Important Acknowledgements and Disclaimer - Please read thoroughly before you decide to make any Fixed-Rate Savings

Unless the context otherwise requires, the terms, words and expressions used in this disclaimer shall have meanings set out in paragraph 2 of the General Terms and Conditions of the Endowus Account.

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Definitions and Interpretations

Definitions	Interpretations
Fixed-Rate Savings (“FRS”)	FRS is a service that Endowus will allow you to choose to put the money in your Endowus Cash Account to a Partner Bank’s Client Money Omnibus Time Deposit Account(s), where the time deposit currency, amount and tenor will be instructed by you.
Placement	Placing of deposit/principal amount into FRS.
Partner Bank(s)	Means the bank(s) where the Client Money Omnibus Time Deposit Account is maintained with. As of January 2025, our only Partner Bank is Hong Kong and Shanghai Bank in Hong Kong (“the HSBC”). We may from time to time add, remove or change the Partner Bank(s). For the latest information, please refer to the page of FRS introduction.
Client Money Omnibus Time Deposit Account(s)	Client Money will be held in omnibus time deposit accounts maintained with the Partner Bank(s) on behalf of our clients for the purpose of the FRS.
Principal	The initial amount of the FRS is placed.
Interest rate	The interest rate of the FRS shown in % per annum.
Indicative bank interest rate	Interest rate of different deposit period of the Partner Bank, information update on daily basis and it is for reference only. Not the actual rate of the FRS.
Indicative net interest rate	Indicative bank interest rate minus Endowus fee
Bank interest rate	Interest rate provided by the Partner Bank on Placement Date
Net interest rate	Bank interest rate minus Endowus fee
Tenor	The period the money will be put in the FRS. E.g. 1 month, 3 months, 6 months.
Placement Date	In relation to FRS, it means the Placement Date stated in the Confirmation and the start date of the time deposit.
Placement Time	In relations to FRS, it means XX:XX Hong Kong time.
Interest Amount	Interest earned of the FRS on the date of Maturity. Means the gross interest received at maturity.
Maturity	Means the maturity date that the FRS ends.
Net earnings	Returns or interest earned from FRS minus Endowus Fee.
Net proceeds	Principal amount plus Net earnings

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Risks Disclaimer

Fixed-Rate Savings (“FRS”) is only offered to existing clients of Endowus HK Limited (“Endowus”) and the service aims to provide one more option for clients to park cash before they decide to make any investment on the Endowus platform. It should not be taken as a standalone product or service by Endowus. FRS will be only accepted from transfers from a verified Hong Kong bank account. FRS is not a time deposit and not collective investment scheme “CIS”

Not protected by the Deposit Protection Scheme: FRS is not equivalent to, nor should it be treated as a substitute for, time deposit. It is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.

Liquidity risk/ No early withdrawal risk: FRS is designed to be held till maturity. You will not be allowed to withdraw or terminate your FRS, either partially or in full, before the maturity date. Endowus may at its absolute discretion refuse to consent to any such withdrawal / termination request.

Credit risk of the Partner Bank: FRS is not secured by any collateral. When you place the money in FRS, you will be relying on the Partner Bank's creditworthiness. If the Partner Bank becomes insolvent or defaults on its obligations under FRS, you can only claim as an unsecured creditor of the Partner Bank. In the worst case, you could suffer a total loss of the deposited amount in the FRS.

Currency risk: Exchange rate fluctuates and sometimes drastically. If the Deposit Currency used for FRS is not the local currency customarily used by you and thus conversion is required, you should note that they may make a gain or suffer a loss due to exchange rate fluctuations.

Interest is Received upon Maturity: You should understand that earnings on FRS are limited to the nominal interest payable and it is only payable upon maturity. No periodic income will be payable to you prior to maturity.

Endowus General Terms & Conditions apply. The FRS is provided by Endowus as a Service subject to our General Terms & Conditions. For the purposes of the General Terms & Conditions, “Investments” shall be construed to include FRS, and “Transactions” shall be construed accordingly to include transactions in FRS. Section 8 of the Endowus General Terms & Conditions shall apply to cash placed in FRS, with necessary modifications, including in particular, the appointment of the Partner Bank to hold the FRS instead of a licensed custodian regulated to deal in capital markets products and provide custodial services.

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Fees and charges:

10bps p.a. from the FRS rate of Partner Bank indicated will be charged as Endowus service fee. For eg; if the FRS HKD rate for 3 months (90 days) is shown as 4.5% p.a., Endowus will charge 0.1%p.a., i.e. Amount *0.1% *90/365 for service fee. The net interest you earned will be 4.4%. The service fee for the FRS will be charged on the day of maturity of the FRS, the amount you will receive on maturity day will be the net fee amount.