WeLab Bank Special Savings Interest Rate for GoWealth Program Terms & Conditions

[1] The WeLab Bank Special Savings Interest Rate for GoWealth Program (the “Program”) shall start from 4 April 2023 until 30 April 2023 (both dates inclusive) (the “Promotion Period”) or unless otherwise specified.

[2] This Program is not applicable to current GoFlexi customer who enjoys GoFlexi-Link offer (i.e. current loan customer who drew down the loan on or before 31 March 2022) and is subject to a limited quota, which is available on a first-come, first-served basis, and may be terminated by Welab Bank Limited (“WeLab Bank”, “we”, “us” or “our”) any time without notice.

[3] This Program consists of two offers: New-to-wealth Customer Offer and Existing-to-wealth Customer Offer. For definition of “New-to-wealth Customer”, “Existing-to-Wealth Customer” and the eligible criteria for each offer of the Program, please refer to the relevant section hereof.

For the avoidance of doubt, customer can only be eligible to either offer of the Program but not both.

[4] Current Prevailing Interest Rate shall mean the current prevailing interest rate applicable to HKD of your Core Account. Our Current Prevailing Interest Rate for HKD for your Core Account is 0.01%. It is for reference only and is subject to change from time to time and at the Bank’s sole and absolute discretion. The latest prevailing interest rate for your Core Account can be obtained from our website or WeLab Bank App.

Offer 1 - New-to-wealth Customer Offer

[5] Customer who meets all the following conditions is entitled to the monthly cash rebate set out in Clause 7 below:

(i) Has successfully become our GoWealth Digital Wealth Advisory Services customer by opening an Investment Account within the Promotion Period ; and

(ii) Has not terminated and/or closed any WeLab Bank account within the past 12 months before the start of the Promotion Period

(“New-to-wealth Customer”).

[6] The date of successful Investment Account opening is the date when you receive the confirmation email. (“Date of Successful Investment Account Opening”).

[7] New-to-wealth Customer will be entitled to a monthly cash rebate on the Eligible New Deposit at the Additional Interest Rate set out in the following table below for the first 90 calendar days from the Date of Successful Investment Account Opening:

The monthly cash rebate will be calculated daily in simple interest instead of compound interest on a 365-day basis (a 366-day basis in the case of a leap year).

Offer 2 –Existing-to-wealth Customer Offer

[8] Customer meeting all the following conditions is entitled to the monthly cash rebate set out in Clause 9 below:

(i) Successfully became our GoWealth Digital Wealth Advisory Services customer by opening an Investment Account before the Promotion Period; and

(ii) Successfully placed mutual fund(s) subscription order(s) of one-time investment or monthly investment with accumulated amount of not less than HKD 30,000 (or equivalent) with your Investment Account within the Promotion Period, excluding orders which are withdrawn, cancelled or declined (“Eligible Order”).

Order placement time will be based on Hong Kong Time.

(the “Existing-to-wealth Customer”)

[9] Existing-to-wealth Customer will be entitled to a monthly cash rebate on the Eligible New Deposit at the Additional Interest Rate set out in the following table for the first 90 calendar days from the placement date of the first Eligible Order:

The monthly cash rebate will be calculated daily in simple interest instead of compound interest on a 365-day basis (a 366-day basis in the case of a leap year).

Eligibility of New-to-wealth Customer and Existing-to-wealth Customer to other Interest Rate Rebate Programs of the Bank

A. WeLab Bank Special Savings Interest Rate Program (the “Special Savings Program”)

[10] This Program can be used in conjunction with the Special Savings Program. If any New Customer Eligible Deposit under the Special Savings Program falls within the definition of Eligible New Deposit of this Program and therefore is entitled to both the Cash Rebate under the Special Savings Program and the monthly cash rebate under the Program, your monthly cash rebate shall be reduced by the Cash Rebate amount entitled from the Special Savings Program for such deposit.

Example 1:

- A New-to-wealth Customer has become eligible to the Special Savings Program since 1 April 2023 and deposited HKD28,000 to his/her Core Account on 1 April 2023, and
- He/she successfully opened an Investment Account and deposited HKD100,000 to his/her Core Account on 5 April 2023, and
- He/she successfully deposited HKD30,000 to his/her Core Account and used the same amount in full to place a mutual fund(s) subscription order on 10 April 2023, and
- He/she deposited HKD150,000 into the Core Account on 20 April 2023.

#Interest Rate entitlement include Current Prevailing Interest Rate and Additional Interest Rate under this Program or the Special Savings Program (as the case may be).

*Cash rebate amount calculation will be started from the Date of Successful Investment Account Opening.

