Section 1
Introduction to our Deposit Account Terms
Thank you for banking with Standard Chartered.
It is important that you read these Deposit Account Terms as they apply to your use of our deposit accounts, which include current accounts, savings accounts and time deposits.
These Deposit Account Terms form part of our banking agreement with you. Our banking agreement is made up of:
| your application | the application you submit for the deposit account |
| our approval | our confirmation to you that your application is approved or other document offering to provide you with the deposit account |
| Customer Terms | general terms and conditions that apply to all persons who have applied for or are authorised to use any of our individual retail banking products |
| Product Terms | these Deposit Account Terms |
| Guidelines | guidelines that we issue to you or publish on our website on the use of a product |
| Pricing Guide | the pricing guide setting out applicable interest, fees and costs available here |
| Privacy Notice | our policy for the collection, storage, use, disclosure and retention of your personal information, which is available here |
| Product webpage | the page on our website that provides updated information about each deposit account product |
| other documents | any other documents or terms and conditions that we may identify |
These Deposit Account Terms are divided into three sections. Sections 1 and 2 apply to all deposit accounts. Section 3 includes additional terms that apply to specific deposit accounts. If any terms conflict, the specific terms will apply.
When we use "we", "our" or "us" in these Deposit Account Terms, we mean Standard Chartered Bank (Singapore) Limited, or other members of the Standard Chartered Group, as the context requires.
When we use "you" or "your" in these terms, we mean each person who has applied for, or is authorised to use any of our individual retail banking deposit accounts. It also includes your joint account holder(s) and authorised person(s).
Words in italics are defined terms with specific meanings found in Section 2, Part D of these Deposit Account Terms or Section 3 Part I of our Customer Terms.
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Section 2
General terms
PART A How deposit accounts work
1
Apply for a deposit account
By applying for a deposit account, you agree to these Deposit Account Terms and the rest of our banking agreement. Deposit accounts may be opened in your individual name, or jointly with one or more other persons. Refer to our Customer Terms for the terms that apply to joint accounts.
2
Categories of deposit accounts
We offer 3 categories of deposit accounts:
2a. Current accounts: accounts that come with overdraft and cheque facilities subject to our approvals.
2b. Savings accounts: accounts that do not come with overdraft and cheque facilities.
2c. Time deposits: accounts in which funds are placed with us for a fixed period at an interest rate that is fixed when the funds are placed.
3
Age requirements
You must be at least 18 years old to apply for a deposit account. Some deposit accounts have different age requirements, as set out in Section 3.
4
Debit cards
We may issue a debit card to you for some deposit accounts. We will automatically renew an active debit card at expiry. You can keep your debit card active by making one transaction on it every 365 days.
5
Fees for deposit accounts
We may charge you fees for your deposit account and how you use it. Refer to our Pricing Guide and each product webpage for all applicable fees.
6
Account limits
For current accounts and savings accounts, you can open a maximum of three deposit accounts per product type. However, each deposit account must have a different operating authority (single account, joint account that can be operated by either account holder, or joint account that can only be operated by all account holders jointly).
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electronic transfers;
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cash deposits at our branches or cash deposit machines; or
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cheques, bank drafts and cashier’s orders.
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Depositing funds into your deposit account
How to deposit funds
You can deposit funds through:
How we process deposits
You can use your funds only after we process your deposit and credit the funds into your deposit account. Deposits made after business hours or on non-business days will be processed the next business day. We may reject any deposit because of applicable laws or our usual business practices, and we do not have to give any reasons for doing so.
How we return unpaid cheques
If a cheque you deposited is returned unpaid, we will send an Image Return Document (IRD) to your registered address. The IRD is a notice of dishonour and will replace the original cheque. The IRD will state why the cheque was unpaid and whether you can re-deposit the cheque using the IRD.
Foreign payment instruments
We may accept payment instruments from foreign financial institutions. Clearing times may vary depending on the laws and practices of that country. We are not responsible for any loss in value of the payment instrument caused by different clearing times.
