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Fees and Charges


IMPORTANT RISK WARNINGS

Investors should note that investment involves risks (including the possibility of loss of the capital invested), prices of fund units may go up as well as down and past performance information presented is not indicative of future performance. Investors should read the relevant fund's offering documents (including the full text of the risk factors stated therein (in particular those associated with investments in emerging markets for funds investing in emerging markets)) in detail before making any investment decision.

Monthly Account Fee


The monthly account fee1 for the iPower Account covers different fund subscription fees and switching handling fees, and you may adjust your portfolio with accordance to the market trend.
Click here to watch the introduction of the iPower monthly account fee structure video.
 
Comparison of relevant fees between iPower Account and ordinary investment funds account
  iPower Account Ordinary investment funds account
Subscription Fee

Waived

Calculated and charged for each fund subscription

Switching Handling Fee

Waived

Calculated and charged for each fund switching

Monthly Account Fee

Charged with reference to the daily portfolio value
(Subject to a minimum charge of HKD100)

Not Applicable

Account Administration Fee

Applicable

Not Applicable

How to calculate iPower Account monthly account fee?


  1. The monthly account fee is charged with reference to the daily portfolio value (subject to a minimum fee of HKD100 (save as otherwise specified herein)). It is calculated and accrues on each calendar day, and payable monthly in arrears. The monthly account fee starts to accrue from the date on which fund holdings are first recorded in the iPower Account, but the minimum fee stated above does not apply to that calendar month. Where the daily portfolio value is zero in the whole calendar month, the minimum fee stated above does not apply to that calendar month (irrespective of whether any fund holdings were recorded in the previous month(s)).
  2. The daily portfolio value is the sum total of the market value of all current fund holdings under the customer's iPower Account in a calendar day. For fund(s) denominated in non-HKD, the HKD equivalent of the market value is calculated based on the exchange rate as determined by the Bank.
  3. The monthly account fee (in respect of a calendar day) is calculated based on this formula: Daily Portfolio Value x applicable Account Fee Rate.
  4. The accrued monthly account fee (in respect of a calendar month) is the sum total of all the daily account fees for the month. (Refer to the illustrative example below.)
  5. Unless otherwise specified, the actual amount of monthly account fee payable shall be the accrued account fee so calculated, or the minimum monthly account fee specified in note 1 above, whichever is higher.
  6. You can check the “Daily Portfolio Value” and calculate the monthly account fee for the current month online with ease. Please refer to the relevant Integrated Account monthly statement for the actual monthly account fee being deducted.
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iPower Account other charges

Account Administration Fee  
Account Administration Fee at transfer-out2 1.5% of the prevailing market value (as at the date of the Bank's receipt of the transfer-out instruction) of the fund holdings being transferred out
Account Administration Fee at account closure3 HKD100 x (12 - number of calendar months since settlement of the last fund subscription or switching-in transaction)
(Maximum: HKD500)
 
Remarks:
1
The single monthly account fee for the iPower Account covers fund subscriptions and switching handling fees, and is charged with reference to the portfolio value (subject to a minimum fee of HKD100). It is calculated and accrued on each calendar day, and payable monthly in arrears. Where the daily portfolio value is zero in the whole calendar month, the minimum fee stated above does not apply to that calendar month (irrespective of whether any fund holdings were recorded in the previous month(s)). Customers should note that an account administration fee as charged by the Bank applies in certain circumstances. Please click here for details of the fees and charges. In addition, for fund subscription and switching, while you are not required to pay the subscription fee and the switching handling fee, you may be required to pay redemption fees and/or other fees (if any) charged by the relevant fund house(s).
2
For transfer-out of fund holdings from the iPower Account to another account (held with the Bank or otherwise), if the period between the date of settlement of the last fund subscription or switching-in transaction via the iPower Account and the date of the Bank's receipt of the transfer-out instruction is less than 1 year, an account administration fee will apply. An amount equivalent to such fee held in the HKD savings account under the relevant integrated account will be withheld upon the Bank's receipt of the transfer-out instruction, and will be debited upon successful execution of the transfer-out instruction. For fund(s) denominated in non-HKD, the HKD equivalent of the prevailing market value is calculated based on the exchange rate as determined by the Bank.
3
If the period between the date of settlement of the last fund subscription or switching-in transaction via the iPower Account and the Bank's reference date of account closure (for whatever reason) is less than 1 year, an account administration fee will apply.
 
For details of the fees and charges, please click here.
 
Important Notes for iPower Account

The services from time to time offered by the Bank at its discretion under or in connection with the iPower Account will be provided via Hang Seng Personal e-Banking Services ("e-Banking Services"). You must register for the e-Banking Services and maintain such registration in order to allow you to use and/or continue to use the iPower Account and the services.

In respect of the iPower Account and communications issued/sent by the Bank and available in electronic form (e.g. e-Statements, e-Advices and Investment Funds e-Reports and e-Notices), such communications will be made available to you in electronic form only. No paper copy will be provided. You must register for the relevant services as prescribed by the Bank from time to time, including without limitation, the Hang Seng e-Statement/e-Advice Service and the e-Banking Service. Please click here for the full text of the "Important Notes for iPower Account".