Latest news with #highInterest
Zawya
3 days ago
- Business
- Zawya
Mashreq launches NEO PLUS saver account for salary and non-salary customers
Dubai, UAE – Mashreq, a leading financial institution in the MENA region, has unveiled the NEO PLUS Saver Account – a high interest savings product designed to empower both salary and non-salary customers with market-leading returns and seamless digital access. Through the new account salary customers can earn 6.25% interest per annum in addition to a cashback of up to AED 5,000 making it one of the most compelling propositions in the UAE's banking sector. With a focus on simplicity and transparency, NEO PLUS Saver Account allows salary customers transferring a monthly salary of AED 10,000 or more, to earn 6.25% interest, along with a salary bonus of AED 3,500 and an Early Bird Cashback bonus of AED 1,500. Non-salary customers can also enjoy market leading interest rates by simply maintaining a balance of AED 50,000 or more and earning 5% interest. They can also benefit from AED 1,500 with their Early Bird cashback benefit, which includes 5% cashback on debit card transactions and AED 300 cashback on remittances. Unlike other banking accounts in the market, Mashreq's new proposition brings simplicity – no need for additional product sign-ups such as a credit card or loans or mortgages, underlining the bank's commitment to customer-first, frictionless banking. Fernando Morillo, Group Head of Retail Banking at Mashreq, said: 'We are proud to launch a product that directly responds to the growing demand for rewarding, transparent savings solutions. With NEO PLUS Saver, customers do not just earn competitive interest – they enjoy a complete digital banking experience through our award-winning mobile app, designed to simplify money management and support smarter financial growth.' Radu Topliceanu, Global Head of NEO at Mashreq, added 'Mashreq NEO has always been about creating intuitive, high-value banking experiences that fit into our customers' lives. With NEO PLUS Saver, we are setting a new benchmark for what digital savings can offer in the UAE – unmatched returns, no hidden requirements, and a fully digital, customer-first journey from start to finish.' Available exclusively through the Mashreq Mobile App – the highest customer-rated banking app in the UAE at 4.8 stars – the NEO PLUS Saver can be opened instantly, offering customers convenient access to the full suite of Mashreq's digital wealth and investment tools. These include fee-free US stock trading, mutual funds, bonds, thematic investments, and more. This launch further strengthens Mashreq's position as a digital banking pioneer and reinforces its role in shaping the future of personal finance in the UAE. With a fully digital onboarding process and no hidden requirements, the NEO PLUS Saver Account is built for growth-minded individuals who want to make their money work harder – all from their smartphone. For more information on NEO PLUS Saver Account, please click here. About Mashreq Mashreq is more than half a century old, yet proudly thinks like a challenger, startup, and innovator. Mashreq has pioneered key innovations and developments in banking, starting with entry-level digital-first customers all the way to powering some of the region's most prominent corporations and wealth accounts. The bank's mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them achieve their goals and unlock their vision of success. Reassuringly present in major financial centers of the world, Mashreq's home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers. Mashreq has been recognized as the fastest-growing Middle East brand, by Banking 500 rankings for 2024 by Brand Finance. Find your way to Rise Every Day at: For media inquiries, please write to: media@
Al Bawaba
3 days ago
- Business
- Al Bawaba
Mashreq Launches NEO PLUS Saver Account for Salary and Non-Salary Customers with UAE's Most Rewarding Savings Interest Rates
Mashreq, a leading financial institution in the MENA region, has unveiled the NEO PLUS Saver Account – a high interest savings product designed to empower both salary and non-salary customers with market-leading returns and seamless digital access. Through the new account salary customers can earn 6.25% interest per annum in addition to a cashback of up to AED 5,000 making it one of the most compelling propositions in the UAE's banking a focus on simplicity and transparency, NEO PLUS Saver Account allows salary customers transferring a monthly salary of AED 10,000 or more, to earn 6.25% interest, along with a salary bonus of AED 3,500 and an Early Bird Cashback bonus of AED 1, customers can also enjoy market leading interest rates by simply maintaining a balance of AED 50,000 or more and earning 5% interest. They can also benefit from AED 1,500 with their Early Bird cashback benefit, which includes 5% cashback on debit card transactions and AED 300 cashback on other banking accounts in the market, Mashreq's new proposition brings simplicity – no need for additional product sign-ups such as a credit card or loans or mortgages, underlining the bank's commitment to customer-first, frictionless Morillo, Group Head of Retail Banking at Mashreq, said: 'We are proud to launch a product that directly responds to the growing demand for rewarding, transparent savings solutions. With NEO PLUS Saver, customers do not just earn competitive interest – they enjoy a complete digital banking experience through our award-winning mobile app, designed to simplify money management and support smarter financial growth.'Radu Topliceanu, Global Head of NEO at Mashreq, added 'Mashreq NEO has always been about creating intuitive, high-value banking experiences that fit into our customers' lives. With NEO PLUS Saver, we are setting a new benchmark for what digital savings can offer in the UAE – unmatched returns, no hidden requirements, and a fully digital, customer-first journey from start to finish.'Available exclusively through the Mashreq Mobile App – the highest customer-rated banking app in the UAE at 4.8 stars – the NEO PLUS Saver can be opened instantly, offering customers convenient access to the full suite of Mashreq's digital wealth and investment tools. These include fee-free US stock trading, mutual funds, bonds, thematic investments, and more. This launch further strengthens Mashreq's position as a digital banking pioneer and reinforces its role in shaping the future of personal finance in the UAE. With a fully digital onboarding process and no hidden requirements, the NEO PLUS Saver Account is built for growth-minded individuals who want to make their money work harder – all from their smartphone.