Third party payment instruments
If you present a cheque or other payment instrument that is payable to a third party or appears to belong to someone else, we may refuse to cash it or accept it for deposit. If we agree to cash it or accept it for deposit, we may require you to comply with additional conditions.
Fees
Some types of deposits may incur fees. We will deduct these fees from the amount deposited.
- You can use a debit card to make payments that will be directly debited from a linked account.
- When you make debit card payments in a different currency from your linked account, we have to make currency conversions. You will be charged foreign currency transaction fees for the currency conversions.
- When you use your debit card overseas, you may be able to choose “Dynamic Currency Conversion” at the point of transaction. This converts the payment to SGD based on the applicable exchange rate at that point. The payment card network will charge you a foreign currency transaction fee for this conversion.
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You may apply for a cheque book when you open a current account. If we agree to provide you with a cheque book, we will levy a fee.
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When you issue a cheque, you authorise us to debit the amount from any of your deposit accounts to make payment on the cheque. We may choose which cheques to pay first. Cheque clearance fees may apply.
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We are not responsible for any losses if we process a cheque that we believe in good faith you have signed, even though it may have been forged or was not authorised by you.
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We may dishonour any cheque that is not properly filled out or signed, or if we cannot verify whether you issued the cheque. We may try to contact you to confirm but we are not obliged to do so. We are not responsible for any losses if we refuse to process a cheque.
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You may ask us in writing to stop payment of a cheque if it has not been paid. Your request must include full details of the cheque. A cancellation fee will apply.
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Cashier’s orders and bank drafts are prepaid payment instruments that we issue on your behalf to a named payee for a fee. Cashier’s orders are issued in SGD and can only be drawn in Singapore. Bank drafts are issued in foreign currency. They can be drawn overseas by selected foreign correspondent banks, and will be subject to the laws of that country.
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Once issued, the amount will be deducted from your deposit account, and the cashier’s order or bank draft cannot be cancelled or stopped. If your cashier’s order or bank draft is lost or stolen, you must inform us immediately, provide us with evidence of the loss or theft, including a police report, and satisfy any other conditions we ask for. We will do our best to cancel or stop them.
8
Withdrawing funds from your deposit account
You can withdraw funds from your deposit account in the following ways.
Payment instructions
You may give us one-time or standing instructions to transfer funds. Refer to our Customer Terms for terms that apply to such payment instructions and instructions to us generally.
Debit cards
Local cash withdrawals
You may withdraw cash at our branches, or at ATMs using your debit card. Withdrawals in foreign currency may require up to two business days’ notice and are subject to availability.
Overseas cash withdrawals
You may withdraw funds from your deposit account from our overseas branches and ATMs, subject to applicable laws and fees.
Cheques
Cashier’s orders and bank drafts
9
Transaction limits
We may set limits on how much you can deposit into or withdraw from your deposit account, or on other types of transactions.
10
How you may receive interest on your deposit account balance
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You may receive interest on your deposit account balance for some deposit accounts. Interest is calculated daily and credited monthly. We credit interest at the end of each month unless we state otherwise.
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If your deposit balance is denominated in SGD, HKD or GBP, we calculate interest based on a 365-day year. For other currencies, we calculate interest based on a 360-day year.
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Some deposit accounts offer bonus interest if you meet certain conditions.
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We calculate your bonus interest at the end of each calendar month based on the ADB of your deposit account for that month. Transactions on the last day of a calendar month falling on a Sunday or public holiday in Singapore are excluded from ADB calculation.
Interest
Bonus interest
Changes to interest rates
We may change the basis, rates and any other conditions of interest for a deposit account at any time. We will notify you before making any changes. The latest interest rates and conditions can be found on each product webpage.
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How you may receive cashback on your spending
You may receive cashback on qualifying cashback transactions you make on some debit cards. Details are on each product webpage.
