The terms and conditions for FRS can be found here.

Fixed-Rate Savings (FRS) is a service provided by Endowus in partnership with bank(s) to access typically higher yielding corporate fixed return rates. This enables clients to earn fixed returns on their cash balance, while they consider their investment options with Endowus.

Clients can place amounts from either US$10,000 or HK$100,000 at 1, 2, 3, or 6-month tenors.

The minimum amount for FRS starts at US$10,000 or HK$100,000, with increments of US$1,000 or HK$100,000 (e.g., US$11,000, US$12,000, and beyond or HK$110,000, HK$120,000, and beyond). The maximum amount for a single account is US$25M per day.

Currently, FRS is available in USD and HKD. You can transfer USD or HKD directly to your Endowus account, or seamlessly convert currency  on the platform. Learn more about currency conversions on Endowus here .

You can select from tenors of 1 month, 2 month, 3 months, or 6 months.

The weekly cut-off time for FRS applications is 1pm on Wednesdays, where Wednesday is the “placement date”. This means our FRS submissions are placed weekly with the bank on Wednesdays at 1 pm. If Wednesday is a public holiday in Hong Kong or the placement currency’s region, or in the case of a Severe Weather conditions or any unforeseen circumstances where the Partner Bank declares a non-placement day, the FRS will be placed on the next available business day. The Severe Weather conditions are typically defined by the issuance of Typhoon Signal No. 8 or higher, or a Black Rainstorm Warning issued by the Hong Kong Observatory.

Note that we only support weekly submissions at launch.

If you miss the placement cutoff time, your FRS submission will not be processed for that week's placement. The funds will remain in your USD/HKD cash balance, and your FRS application will be processed in the following week's placement cycle.

The rates on your FRS order remain constant regardless of the principal amount. For example, a 1-month tenor rate of 3.8% applies equally whether a client invests US$10K or US$10M.

You cannot terminate early or top-up a FRS order once it has been confirmed.

1. Log in to your Endowus account.
2. On the Dashboard, click on the “Fixed-Rate Savings” tile next to the Uninvested Cash Balance.

3. On the Fixed-Rate Savings page, click the “Add Plan” button.

4. Fill out the FRS application form by entering the deposit amount, select the desired tenor, and choosing (*) rate adjustment handling.

4. Please review the trade details, tick the acknowledgment box, and click submit to proceed with the FRS application.
5. Ensure your USD/HKD cash balance is sufficient by Wednesday, 1 pm. You can deposit USD/HKD or convert currency accordingly, but note that FX conversion may take time and should be completed at least 1 day before the cut-off day.

(*) Rate adjustment handling: This is the option which you can choose to proceed with, regardless of rate changes, or cancel the FRS submission if the net interest rate decreases by 0.2% p.a. This is because the rate may fluctuate between the submission date and the placement date due to our weekly FRS submission schedule. If the FRS is canceled, the funds will remain in your USD/HKD cash balance.

The indicative net interest rate is the rate displayed on our platform and submission form, updated daily after 10:30am.

The net interest rate is the rate on which we execute your FRS on the placement day, referring Wednesdays at 1pm.

Both rates are provided by our bank partner and net of Endowus Fee of 0.10% p.a.

The FRS will be executed if：

(1) You have sufficient USD/HKD cash balance, and

(2) The rate adjustment handling preference is met.

Clients can choose the preferred rate adjustment handling on the FRS application form when applying for FRS.

Example: On Friday, you sees the rate on the FRS form as 3.85% p.a. and applies for the FRS with this rate. On the following Wednesday, the final rate provided by HSBC is 3.6% p.a.:

• If the client chose to proceed regardless of the rate, his/her FRS will be executed at 3.6% p.a.
• If the client selected the “cancel if lower” option, his/her FRS will be canceled.

If the placement is successful, you will receive a placement confirmation, including details such as the final rate, maturity date etc, via email one business day after the placement date.

If the placement is not successful, you will receive a notification email regarding the FRS cancellation, and the funds will remain in your USD/HKD cash balance.

FRS applications are processed weekly on Wednesdays 1pm (unless it is a public holiday).

Your cash will only be deducted from your cash balance at the time of processing, your cash balance on Endowus will still be available for investment after you made an application, before the application is processed.

At maturity, principal and net earnings will be credited to your USD/HKD cash balance. Automatic renewal of FRS after maturity is not currently supported.

FRS is not a fixed deposit product. It does not fall within the scope of the Hong Kong Deposit Protection Scheme.

FRS is not an investment product or a collective investment scheme. The rates offered are not due to pooling of invested funds by Endowus, and Endowus is not offering FRS as a fund, scheme, or a portfolio with a pooling element.

You can simply overwrite your previous submission by submitting a new request before the cut-off date and time (every Wednesday at 1pm). We will process only the most recent FRS application based on the submission time to avoid duplication.

If there are any changes made to the amount, kindly also ensure that you have sufficient cash balance in USD/HKD by the same cut-off date and time for a successful placement.