Motor 1
6 days ago
- Automotive
- Motor 1
‘This Should Be Illegal': Customer Gets Approved for 2024 Jeep Wrangler. Then An Expert Exposes the Reality of Financing
Some people buy a house. Others, apparently, buy a Jeep Wrangler with a seven-year loan and enough interest to make an accountant run screaming for the hills. A TikTok clip from the descriptively named creator I'm Just A Finance Guy (@imtheautofinanceguy) shows how outrageous financing deals can get these days, especially for those with bad credit scores. The video, which has been watched more than 290,000 times, zooms-in on the paperwork of a Truth in Lending Disclosure for a 2024 Jeep Wrangler that might just be the most expensive base model in recent memory. The financing terms feel more like a cautionary tale than a dealership win: Loan amount: $74,599 Finance charge (interest): $56,931.56 APR: 17.69 percent Term: 84 months (that's 7 years) Monthly payment: $1,565.84 Odometer reading: 860 miles The paperwork shows a total repayment of $131,530.56, or the cost of a house in small-town Ohio, all for a Jeep with less than 1,000 miles on the odometer. If that's not gruesome enough, let's break it down further: $1,565.84/month × 84 months = $131,530.56. That's over $56,000 in interest paid over the life of the loan. At 17.69% APR, the buyer ends up shelling out nearly double the Jeep's sticker price by the time it's paid off. You could make the same payments on a 15-year mortgage in parts of the country. According to Zillow, the median home price in Toledo, Ohio is just under $130,000 . More Jeep Stories From Motor1 The Jeep Cherokee Is Back The Best Performance Cars of 2025 (So Far) The New Gas Jeep Compass Is Strictly Front-Wheel Drive The Recon Will Be Jeep's 'New Defender,' Says Exec Every Three-Row SUV You Can Buy in 2025 Here's Your First Look at the 2026 Jeep Grand Cherokee The Jeep Wrangler Willys 41 Edition Rules. But There's One Big Catch 2026 Jeep Compass Unveiled: Hybrid or EV With Up to 375 HP While it's tempting to treat this loan as an outlier, it's more of a warning sign. In 2025, the average APR for a new car loan in the U.S. sits between 7 and 9 percent, depending on the borrower's credit score. A 17.69-percent rate suggests a borrower in a deep subprime category or someone who secured financing through a 'Buy Here, Pay Here' dealer known for predatory terms. And then there's the matter of the loan amount itself. A base model 2024 Jeep Wrangler typically starts around $35,000. Higher trims like the Rubicon can edge toward the $55,000 range with options. So, How Do We Get to Nearly $75,000? There are a few possibilities. The dealer may have loaded the vehicle with costly add-ons like extended warranties, off-road packages, or appearance upgrades that look good on paper and pad profit margins. It's also possible the buyer traded in a previous vehicle with negative equity, rolling the unpaid balance into the new loan. And in many cases, high-interest loans like this are pitched to buyers who are told it's their 'only option,' a favorite tactic of high-risk financing outfits. Whatever the case, it's a tough look. Seven years is a long time to pay off a car, especially one that may see some serious depreciation before it's halfway through the loan term. The Rise in Long-Term, High-Interest Auto Loans Is Becoming a Serious Financial Concern According to the CFPB, Americans now carry over $1.6 trillion in auto loan debt, and loan terms of 72 to 84 months are increasingly common, even though they often leave buyers "underwater" on their loans for most of the repayment period. Financial advisors generally recommend: Keeping loan terms under 60 months, avoiding APRs over 6–7 percent unless necessary, and never financing add-ons or extended warranties unless you've calculated the long-term cost. There's no indication on the term sheet of who the dealer or financier was for the proposed loan, but commenters on the clip were ready to grab their pitchforks and torches in outrage. 'This should be illegal. Someone tag the repo man!' one of them wrote. Another offered that the proposed deal is another example of buyers being preyed upon: 'In case anyone wondered why we need a consumer protection agency. These loans should be criminal.' And another wasn't feeling great about the idea of making a mortgage payment for a depreciating asset on wheels, writing, 'I'm not paying $131k for anything except a house and I'd do that extremely reluctantly.' Motor1 reached out to the creator via direct message and to Jeep/Stellantis via email. If we hear back, we'll be sure to update this article. Now Trending 'Missed My Bonus By One': Dodge Salesman Says May Was Terrible For Sales. Here's Why Kia Mechanic Says Even a 5-Year-Old Can Fix This Common Issue Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