How cashback is calculated
We will only credit cashback on the first two debit cards that are linked to an applicable deposit account. We calculate cashback based on the total value of qualifying cashback transactions made on each debit card in a calendar month, based on the date these transactions are posted. The following transactions do not qualify for cashback:
The cashback you can receive may also subject to a monthly cap.
When will you receive cashback
We calculate cashback at the end of each month, and credit the cashback amount at the end of the following month.
Changes to cashback conditions
We may change the basis, rates and any other conditions of cashback at any time. We will notify you before making any changes. The latest rates and terms on cashback can be found on each product webpage.
12
Multicurrency feature
Some deposit accounts come with a multicurrency feature. To use this feature, you must activate the available foreign currencies by selecting the currency during the application process or through online banking. If you do not activate a foreign currency, you will not be able to access or deposit funds in that currency. For joint accounts, multicurrency features can only be activated for accounts with single operating authorities (where any account holder can operate the account).
When you make debit card payments or withdraw cash in a currency you have activated, we will deduct the amounts from that currency account balance. However, amounts will be converted to SGD and debited from your SGD balance if:
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you have insufficient funds in the foreign currency; or
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if you selected “Dynamic Currency Conversion” at the point of transaction for debit card payments.
Fees will apply for the currency conversion.
If you receive funds or make payment in a foreign currency that you have activated, it will be credited or debited in that currency. If you receive funds in a foreign currency that you have not activated, the funds will be converted to SGD at our prevailing exchange rate and deposited to your SGD-denominated account. Fees will apply for the currency conversion.
You will receive individual account statements for each foreign currency that you have activated.
Once you have activated the multi-currency feature for any foreign currency, you cannot disable it. You will need to close your deposit account to remove the feature.
13
Minimum balances and fall below fees
You may need to maintain a minimum balance for some deposit accounts. A fall-below fee will apply if your ADB falls below that amount.
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Currency conversions
All withdrawals and deposits will be made in the currency of your deposit account. If you use a different currency, we will convert the amount to SGD at our prevailing exchange rate. Fees will apply for each conversion, as set out in our Pricing Guide.
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Overdraft facility
You may apply for an overdraft facility on any current account, which will allow you to overdraw on the account up to a set limit. For full terms that apply to overdraft facilities, refer to our Personal Loan/Personal Line of Credit/Overdraft Terms.
We may change the limit on your overdraft facility at any time but will give you prior notice of any changes. If you exceed the limit, you must pay back the excess immediately. Otherwise, this excess amount will incur additional interest in the form of an over limit charge.
We charge interest on your overdrawn amount at the rate set out in our Pricing Guide. Interest is charged daily. If your current account is denominated in SGD, HKD or GBP, we calculate interest based on a 365-day year. Otherwise, we calculate interest based on a 360-day year.
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Keeping your deposit account active
To keep your current accounts and savings accounts active, there must be one transaction on each account at least every 365 days. Otherwise, we will place the account in dormant status. If all your current accounts and savings accounts are dormant, you will not be able to use them and must call us or visit any of our branches to reactivate them.
17
Closing your deposit account
If you or we close your deposit account, we will pay you the credit balance in any way we choose. Some deposit accounts have a minimum holding period. If you close the account before this minimum period is up, an early account closure fee may apply, as set out on each product webpage.
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How your deposits are insured under the Singapore Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Section 2
General terms
PART B Meaning of words
applicable RMB regulations means any laws, rules, regulations, guidelines, restrictions or directions that apply to the use or conversion of RMB.
assets under management or AUM means the sum of your: (1) total deposits; (2) total value of eligible investment products with us; and (3) total premiums paid on eligible insurance policies purchased through us that are in force. AUM does not include assets over which security has been placed in our favour.
average daily AUM means the sum of your AUM at the end of each day in a calendar month divided by the number of days in that month.
average daily balance or ADB means the sum of your account balances at the end of each day in a calendar month divided by the number of days in that month.