Example 2:

- An Existing-to-wealth Customer, who has successfully opened an Investment Account on 1 April 2023, has become eligible to the Special Savings Program since 1 April 2023 and deposited HKD28,000 to his/her Core Account on 1 April 2023, and
- He/she deposited HKD30,000 in his/her Core Account and used the same amount in full to place mutual fund(s) subscription order on 10 April 2023, and
- He/she deposited additional HKD100,000 to his/her Core Account on 10 April 2023, and
- He/she deposited HKD150,000 to his/her Core Account on 20 April 2023

B. Loan-Deposit-Link Offer and WeLab Bank X Tesla Mega Combo Offer

[11] This Program can be used in conjunction with the Loan-Deposit-Link Offer or WeLab Bank X Tesla Mega Combo Offer. If you draw down any loan with WeLab Bank within the Rebate Period and any Applicable Deposit Balance under the Loan-Deposit-Link Offer or Eligible Deposit under the WeLab Bank X Tesla Mega Combo Offer (as the case may be) falls within the definition of Eligible New Deposit of this Program and therefore is entitled to both (i) the Interest Rebate under the Loan-Deposit-Link Offer or Deposit Cash Rebate under the WeLab Bank X Tesla Mega Combo Offer and (ii) the monthly cash rebate under this Program, your monthly cash rebate shall be reduced by the Interest Rebate amount entitled from the Loan-Deposit-Link Offer or Deposit Cash Rebate amount entitled from the WeLab Bank X Tesla Mega Combo Offer (as the case may be) for such deposit.

Examples 1 and 2 above can be applied here by analogy.

C. GoWealth Auto Upgrade Offer New Customers Program or GoWealth Auto Upgrade Offer Existing Customers Program (“GoWealth Auto Upgrade Offer”)

[12] If you have been eligible for any GoWealth Auto Upgrade Offer and become an Existing-to-Wealth customer under this Program, you Eligible Deposit under the GoWealth Auto Upgrade Offer will be capped at the balance of your Core Account on 1 calendar day before the placement date of the first Eligible Order as defined herein. Any deposit of your Core Account falls within the definition of Eligible New Deposit of this Program will not be entitled to any cash rebate under any GoWealth Auto Upgrade Offer.

Example 3

- Customer has become eligible to the GoWealth Auto Upgrade Offer Existing Customers Program and has been enjoying a Cash Rebate Rate of 3.79% p.a. since 31 March 2023. His/her Core Account balance on 31 March 2023 was HKD28,000.
- He/she deposited HKD30,000 to his/her Core Account and successfully used the same amount in full to place a mutual fund(s) subscription order on 10 April 2023 and became eligible to the Existing-to-wealth Customer Offer,
- He/she then deposited additional HKD100,000 to his/her Core Account on 10 April 2023, and
- He/she deposited HKD150,000 to his/her Core Account on 20 April 2023

#Interest Rate entitlement include Current Prevailing Interest Rate and Additional Interest Rate under this Program or the GoWealth Auto Upgrade Offer Existing Customers Program (as the case may be).

^The HKD 150,000 deposited on 20 April 2023 is not subject to the GoWealth Auto Upgrade Offer Existing Customers Program or the Existing-to-wealth Customer Offer. Therefore, it is subject to the Current Prevailing Interest Rate only.

Example 4

- Customer has become eligible to the GoWealth Auto Upgrade Offer New Customers Program and has been enjoying a Cash Rebate Rate of 2.79% p.a. since 31 March 2023. His/her Core Account balance on 31 March 2023 was HKD28,000.
- He/she deposited HKD30,000 to his/her Core Account and successfully used the same amount in full to place a mutual fund(s) subscription order on 10 April 2023 and became eligible to the Existing-to-wealth Customer Offer,
- He/she then deposited additional HKD100,000 to his/her Core Account on 10 April 2023, and
- He/she deposited HKD150,000 to his/her Core Account on 20 April 2023

General Terms and Conditions

[13] For the avoidance of doubt, the interest of your Core Account will still be calculated,

(i) based on the total daily deposit balance of your Core Account and our Current Prevailing Interest Rate for the Core Account as at the interest calculation day; and
(ii) accrue daily on a simple and 365-day basis (a 366-day basis in the case of a leap year).

[14] The Additional Interest Rate of each offer under this Program is for reference only and is subject to change from time to time and at the Bank’s sole and absolute discretion. Changes (if any) on the Additional Interest Rate under this Program will be notified 14 working days in advance by us through Email.

[15] You will be given 14 working days advance notice of the change in end date of the Program (if any) by us through Email.

[16] The monthly cash rebate under this Program will be credited into your Core Account within 15 working days after the last calendar day of each calendar month from the start date of the Promotion Period .

