Mashreq launches innovative Current Account designed to automatically “sweep” idle money into an interest-paying deposit account

Mashreq, a leading financial institution in the UAE, today announced the launch of the innovative Sweep Current Account, a best-in-class, interest bearing transaction account, designed to automatically sweep idle money above a certain threshold into an interest-paying deposit. Customers can still access the funds any time without being penalized. They can also withdraw money anytime from any Mashreq branch, ATM, Mashreq Online and through mobile banking.

The account is designed to provide customers with a simple and transparent account with no complicated conditions.

Commenting on the launch of the Sweep Current Account, Tooran Asif, Head of Personal Banking said: “The Sweep Current Account marks another innovative step from Mashreq. The account allows Mashreq to automatically pay interest on unused money above a certain threshold, to reward its loyal customers. This money remains fully accessible at all times – it isn’t locked away and there are no penalties when customers want to withdraw their money.”

Tooran added, “Mashreq has always been at the forefront of bringing in new products and services that are innovative keeping our customer need fulfillment at the centre. Our aim is not only to attract customers for individual products, but to identify, understand and respond to their needs at every stage of their banking relationship with us. And with this account, individuals are being rewarded simply by having a certain amount of money in the bank with the ability to withdraw it whenever they want.”

Mashreq customers will automatically receive a free Debit Card and cheque book with the Sweep Current Account. It will allow new and existing customers to make upto six free manned transactions every month.