e$aver Kids! beneficiary means a child in whose name or for whose benefit the e$aver Kids! deposit account is held on trust by their parent or legal guardian acting as an e$aver Kids! trustee.
e$aver Kids! trustee means a parent or legal guardian who holds and operates an e$aver Kids! Account on trust for their child as e$aver Kids! beneficiary.
bonus interest means extra interest (on top of prevailing interest) you may receive on your deposit account balance if you meet specified conditions.
cashback means money that the Bank credits back to you as a percentage of what you spend from a deposit account or on a card.
child means your legal child or someone under your legal guardianship who is under 18 years old.
current account means the category of deposit accounts described in Clause 2(a).
deposit account means an account you open with us to hold your money. Deposit accounts include current accounts, savings accounts and time deposits.
eligible insurance policy means a regular premium life insurance policy underwritten by Prudential Assurance Company Singapore (Pte) Ltd and distributed by us, and which names you as the policy holder.
eligible unit trust means a unit trust distributed by us but does not include (i) exchange traded funds; (ii) investments via regular savings plans; and (iii) switching transactions.
MSIG means MSIG Insurance (Singapore) Pte. Ltd..
online equities means listed equities that you purchase through our online trading service.
operating account means the current account or savings account that is linked to a settlement account listed in Section 3 Part D.
overdraft facility means a credit facility that allows you to withdraw more money than you have in your deposit account, up to an agreed limit and subject to interest, fees and other conditions set out in our Personal Loan/Personal Line of Credit/Overdraft Terms.
prevailing interest means the interest rate for a deposit account type that applies at the time, as set out on the product webpage.
product webpage means the page on our website that provides updated information about each deposit account type including its features, prevailing interest, fees and eligibility requirements.
qualifying retail transactions means any transaction made on a debit card linked to a deposit account that is eligible for bonus interest. They exclude the list of transactions in Section 3 Part A.1 Clause 3.
qualifying cashback transactions means any transaction made on a debit card linked to a deposit account that is eligible for cashback. They exclude the list of transactions at Clause 10(a).
RMB or CNH means offshore Renminbi currency.
RMB account means any RMB-denominated current account or savings account held with us.
RMB time deposit means any RMB-denominated time deposit placed with us.
RMB terms means the Terms for Offshore Renminbi Denominated Deposit Accounts in Section C Part 3.
savings account means the category of deposit accounts described in Clause 2(b).
time deposit means the category of deposit accounts described in Clause 2(c).
Section 3
Additional terms
This section sets out additional terms that apply to the deposit accounts listed below. If a deposit account is not listed below, the general terms in Section 2 and the product webpage will still apply.
| Part A Current Accounts |
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| A1 | Bonus$aver Account Terms | |
| A2 | SuperSalary Account Terms | |
| A3 | Wealth $aver Account Terms | |
| A4 | Xtra$aver Account Terms |
| Part B Savings Accounts |
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| B1 | e$aver Account Terms | |
| B2 | MyWay Savings Account Terms | |
| B3 | JumpStart Account Terms | |
| B4 | First$aver Account Terms | |
| B5 | e$aver Kids Account Terms | |
| B6 | Limited Purpose Account Terms | |
| B7 | Basic Banking Account Terms |
| Part C Foreign Currency Accounts |
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| C1 | USD$aver Account Terms | |
| C2 | FCY$aver Account Terms | |
| C3 | Terms for Offshore Renminbi Denominated Deposit Accounts |
| Part D Settlement Accounts |
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| D1 | Settlement Account Terms | |
| D2 | Wealth Cash Account Terms |
| Part F Accounts no longer offered |
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| E1 | Unlimited$aver Account Terms |
PART A Current Accounts
| A1. Bonus$aver Account Terms |
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1. |
What is a Bonus$aver Account? |
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2. |
What interest will you receive? |
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3. |
What are the bonus interest categories? |
A. Card spend |
Spend a minimum amount each calendar month on qualifying retail transactions using a Bonus$aver card. This is based on the date that the transaction is posted. The following transactions do not qualify:
Note:
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B. Salary credit |
Have your monthly salary credited by your employer to your SGD-denominated Bonus$aver Account (via Giro, PayNow or FAST with the purpose code “SALA”). Your monthly salary must meet a specified minimum amount. |
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C. Insure |
