that month.
7. Helps savings grow: No debit card means less temptation to spend your savings.
8. Choice of currency: Open your account in either AED (Dirhams) or USD (US Dollars).
9. Automatic and easy saving: Set up a standing order for automatic transfers to your Easy Saver account.
10. Free online money transfers: Enjoy one free online money transfer per month.
11. Mobile and online access: Manage your account easily through Mashreq Mobile or Online Banking.
12. Transparent fees: Find a comprehensive list of all fees and charges on Mashreq Bank Fees.

KEY FACTS STATEMENT

Mashreq Bank’s Easy Saver Account is an easy and convenient savings account that comes with high interest rates. There is no minimum balance or monthly fee, making it a simple and transparent way to save.

Key Facts	Description
Minimum Balance Requirement	No minimum balance
Key Obligations / Requirements	An active Current or Savings Account with Mashreq Bank
No Fall Below Fees	Not Applicable (since there is no minimum balance requirement)
Interest Rate	Refer to mashreq.com/ESIR (Rates subject to change)
Interest Pay Out Frequency	Monthly
Fees & Charges	Refer to mashreq.com/soc for a comprehensive list
Terms & Conditions	Refer to mashreq.com/tnc

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Limitations

Feature	Description
Available in AED and USD only
1 debit transaction per month allowed	Without impacting interest
No teller transactions allowed	Transactions must be done online, mobile app, or ATM
Check Book	Not provided
Debit Card (VISA)	Not provided
Teller/Manned Transactions	Not allowed
Mashreq Online/Mashreq Mobile Transaction Limits	Refer to mashreq.com/MOLlimits
Account Closing Charges	No charges
Transaction Statements	E-statement sent monthly to registered email. Transactions can also be checked through Mashreq Online/Mobile Banking or ATMs
Joining Bonus	Refer to mashreq.com/tnc
Interest Rate Disclaimer	Rates are determined by the bank and subject to change. The bank will notify customers 60 days in advance of any changes.

Mashreq Easy Saver Account Eligibility Criteria

To open Mashreq Easy Saver Account, there are the following eligibility criteria which you have to follow, if you follow this eligibility criteria then you will be able to easily open this account here : 

1. Age: You must be at least 18 years old. Minors (under 18) can apply with a guardian.
2. Minimum Monthly Income: AED 5,000.
3. Mashreq Account: You must have an existing active current or savings account with Mashreq Bank.

Necessary Documents for Opening a Mashreq Easy Saver Account

The following documents will be required to open Mashreq Easy Saver Account, their list is as follows: 

1. Application Form: You will need to complete and sign the Mashreq Easy Saver Account application form.

2. Valid Emirates ID: This is the primary identification document required for all UAE residents.

3. Passport: If you are an expatriate, you will need to provide your passport along with your Emirates ID.

4. Proof of Address: A recent utility bill, bank statement, or rental agreement can serve as proof of address.

5. Minimum Monthly Income Proof: A recent bank statement or salary certificate is required to demonstrate your minimum monthly income of AED 5,000.

How to Open a Mashreq Easy Saver Account Online (Step-by-Step Guide)

Opening a Mashreq Easy Saver Account online is a quick and easy process. Here’s a step-by-step guide to get you started:

1. Visit the Mashreq Bank Website:

• Open a web browser and go to the official Mashreq Bank website.

2. Find the Easy Saver Account:

• Look for the “Accounts” section on the menu bar.
• Within the accounts section, find the “Savings Accounts” options.
• Choose the “Easy Saver Account” from the available savings accounts.

3. Apply for the Account:

• Locate and click the “Apply Now” button.

4. New Customer Application:

• Since you’re a new customer, select “Apply as a new customer” and proceed to sign in for the application process.

5. Start the Application:

• Click on “Get Started” to begin the online application.

6. Enter Basic Information:

• Fill in the required details such as your mobile number, email address, confirm your email, and accept the terms and conditions.
• Once done, click “Next” to proceed.

7. Verify with OTP:

• To confirm your mobile number, a 6-digit OTP (One-Time Password) will be sent to your phone. 
• Enter the code in the designated box for verification.

8. Emirates ID Verification:

• Take a clear picture of your valid Emirates ID using your webcam or smartphone camera.

9. Provide Personal Information:

• Enter your full name exactly as it appears on your Emirates ID and click “Next” to proceed.

10. Identity Verification (Selfie):

• Capture a selfie using your webcam or smartphone camera to verify your identity.

11. Employment Details:

• Fill in your employment details such as your company name, job title, annual income, and work address (including apartment/villa number, building number, street name, area, and Emirate).

12. Choose Account Type:

• Make sure to select the “Easy Saver Account” option.

13. Tax Information:

• Answer whether you are a “US Person” for tax purposes and provide any other required tax information.

14. Enter Residential Address:

• Complete your current residential address details (including apartment/villa number, building number, street name, area, and Emirate).

15. Create Login Credentials:

• Generate a strong username and password that you’ll use to access your online banking for your Easy Saver Account.

16. Confirmation and Activation:

• Once you’ve completed all the steps, you’ll receive confirmation that your Mashreq Easy Saver Account has been opened and activated.

Congratulations! You can now manage your Easy Saver Account online using your newly created login credentials.

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Things to keep in mind while opening Mashreq Easy Saver Account

Keep the following things in mind while opening a Mashreq Easy Saver Account: 

1. This account is available in AED and USD only.
2. You can make only 1 debit transaction per month without affecting interest payments.
3. No teller transactions are allowed.
4. No check book or debit card provided.
5. You must have a valid Emirates ID in the UAE to open an account.
6. Your minimum monthly income must be AED 5,000.
7. You must have an active current or savings account with Mashreq Bank.
8. If you are opening an account for a minor, you will also need to provide a copy of the minor’s birth certificate, passport and the guardian’s Emirates ID.
9. Read all the information about Easy Saver Account on Mashreq Bank website before opening the account.
10. Create a strong password for your account and keep it secure.
11. Keep track of your account transactions regularly.
12. If you have any questions do not hesitate to contact a Mashreq Bank customer service representative.

FAQs: Mashreq Bank Easy Saver Account

Conclusion

Mashreq Easy Saver Account is a great option for those who want to save money easily and earn competitive interest rates. There are no minimum balance requirements, no monthly fees, and it can be easily managed through online and mobile banking.

If you face any problem in opening this account, you can comment below and you will get a reply within 2 hours.