Get 0.25% p.a. interest on balances above AED 50,000
If the combined minimum average balance on your account falls below AED 3,000 or equivalent in other currencies i.e. “monthly minimum balance”, you will be charged a “fall below fee”. Click here to know more on how to avoid getting charged.
The Sweep Current Account is available in Dirhams only.
Sweep Current Account is a great way to let your excess money work for you! Whenever your Sweep Current Account balance crosses the AED 50,000 mark, the excess funds (in units of AED 1,000) are automatically transferred (or swept out) into a deposit account.
An interest of 0.25% per annum is paid out to you monthly on this deposit.
When the balance in your Sweep Current Account falls below AED 50,000, the excess funds in the deposit account are automatically transferred (or swept back in) into your Sweep Current Account to bring the balance back up to AED 50,000. The amount remaining in the deposit account(s) continues to earn interest.
A sweep current account allows you to earn interest on excess funds in the (current) account.
As the name implies, the Sweep Current Account offers the all the advantages of a current account, and more! You can access/withdraw all your funds at any time. Until you do, you also earn interest on excess funds (above AED 50,0000).
While you can open only one Sweep Current Account, every time the balance crosses AED 50,000, a new deposit account (in units of AED 1,000) will get created for you.
The withdrawal mechanism is Last In First Out i.e. if and when the Sweep Current Account balance falls below AED 50,000, the last deposit account that was created will be the first one from where the funds will be ‘swept out’ and back in to your Sweep Current Account.
This account combines convenience and flexibility with financial and non-financial benefits, plus access to cash in 200+ countries.
Instant Visa Debit Card. Cheque Book can be requested through Mashreq Online or Mashreq Mobile.
Quick and easy processing
Cash withdrawal in 1.8 Million ATMs worldwide