Purchase an eligible insurance policy as the primary policy holder with a specified minimum annual premium amount and maintain it for at least 12 months. You must also be the primary account holder of the Bonus$aver Account. |
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D. Invest |
Invest in eligible unit trusts or online equities worth at least a specified minimum amount. You must also be the primary account holder of the Bonus$aver Account. If your online equities are denominated in foreign currencies, we will convert their value to SGD at a rate we determine when we calculate your total investment amount. |
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4. |
How and when will you receive your bonus interest? |
A. Card spend |
You will receive bonus interest for the Bonus$aver Account that is linked to this Bonus$aver card one month after the month in which the qualifying retail transactions are posted. |
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B. Salary credit |
You will receive bonus interest for the Bonus$aver Account in which your salary is credited one month after the month in which it is credited. |
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C. Insure |
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D. Invest |
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5. |
Other terms you should note |
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| A2. Wealth $Saver Account Terms |
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1. |
What is a Wealth $aver Account? |
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2. |
What are the requirements? |
You must be, or qualify to be, a Priority Banking or Priority Private client with the bank at the time of application. For joint accounts, only the primary account holder needs to qualify. |
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3. |
What interest will you receive? |
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| A3. SuperSalary Account Terms |
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1. |
What is a SuperSalary Account? |
• The SuperSalary Account is a current account that can be linked to a debit card. • You may receive additional cashback when you spend on your linked debit card. |
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2. |
What are the requirements? |
• Credit a specified minimum amount to your SuperSalary Account via GIRO every month. If you do not meet this requirement, you will be charged a fee. The latest requirements and fees are set out on the product webpage. • You can only hold a maximum of two SuperSalary Accounts. Both SuperSalary Accounts must have different operating authorities. You can only be the primary account holder of one SuperSalary Account. |
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3. |
What interest will you receive? |
You will receive prevailing interest on your SuperSalary Account balance. |
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4. |
How do you receive cashback on your debit card? |
You must link your SuperSalary Account as the primary account to your debit card. |
| A4. XtraSaverAccount Terms |
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1. |
What is an XtraSaver Account? |
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2. |
What interest will you receive? |
You will receive prevailing interest on your XtraSaver Account balance. |
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3. |
How do you receive cashback on your XtraSaver debit card? |
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PART B Savings Accounts
| B1. e$aver Account Terms |
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1. |
What interest will you receive? |
You will receive prevailing interest on your e$aver Account balance. |
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2. |
What are the age requirements? |
The primary account holder must be at least 18 years old. For joint accounts, the secondary account holder must be at least 12 years old. |
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3. |
How can you monitor your account activity? |
We do not issue account statements for e$aver Accounts. You can view your e$aver Account balance and transaction history through online banking or mobile banking. |
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4. |
Will all account holders including minors be issued a debit card? |
A primary account holder may request a debit card for e$aver Account holders 16 years old and above. |
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5. |
Other terms you should note |
• If a secondary account holder is under 18 years old, we will not provide them with any electronic banking access or accept any instructions from them. • However, we will accept instructions through any debit cards we issue to a secondary account holder who is between 16 to 18 years old. In these cases, the primary account holder is still responsible for the instructions given by the secondary account holder, and for ensuring that they comply with our banking agreement. The primary account holder agrees to indemnify us against losses we may incur in acting on the secondary account holder’s instructions. |
| B2. MyWay Savings Account Terms |
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1. |
What is a MyWay Savings Account? |
