What is GoSave, in all reality?
GoSave is a time deposit product where the interest rate is determined by the number of joiners in each GoSave Time Deposit. Each GoSave Time Deposit will have a specified number of hours as a waiting period and a specified maximum number of joiners before it can commence. If the specified number of joiners is reached during the waiting period, the GoSave Time Deposit will start early. Upon commencement of the GoSave Time Deposit, a new GoSave Time Deposit will open whereby any WeLab Bank customer may join. Here is an example:Assuming GoSave Time Deposit is available for everyone to join at 4pm on Day 1 with 48 hours waiting period with a maximum number of joiners of 80 people; if there are 80 joiners on Day 1, then GoSave Time Deposit will start immediately. However, if there are only 79 joiners at 4 pm on Day 3 (after 48 hours), then GoSave Time Deposit will start on time, whether or not there is 80 joiners. If you miss this particular GoSave Time Deposit , then you can join the next available one..During the waiting period, you can withdraw the funds if you change your mind while you wait, but you must maintain at least HKD10 in the GoSave Time Deposit, which will not affect the interest rate of the same GoSave Time Deposit of customers.Once the GoSave Time Deposit commences, you will have two opportunities to withdraw funds without any service fees. Your first withdrawal can be any amount, but your second withdrawal must be the full remaining amount. Your withdrawal will not affect other people. The interest will be calculated based on the principal amount on the maturity date, and no interest will be paid for the funds you withdrew before the maturity date.
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