WeLab Bank Special Savings Interest Rate Program Terms & Conditions

[1] The WeLab Bank Special Savings Interest Rate Program (“Program”) shall start from 16 May 2023 until 30 June 2023 (“Promotion Period”) or as specified pursuant to Clause 8 below.

[2] The Program is applicable to:

(i) customers who have opened a WeLab Bank account on or before 15 May 2023 (“Existing Customers”); and
(ii) customers who have successfully opened a WeLab Bank account during the Promotion Period and have not terminated and/or closed the WeLab Bank account within the past 12 months on or before 15 May 2023 (“New Customers”); and
(iii) received a designated Push Notification or Email about this Program

[3] Both Existing and New Customers will be entitled to designated special interest rates (“Special Interest Rate”) mentioned in the Push Notification and email you receive titled “Special Savings Interest Rate Program” for eligible deposits placed in the Core Account.

[4] Existing Customers will be entitled to a Special Interest Rate from 15 May 2023 to 31 July 2023 for Eligible Deposits placed in the Core Account. New Customers will be entitled to a Special Interest Rate for Eligible Deposits placed in the Core Account for the first 90 days from the Date of Successful Account Opening (“Cash Rebate Period”).

[5] The date of successful account opening is the date when New Customer receives the WeLab Bank Welcome email. (“Date of Successful Account Opening”)

[6] Eligible Deposits refer to below:

(i) For Existing Customers: Eligible Deposits refer to the net growth of deposit in the Core Account by taking the deposit amount in the Core Account on each calendar day and comparing it with the deposit amount in the Core Account on 15 May 2023. The maximum eligible deposit amount is HKD1,000,000 (“Existing Customer Eligible Deposit”).
(ii) For New Customers: Eligible Deposits refer to the funds placed in the Core Account and the maximum amount is HKD1,000,000 (“New Customer Eligible Deposit”).

[7] The Special Interest Rate is equal to the Current Prevailing Interest Rate plus the Additional Interest Rate and the Additional Interest Rate for Eligible Deposits to both Existing Customers and New Customers will be offered as Cash Rebate. The 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) based on the interest rate as below:

[8] The Additional Interest Rate for the Cash Rebate 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) to the additional interest rate for the Cash Rebate under this Program will be notified 14 days in advance by us through email.

[9] You will be given 14 days advance notice of the change to the end date of the Program (if any) by us through email.

[10] 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 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).

*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.

[11] The Cash Rebate will be credited into your Core Account within 15 working days after each calendar month from the Effective Date.

[12] The eligible daily deposit balance in the Core Account will be counted based on the day end balance each day.

[13] The Cash Rebate will be rounded to the nearest cent.

[14] This Program cannot be used in conjunction with the GoFlexi, GoFlexi-Link Offer, Loan-Deposit-Link Offer, Personal Loan Cash Rebate Offer, WeLab Bank X Tesla 3-in-1 Combo Offer, GoWealth Auto Upgrade Offer New Customers Program, GoWealth Auto Upgrade Offer Existing Customers Program, WeLab Bank Special Savings Interest Rate for GoWealth Program, and the customer who is still eligible for Special Savings Interest Rate that launched in 12 Jan 2023, which means this Program is not applicable to these customers.

[15] If customers who:

(i) draw down any loans with WeLab Bank on or before 15 May 2023; or
(ii) are eligible for this Program and draw down any loans after 15 May 2023 during the Cash Rebate Period as stated in Clause 4 above; or
(iii) are eligible for the GoWealth program(s) with a special deposit interest rate offer

will only be entitled to the special deposit interest rate offer from the loan or GoWealth programs (if any) stated in Clause 14 above and will no longer be entitled to the additional interest rate under this Program after the date of drawdown, date of GoWealth account opening, or date of subscription of funds from these programs in Clause 14, new loan or wealth related program that offers deposit rebate, whichever is applicable.

[16] The Cash Rebate cannot be transferred, returned, exchanged, or converted into other forms unless otherwise specified by us.

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

[18] 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.

[19] 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.

[20] Unless otherwise defined, terms defined in our Account Terms shall have the same meanings as in these Program Terms and Conditions when used herein.

[21] These terms and conditions shall be read in conjunction with our Account Terms. In the event of discrepancies or inconsistencies between these terms and conditions and the Account Terms, these terms and conditions shall prevail.

[22] 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: 16 May 2023