• The MyWay Savings Account is a savings account that is linked to a MyWay Mastercard debit card. • You will receive prevailing interest on your MyWay Savings Account balance. The higher your ADB in your MyWay Savings Account, the higher the prevailing interest rate on your MyWay Savings Account balance. |
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2. |
What are the age requirements? |
The primary account holder must be at least 55 years old. The secondary account holder must be at least 18 years old. |
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3. |
What other benefits can I enjoy on a MyWay Savings Account? |
• MyWay Savings Account holders who are at least 55 years old will enjoy complimentary Digital Scam Protection Insurance covering the deposits in your MyWay Savings Account. • This insurance is provided and underwritten by MSIG. The terms are set out in the Digital Scam Protection Insurance Policy Wordings. MSIG is responsible for processing, assessing and settling all claims submitted under this insurance. • We may withdraw the complimentary Digital Scam Protection Insurance as a feature of the MyWay Savings Account at any time, but will notify you before doing so. |
| B3. JumpStart Account Terms |
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1. |
What is a JumpStart Account? |
The JumpStart Account is a savings account that can be linked to a Cashback Mastercard debit card. You cannot open the JumpStart Account as a joint account. |
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2. |
What are the requirements? |
You must be between 18 and 26 years old when you open the JumpStart Account. You can only hold one JumpStart Account. |
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3. |
What interest can you receive? |
You will receive prevailing interest on your JumpStart Account balance. |
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4. |
How can you monitor your account activity? |
We do not issue account statements for JumpStart Accounts. You can view your JumpStart Account balance and transaction history through online banking or mobile banking. |
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5. |
How do you receive cashback on your Cashback Mastercard debit card? |
• You can receive cashback on your Cashback Mastercard debit card transactions (up to a cap) if you link your JumpStart Account as the primary account to your Cashback Mastercard debit card. • The JumpStart Account and Cashback Mastercard debit card are not eligible for rewards, rebate, mileage program or any other promotions, unless we agree otherwise. |
| B4. First$aver Account Terms |
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1. |
What is a First$aver account? |
The First$aver Account is a savings account that is jointly held by you and your child. Your child must be below 18 years old. Each child can only have one First$aver Account. |
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2. |
How can you and your child access the First$aver account? |
• You can access your First$aver Account through online banking or mobile banking. • If your child is 13 years old and above, you may request a debit card and access to mobile banking for your child. The functionality of mobile banking and the debit card for your child will be simplified and limited. • We will not accept instructions from your child if they are below 13 years old. |
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3. |
How much interest will you receive? |
You will receive prevailing interest on your First$aver Account balance. |
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4. |
How can you monitor your account activity? |
You can view your account statements, balance and transaction history for the First$aver Account through our electronic banking services. |
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5. |
How can you receive cashback on your First$aver debit card? |
• Your First$aver Account and First$aver debit card are not eligible for any other rewards, rebates, mileage program or any other promotions, unless we agree otherwise. |
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6. |
Other terms to note |
You are responsible for how your child uses the First$aver Account, all instructions given by your child, and ensuring that your child complies with our banking agreement. You agree to indemnify us against losses we may incur in acting on your child’s instructions. |
| B5. e$aver Kids! Account Terms |
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1. |
What is an e$aver Kids! account? |
• An e$aver Kids! Account is a trust savings account that you hold on trust for your child as the e$aver Kids! beneficiary. • You will operate the e$aver Kids! Account as a trustee for the benefit of your child. |
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2. |
What are the requirements? |
• You must be at least 21 years old to operate the e$aver Kids! Account as an e$aver Kids! trustee. The e$aver Kids! beneficiary must be below 18 years old. • You must sign a Declaration of Trust as part of the application form. |
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3. |
Who can operate the e$aver Kids! account? |
Only the e$aver Kids! trustee can operate the e$aver Kids! Account. We will not accept instructions from the e$aver Kids! beneficiary while they are below 18 years old. |
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4. |
How can the account be closed? |
