Mashreq, a UAE-based financial institution, has introduced a new Sweep Current Account that is designed to automatically sweep money, which is above certain threshold, into an interest-paying deposit.
With the interest bearing transaction account, customers can easily access the funds without getting penalised. Additionally, they can also withdraw money from any Mashreq branch, ATM, Mashreq online and through mobile banking.
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Mashreq personal banking head, Tooran Asif, said 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," Asif added.
The Sweep Current Account is simple and transparent without any complicated conditions and comes with a free debit card and cheque book.
Asif said their 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 them.
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By GlobalData"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," Asif added.
