These terms and conditions are specific for customers that use our Savings Vault product and should be read together with our general terms and conditions. These terms and conditions shall remain binding to you during the time you are using this product.
If there are any conflicting provisions between these terms and conditions and our general terms and conditions then these terms and conditions will apply.
You can apply for and open a Savings Vault in our app by following the steps shown.
We reserve the right to accept or reject your application for a Savings Vault. If we do not accept your application, we are not required to provide the reason to you.
During the application process you will be required to:
You can transfer an initial amount at the time of opening a Savings Vault and can add additional funds later at any time by transferring funds from one of your current accounts or savings accounts to your Savings Vault.
The interest rates for this product are subject to change at any time. You can see the current interest rates in our app and our website. If an interest rate changes the updated rate will take effect for any new Savings Vault. The rate for an existing Savings Vault does not change.
Interest is paid daily to your Savings Vault at the rate agreed when you applied and opened the Savings Vault. Interest is calculated on the total balance at the time it is paid.
You have two options for interest payments:
You can change this setting in our app at any time and it will take effect on the 1st day of the following month.
Upon reaching the end of the time period that you chose when you applied and opened the Savings Vault, and if automatic renewal is not turned on, the vault will be automatically converted to a wallet (savings account) and you can access the total balance immediately.
You can choose to enable automatic renewal of your Savings Vault. If you enable this then your Savings Vault will automatically be extended for the same time period that you chose when you applied for and opened the Savings Vault. You can turn automatic renewal on and off at any time.
If you require access to the funds in your Savings Vault earlier than the expiration date then we may charge you a fee to access the funds or, in some circumstances, decline your request to access the funds earlier. You can request to open a Savings Vault earlier by contacting our customer care team. Our customer care team will confirm the details to you including any fees that may apply and the timeframe to consider your request.
You understand and agree that a Savings Vault cannot be transferred to another person. You may nominate a legal representative on your behalf with a valid Power of Attorney according to the prevailing legal provisions and our requirements. You can contact our customer care team for further information.
If you choose to close your account with us, or if we terminate your account as per our general terms and conditions, then your Savings Vault may either:
We reserve the right to choose which option is most suitable and we will inform you.
You acknowledge that funds held in your Savings Vault are covered by safeguarding and may not be covered by a Deposit Protection Scheme. You can find more information in our general terms and conditions in the section ‘Protecting your funds’.