• Once the e$aver Kids! beneficiary turns 18 years old, we may allow the e$aver Kids! beneficiary to close the e$aver Kids! Account and withdraw the funds without the e$aver Kids! trustee’s knowledge or consent. • We may also allow the e$aver Kids! trustee to close the e$aver Kids! Account and withdraw all the funds at any time. However, we may impose additional conditions such as an indemnity in our favour. |
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5. |
Whose cheques be credited into the e$aver Kids! account? |
We accept cheques drawn in favour of either the e$aver Kids! beneficiary and the e$aver Kids! trustee to be credited into the e$aver Kids! Account. |
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6. |
What happens on the death of the trustee or beneficiary? |
• We will close the e$aver Kids! Account upon the death of the e$aver Kids! trustee or e$aver Kids! beneficiary. • If the e$aver Kids! beneficiary dies, the funds will be paid to the e$aver Kids! trustee. If the trustee dies, the funds will be paid to the beneficiary if they are at least 18 years old, and otherwise to the personal representative of the e$aver Kids! trustee’s estate. |
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7. |
Other terms you should note |
We do not guarantee that these terms or other documents you sign to open the e$aver Kids! Account are sufficient to create a trust for the e$aver Kids! beneficiary. You should seek your own professional advice on this. We will not be responsible for any losses that you or the e$aver Kids! beneficiary may incur if it is determined that the trust was not properly created. |
| B6. Limited Purpose Account Terms |
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1. |
What is a Limited Purpose Account? |
A Limited Purpose Account is a basic savings account that can only be opened under a single name. |
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2. |
What are the restrictions? |
• The Limited Purpose Account can only be used to receive salary from your employer, government disbursements, and insurance payouts. All other inward payments are subject to our approval. • You can only use funds in the Limited Purpose Account for your basic living expenses. • You must provide any documents we ask for to prove the source of your funds or basis of your transactions. • We will not grant you other banking products including chequing facilities, time deposits, credit cards and other unsecured credit facilities. • The Limited Purpose Account will be subject to enhanced monitoring. |
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2. |
What interest will you receive? |
You will receive prevailing interest on your Limited Purpose Account balance. |
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3. |
Other terms you should note |
In addition to our rights under our Customer Terms, we may also suspend or terminate your Limited Purpose Account at any time without prior notice if: • you cannot explain the basis of your transactions or the source of your funds to our satisfaction; or • you use your Limited Purpose Account for purposes beyond what we have agreed on. |
| B7. Basic Banking Account Terms |
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1. |
What is a Basic Banking Account? |
A Basic Banking Account is a savings account that provides affordable basic banking services. |
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2. |
What are the requirements? |
You must be at least 15 years old to open a Basic Banking Account. |
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3. |
What interest will you receive? |
You will not receive any interest on your Basic Banking Account balance. |
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4. |
Other terms you should note |
We may waive some of the fees or requirements for beneficiaries of specified public assistance schemes. Refer to the product webpage for more details. |
PART C Foreign Currency Accounts
| C1. USD$aver Account Terms |
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1. |
What is a USD$aver Account? |
A USD$aver Account is a USD denominated savings account that comes with a linked USD High debit card. You can receive cashback when you spend on your USD High debit card. |
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2. |
What interest will you receive? |
You will receive prevailing interest on your USD$aver Account balance. |
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3. |
How do you receive cashback on your USD High debit card? |
You can receive cashback on qualifying cashback transactions on your USD High debit card, up to a cap. |
| C2. FCY$aver Account Terms |
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1. |
What is a FCY$aver Account? |
An FCY$aver Account is a savings account denominated in a foreign currency that we offer. It does not come with any debit cards. |
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2. |
What are the requirements? |
You need to make an initial deposit of a specified minimum amount, which is set out on the product webpage. |
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3. |
What interest will you receive? |
You will receive prevailing interest on your FCY$aver Account balance based on the currency. |
| C3. Terms for Offshore Renminbi Denominated Deposit Accounts |
