Savings - TERMS AND CONDITIONS
Last updated: 18th April 2023
1.1. This page sets out the terms and conditions that apply to the Savings program and its application to our Service at https://www.wallexcustody.com , our platform accessible via www.client.wallexcustody.com and iOS and Google Play apps: Wallex Custody PRO.
1.2. By using the Savings Service, you agree to these terms and conditions.
1.3. These terms, combined with the General Terms and Conditions, and any other documents referred to in these set out the legal agreement between:
You, as the user; and The Wallex Custody company that provides you with services as defined in our General Terms of Service ("Wallex", or "we", "our", or "us").
Capitalised terms defined in the General Terms of Service (the "Terms") have the same meanings when they are used in these Terms.
1.4. Please read these Savings Terms carefully and make sure you understand and agree to them before creating a Savings account.
1.5. Savings Accounts are provided to you by Wallex PRO LLC reg. number: 402206910, with reg. address: City Kutaisi, Avtomshenebeli St., N 88, (Kutaisi Hualing Free Industrial Zone), Georgia, holder of a Free Industrial Zone Financial Consulting and Services License, provides Saving plans and by opening a Savings Account and depositing funds in it, you acknowledge that you are transferring your assets to the Custody of Wallex PRO LLC for the duration of the Savings Account,
2.1. "APY" means annual percentage rate (which is used to calculate projected rewards).
2.2. "Savings account" means an account to which the deposited funds are held for the specified "lock up" period and are not accessible until the lock up period has completed.
2.3. "Lock up period" means the period of time, specified in days, for which the deposited funds are not accessible for withdrawal and are accruing earnings.
2.4. "On-demand" means a type of savings account which has no Lock up Period. The funds deposited in this type of savings account are accruing on the base of the minimum held amount of funds in the account for the previous 24 hours.
2.5. "Deposit Date" means the date on which the Savings account was opened and the date on which accruing has started.
2.6. "Maturity Date" means the date on which the Savings account conditions have been completed, interest stops to accrue and the deposited funds are available to be withdrawn.
2.7. "Wallex General Terms of Service" means the Wallex terms.
2.8. "Minimum deposit amount" - Minimum amount of 100 EUR or equivalent in any currency, which should be held in the Savings account in order to earn rewards.
Earnings may be subject to tax in your jurisdiction. You are responsible for paying any tax due on any earnings received. You should seek professional advice if you are unsure about whether you need to pay any tax and/ or how much tax you need to pay. Wallex will not be responsible to you for any amounts you are required to pay in tax or any penalties you face.
4. Changes to Savings plans
4.1. Changes to Savings plans may happen at any time without notice to you. Where possible, we'll give you one month's notice before making changes to the Savings plans.
4.2. Changes to the Savings plans will affect only savings accounts opened after the date of change.
5. Limitation of Liability
1.1. Wallex reserves the right at any time and from time to time to modify or discontinue, temporarily or permanently, Savings accounts with or without prior notice due to reasons outside its control (including, without limitation, in the case of anticipated, suspected or actual fraud).
1.2. We may also modify or discontinue Savings accounts on reasonable notice to you. If we discontinue Savings account, we will honour any rewards for which you became eligible prior to 11:59 pm UK time on the last date of the rewards being available.
1.3. Wallex accepts no responsibility for any loss or damage incurred or suffered by you as a result of availing the Savings program or accepting or using any rewards, including (but not limited to) any loss resulting from the following:
a) any postponement or cancellation of Savings accounts or any delay in crediting any rewards to your Wallex Profile;
b) any alteration, unauthorised access, damage, late delivery or non-delivery of any notices, acceptances, requests or other documents related to Savings accounts;
c) any loss of value of the assets held in a Savings account;
d) any act or default of any third party supplier or any of our Partner Platforms.
1.4. Nothing in these Savings Terms shall exclude the liability of Wallex for death, personal injury, fraud or fraudulent misrepresentation as a result of its negligence, or any other matter for which the law does not allow us to exclude or limit our liability.
6. Your personal details
This product does not constitute a deposit under applicable law;
8.1. We intend to rely on these Savings Terms as setting out the written terms of our agreement with you for your availing of the Savings program. If part of these Savings Terms cannot be enforced then the remainder of the Savings Terms will still apply to our relationship.
8.2. If you have any questions about the Savings program or these Terms & Conditions, please contact us via the Intercom chat.