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.

Who are the bank partners?

We are currently partnering with HSBC. Additional bank partners may be added in the future.

What are the minimum and maximum amounts for placement, and what currencies are supported?

The minimum amount for FRS starts at US$10,000 or HK$100,000, with increments of US$10,000 or HK$10,000 (e.g., US$20,000, US$30,000, and beyond or HK$110,000, HK$120,000, and beyond). The maximum amount for a single account is US$25million (or equivalent) 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 .

What tenors are available?

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

When does my FRS get processed?

FRS applications are processed daily. If submitted before 1pm, the FRS will be executed on the same day. If submitted after 1pm, it will be processed the next working day. You’ll have the option to cancel if you wish before 1pm. If it 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.

What happens if I do not have sufficient balance by the placement cut-off time?

If you do not have sufficient balance in the currency you’ve chosen for your FRS application, it will be automatically cancelled. To join the next placement, simply submit a new application.

Will depositing a larger principal amount earn me higher rates?

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.

Can I withdraw or top-up before the tenor ends?

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

How can I apply for Endowus Fixed-Rate Savings?

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

On the Fixed-Rate Savings page, click the “Apply for FRS” button.

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

Please review the trade details, tick the acknowledgment box, and click submit to proceed with the FRS application.
Ensure your USD or HKD cash balance is sufficient. You can deposit USD or HKD or convert currency via the platform. Please note that FX conversion may take time and should be completed at least one day before the cutoff time.

(*) 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 daily FRS submission schedule. If the FRS is canceled, the funds will remain in your USD or HKD cash balance.

What is the difference between the indicative net interest rate and the net interest rate?

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 daily at 1pm..

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

Can I cancel my FRS before the placement?

Yes, you can cancel your application via the FRS details page or via your transaction details in Activity before the placement date and cut-off time of 1pm.

How do I ensure my FRS placement is successful?

The FRS will be executed if：

(1) You have sufficient USD or HKD cash balance based on the currency of your FRS application, and

(2) The rate adjustment handling preference is met.

(3) The net interest rate is not zero or negative.

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

Example: On Friday after 1pm, you see the rate on the FRS application as 3.85% p.a. and apply for the FRS with this rate. The next working day, Monday , the final rate provided by HSBC is 3.6% p.a.:

If the client chose to proceed regardless of the rate, the FRS will be executed at 3.6% p.a.
If the client selected the “cancel if lower” option, the FRS will be canceled.
If the net interest rate drops to zero or below zero, the FRS will be rejected automatically and will not be processed.

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 rejection, and the funds will remain in your USD or HKD cash balance.

Will the funds on my cash balance be available after I make an application for FRS?

If there is sufficient cash in your Cash balance and no pending investments, the cash will be reserved after you submit your FRS application.

When can I set maturity instructions for my maturing FRS?

If there is sufficient cash in your Cash balance and no pending investments, the cash will be reserved after you submit your FRS application.

How do auto-rollover and auto-invest work?

For auto-rollover, we will automatically use the maturing FRS net proceeds (i.e., sum of principal amount & net earnings) for a new FRS placement at the next available placement date. Auto-rollover is a one-time action. Each newly placed FRS will not rollover automatically; you must set a new maturity instruction at every subsequent maturity. The new FRS will have the same tenor and bank partner to your maturing FRS. The net proceeds will be rollovered regardless if it meets the minimum increment amount.

For auto-invest, we will automatically invest the maturing FRS net proceeds to a selected goal. If your goal is in a different currency, we will handle the conversion for you. Endowus does not take a spread or earn from the bid-ask spread from these FX transactions.

How do I rollover my maturing FRS to a different tenor, bank, or only the principal amount?

We currently do not support this functionality. Please set your maturity instructions to “Receive in cash balance”, then apply for a new FRS placement afterwards with your desired tenor and/or bank.

What happens to my funds upon maturity?

On maturity date, by default, the FRS principal and net earnings will be credited to your USD or HKD cash balance according to your FRS.

If your maturity instructions are set to auto-rollover, the principal and net earnings will be used to place a new FRS of the same tenor and bank partner. Auto-rollover is a one-time action, so you will need to set new maturity instructions for each subsequent maturity.

If your maturity instructions are set to auto-invest into an existing goal, the principal and net earnings will be invested into the selected goal.

If we are unable to process your auto-rollover or auto-invest, the principal and net earnings will be credited to your Endowus cash balance.

Is FRS protected by the Hong Kong Deposit Protection Scheme?

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

Is FRS an investment product?

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.

How do I amend my FRS request (change tenor, amount, rate preference, etc)?

You can cancel your FRS request and simply submit a new one. If there are any changes made to the amount, kindly also ensure that you have sufficient cash balance in USD or HKD by the same cut-off date and time for a successful placement.

What are the terms and conditions for Fixed-Rate Savings (FRS)?

What is Fixed-Rate Savings (FRS)?