WeLab Bank Special Savings Interest Rate Welcome Offer Terms & Conditions

[1] The WeLab Bank Special Savings Interest Rate Welcome offer (“Promotion”) shall start from 14 February 2023 until 31 March 2023 (“Promotion Period”) or as specified pursuant to Clause 9 below.

[2] The Promotion is only applicable to new customers (“New Customers”, “you” or “your”) who have successfully opened a bank account at Welab Bank Limited (“WeLab Bank”, “we”, “us” or “our”) using the referral code “WLBWLB” within the Promotion Period.To be a new WeLab Bank customer means you have not terminated and/or closed your WeLab Bank account in the twelve (12) months prior to the commencement of the Offer Period.

[3] You may only use one (1) referral code when opening a WeLab Bank account, and you will only be entitled to the account opening rewards which corresponds with the referral code used. This Promotion cannot be used in conjunction with other referral programmes which means if you have input any other referral codes when you apply for your WeLab Bank account, then you are not entitled to this Promotion.

[4] New Customers will be entitled to a special interest rate of a total of 1.5% p.a. (“Special Interest Rate”) for the first 90 days from the Date of Successful Account Opening for eligible deposits placed in the Core Account.

[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 refers to the funds placed in the New Customer’s Core Account and the maximum amount is HKD1,000,000 (“New Customer Eligible Deposit”).

[7] The Additional Interest Rate set out below for the New Customer Eligible Deposit will be offered as cash rebate ("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) on the additional interest rate for the Cash Rebate under this Promotion will be notified 14 days in advance by us through Email.

[9] You will be given 14 days advance notice of the change in end date of the Promotion (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 Promotion cannot be used in conjunction with the GoFlexi, GoFlexi-Link Offer, Loan-Deposit-Link Offer, Personal Loan Cash Rebate Offer and WeLab Bank X Tesla 3-in-1 Combo Offer, which means this promotion is not applicable to any loan customers.

[15] New Customers who draws down any loans with WeLab Bank on the first 90 days will be entitled to the interest rate offer from the loan programs stated in Clause 13 above and will no longer be entitled to the additional interest rate under this Promotion (if any).

[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 Promotion 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 Promotion 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 Promotion 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: 14 February 2023