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PART D Settlement Accounts
| D1. Settlement Account Terms |
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1. |
What is a Settlement Account? |
• The Settlement Account is used only to settle equity, trades or other forms of investments. It must be linked to an operating account. • We may require you to open a Settlement Account to provide you with a wealth product. • If you trade in equities using our services, you must open a Settlement Account in the currencies of each stock you intend to trade. |
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2. |
What interest will you receive? |
You will not receive interest on the funds in a Settlement Account. |
|
3. |
How can you monitor your account activity? |
We do not issue account statements for Settlement Accounts. You can view your Settlement Account balance and transaction history through online banking or mobile banking. |
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4. |
How do you access the funds in your Settlement Account? |
• You can only use the funds in your Settlement Account to settle trades or investments with us. • You may transfer the funds from your Settlement Account through online banking or mobile banking only to your operating account. You cannot conduct any other transactions from your Settlement Account. |
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5. |
Other terms you should note |
If your use of our online equities trading or any other investment services is terminated or suspended for any reason, we will close your Settlement Account and transfer all the funds to your operating account. |
| D2. Wealth Cash Account |
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|
1. |
What is a Wealth Cash Account? |
• The Wealth Cash Account is a cash settlement account that will enable you to transact in wealth products. It must be linked to an operating account. • All cash redemption of wealth products will be settled in your Wealth Cash Account. • The Wealth Cash Account comes with a multi-currency feature and an overdraft facility. Refer to Section 2 for terms on how these features work. |
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2. |
How can you monitor your account activity? |
We do not issue account statements for Wealth Cash Accounts. You can view your Wealth Cash Account balance and transaction history through online banking or mobile banking. |
|
3. |
What interest will you receive? |
You will not receive interest on the funds in your Wealth Cash Account. |
|
4. |
How do you use the funds in your Wealth Cash Account? |
• You can only use the funds in your Wealth Cash Account to settle trades or investments with us. • You may transfer funds from your Wealth Cash Account through online banking or mobile banking only to your operating account. To do so, your remaining account balance must be sufficient to settle any pending transactions. • You cannot conduct any other transactions from your Wealth Cash Account. |
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5. |
Other terms you should note |
If your Wealth Cash Account is closed, we will transfer all the funds to your operating account. We will close your Wealth Cash Account if you exit your investment relationship with us, or if you no longer hold any active wealth product with us. |
PART E Time Deposits
|
1. |
What is a time deposit? |
• When you apply for a time deposit (also called a term deposit or fixed deposit), you agree to place funds with us for a fixed period at an interest rate that is fixed when the funds are placed. • We will send you a confirmation when your time deposit is successfully placed. |
|
2. |
What happens when a time deposit matures? |
• You may choose to automatically renew your time deposit when it matures. When renewed, you will receive interest on your time deposit at the rate we offer at the time of renewal. This rate may be different from the rate you received when you first placed the time deposit. • Alternatively, you may also choose to receive the principal and interest at maturity. If so, you will stop receiving interest on the funds after the time deposit matures. • If a time deposit matures on a non-business day (based on the country of the time deposit currency), we will extend the maturity to the next business day. |
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3. |
Can I withdraw my time deposit before it matures? |
• You may request to withdraw a time deposit before it matures. It may not always be possible to do so. If we allow you to do so, you may lose part or all of the accrued interest. We may also impose fees and other conditions for the early withdrawal. |
PART F Account Types No Longer Offered
| E1. Unlimited$aver Account Terms |
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|
1. |
What is an Unlimited$aver Account? |
• The Unlimited$aver Account is a savings account that can be linked to a Simply Cash credit card. • You can receive additional cashback when you spend on your Simply Cash credit card, on top of the normal cashback. |
|
2. |
How do you receive additional cashback on your Simply Cash credit card? |
• You must maintain a specified minimum ADB every month in your Unlimited$aver Account. • You can then receive additional cashback on specified transactions, subject to a cap. |