[17] Eligible New Deposit balance in the Core Account will be calculated based on the day end balance each day.

[18] The monthly cash rebate will be rounded to the nearest cent.

[19] The cash rebate cannot be transferred, returned, exchanged, or converted into other forms unless otherwise specified by us.

[20] You agree and acknowledge that you are not entitled to receive any cash rebate if you close your Core Account at and time before the cash rebate is credited to your Core Account.

[21] Any breach of applicable laws or regulations, fraud, abuse, and/or non-compliance by you (as determined at our sole discretion) will result in forfeiture of your eligibility to participate in the Program and/or suspension or termination of all or any of your Account with us. We shall not credit the cash rebate or where the cash rebate has been credited, we reserve the right to debit the cash rebate from your Account (including but not limited to your Core Account) without notice and/or take such necessary legal action to recover any outstanding amounts.

[22] We reserve the right to suspend, modify or terminate this Program and/or amend these terms and conditions at any time without prior notice. In the event of a dispute, our decision shall be final, conclusive, and binding.

[23] Unless otherwise defined, terms defined in WeLab Bank Special Savings Interest Rate Program’s terms and conditions, Loan-Deposit-Link Offer’s terms and conditions, WeLab Bank X Tesla Mega Combo terms and conditions, GoWealth Auto Upgrade Offer New Customers Program’s terms and conditions, GoWealth Auto Upgrade Offer Existing Customers Program’s terms and conditions, Wealth Management Services Terms, WeLab Bank Personal Loan (Personal Instalment Loan & Debt Consolidation Loan) Terms and Conditions and Account Terms shall have the same meanings when used herein.

[24] These terms and conditions shall be read in conjunction with WeLab Bank Special Savings Interest Rate Program’s terms and conditions, Loan-Deposit-Link Offer’s terms and conditions, WeLab Bank X Tesla Mega Combo terms and conditions, GoWealth Auto Upgrade Offer New Customers Program’s terms and conditions, GoWealth Auto Upgrade Offer Existing Customers Program’s terms and conditions, Wealth Management Services Terms, WeLab Bank Personal Loan (Personal Instalment Loan & Debt Consolidation Loan) Terms and Conditions and Account Terms. In the event of discrepancies or inconsistencies between these terms and conditions, the prevailing order shall be as follows:

(i) these terms and conditions;
(ii) the WeLab Bank Special Savings Interest Rate Program’s terms and conditions;
(iii) Loan-Deposit-Link Offer’s terms and conditions or WeLab Bank X Tesla Mega Combo terms and conditions (as the case may be);
(iv) GoWealth Auto Upgrade Offer New Customers Program’s terms and conditions or GoWealth Auto Upgrade Offer Existing Customers Program’s terms and conditions (as the case may be);
(v) the Wealth Management Services Terms;
(vi) WeLab Bank Personal Loan (Personal Instalment Loan & Debt Consolidation Loan) Terms and Conditions; and
(vi) the Account Terms.

[25] In the event of any discrepancy between the English and Chinese versions of these terms and conditions, the English version shall prevail.

Core Account’s deposit is a deposit qualified for protection under the Deposit Protection Scheme in Hong Kong.

Effective Date: 4 April 2023

Disclaimer

This webpage/document does not constitute any offer, solicitation, recommendation, comment or any guarantee to the purchase or sale of any investment products or services.

Investment involves risk. The price of an investment fund unit may go up as well as down and the investment funds may become valueless. Part of your investment may not be able to liquidate immediately under certain market situation. Please refer to our Wealth Management Services Terms (including relevant risk disclosures) and relevant fund offering documents for more details of our services as well as the nature and risks of the relevant products.

The investment decision is yours but you should not invest in these product(s) nor services unless the intermediary who sells them to you has explained to you that these products are suitable for you having regard to your financial situation, investment experience and investment objectives.

Before making any investment decisions, you should consider your own financial situation, investment objectives and experiences, risk acceptance and ability to understand the nature and risks of the relevant product(s).

If you have any inquiries on the nature and risks involved in this webpage/document, relevant product(s) and services, trading or investment funds, etc, you should seek advice from independent financial adviser.

The information contained on this webpage is intended for Hong Kong residents only and should not be construed as a distribution, an offer to sell, or a solicitation to buy any securities in any jurisdiction where such activities would be unlawful under the laws of such jurisdiction. If you are outside of Hong Kong, we may not be authorised to offer or provide you with the products and services available in the country or region you are located or resident in.

This webpage/document is issued by Welab Bank Limited. The contents of this webpage/document have not been reviewed by the Securities and Futures Commission in Hong Kong.