Zero-fee
Account
Free
Debit Card
Dedicated App Access
For Children
Eligibility Criteria
Parent should be an existing Mashreq customer
Kid should be between 8 and 18 years of age
Kid should have a valid Emirates ID
Open an account via the Mashreq Neo or Mashreq UAE App
Giving children the convenience of Neo NXT Account is simple. Parents can simply log in to their Mashreq UAE or Mashreq Neo App and click on the ‘Open Neo NXT Account’ button to open a Neo NXT account within 5 minutes.
Secure banking for children
They can now learn all about banking and money management, in a safe & secure environment. Their account will be linked to the parent’s, ensuring that the parent stays on top of the child's transactions & receives the OTPs
Parents can set monthly allowance
Parents can easily schedule a recurring allowance for their kids in just a few taps and transfer money easily to their account without having to visit the ATM for cash.
Kids can learn how to smartly manage money
They can keep a tab on their expenses, save towards their goals, complete challenges set by parents to get more allowance, using Neo NXT.
Ready to open a Neo NXT account?
I am a Parent
Please choose what type of Mashreq customer are you
I am a Child
Let your parents know about Neo NXT and get a cool way to save, spend & manage money
Tell your parents nowStill got questions?
- Neo NXT allows children living in the UAE to manage their money independently, while offering their parents visibility on their expenses. With a Neo NXT account, the child gets their own Neo NXT Debit Card, and can also access the Mashreq Neo app through their own login credentials. The child will be able to request money, send money, save towards goals, complete challenges and more through the Neo app. When the parent logs in to their Mashreq Neo or Mashreq UAE app, they will be able to see details of the Neo NXT account created by them. Through this, parents will be able to set a monthly/weekly allowance, set controls on how their child can spend, view the transactions carried out by the child, receive OTP for all online transactions & money transfers, and set challenges for their child to earn extra allowance.
- The Neo NXT account is accessible from the Neo app. During the application process, the parent is required to ask the child to set up their login ID & password. The child can use these details to log in to the app & access his/her Neo NXT account. The Neo app has been completely customised for Neo NXT account holders, to offer a tailored experience for children.
- There is absolutely no fee linked to the Neo NXT account.
- To ensure a safe & secure banking experience for children, we have put restrictions on certain transactions: • Monthly limit on money transfers (to Mashreq accounts): AED 5,000 • Monthly limit on money transfers (to non-Mashreq accounts): AED 5,000 • Monthly limit on online debit card spending: AED 5,000 • Monthly limit on offline debit card spending: AED 5,000 • Monthly limit on ATM Cash withdrawal: AED 5,000 Parents can also go to their child's account profile, and click on Control Debit Card Usage to further decrease the limits on debit card, enable/disable merchants, etc. Cash deposits are strictly disabled for Neo NXT accounts. However, children can withdraw cash using their Neo NXT Debit Card.
- Neo NXT is available via the Mashreq Neo app (Android / iOS / Huawei). It is not available on Mashreq Neo online banking.
- A parent can open up to 5 Neo NXT accounts. All the Neo NXT accounts that you apply for, from your account, will be visible through your Mashreq Neo or Mashreq UAE app.
- While the parent receives transaction alerts & OTPs for all online transactions/money transfers, parents should also share their child's mobile number at the time of opening the account. This is important, as we will be sending periodic notifications, to your children, that will enable them to bank securely, manage money smartly, etc.