Please read these terms and conditions carefully before using this site

Who we are and how to contact us:

www.kibomoney.com is a site operated by Three Peak Ventures OÜ, d/b/a Kibo (“Kibo”, “we”, “us”, or “our”).

Our legal entity is as follows:

Three Peak Ventures OÜ, company number 16640187 with registered office address at Harju maakond, Tallinn, Nõmme linnaosa, Pärnu mnt 388b, 11612. Kibo is a financial technology company, not a bank. Via our regulated partners, Kibo is able to provide financial products and services to its users.

To contact us, please email support@usekibo.com

Time deposit Terms and Conditions

This document sets out the terms and conditions applicable to our time deposit accounts. It is important you read and understand this agreement. 

Three Peak Ventures OÜ, d/b/a Kibo Money is referred to in this document as “Kibo Money”, “Kibo”, “we”, “us” and “our”. In these terms and conditions we will refer to you as “you”, “your” or “the Account Holder”. In these terms and conditions “online” means via our website.

Getting in touch with us

• You can visit our website: https://www.kibomoney.com

• You can email us at support@usekibo.com

Opening your Account

• To open an account you must be over 18 years of age and reside permanently in jurisdictions where we are authorized to provide our products and services.

• We will verify your identity and address. We may undertake additional screening checks either electronically using an appropriate external agency and/or by asking you for documentary evidence. We reserve the right to carry out further due diligence checks at any time whilst you have an account with us.

• We reserve the right to refuse to open an account if we deem that you have not provided satisfactory account opening details.

• You will need to give us details of a nominated bank in your name to link to your account with us and/or a cryptocurrency wallet ID. This must be used for paying in and receiving funds from your Kibo account and you may have a different nominated account for each account you hold with us. You may make a request to change your nominated account, however we may require additional supporting evidence before we can process your request.

• You confirm that any money you deposit is not the proceeds of any criminal offense, whether committed by you or by another person, or connected to any other type of illegal activity. We reserve the right to refuse to accept payments into the account.

• Within the normal course of business, we may review and withdraw a product from our range without notice and refuse to accept any further applications. Once you have submitted your application, we may no longer be able to offer you the product that you have applied for and we reserve the right to refuse your application. Where we cannot offer you a product on the terms that you applied for, we may offer to open a product on different terms.

Account users and keeping information up to date

• You must make sure that the information that we hold about you is up to date. You must notify us promptly of any changes, such as if you move house, get married or change your email address or phone number. We may require documentary evidence of these changes (such as a certified copy of your marriage certificate). We cannot be responsible for failing to contact you if you have not informed us of any changes.

• If the Account Holder dies, we will need to see the original or a certified copy of the death certificate before funds can be released to the executors/administrators of the estate.

Execution Only (No Consultation)

Kibo merely forwards the customer’s orders so that they may be executed by the partner bank (“execution only”). Neither investment advice nor any other kind of consultation service regarding the kind and fit of investment products forms part of the contract.

The offer is solely intended for informed customers who make their investment decisions independently and under assumption of individual responsibility. The deposit contract is made directly between the customer and the partner bank. If Kibo provides the customer with informational material from third parties regarding individual countries, banks or deposit products, or conveys this material, this does not constitute investment advice, a recommendation or any other valuation on the part of Kibo. The informational material merely serves to facilitate the customer’s independent investment decision. Kibo does not guarantee the completeness, correctness and up-to-date status of the information provided by third parties.

Kibo will not provide legal or tax-related consultation. Kibo is not responsible for the correct tax records of interest profits or exchange gains.

Paying money into your Account

• All deposits must be made from your nominated account or crypto wallet ID or from another of your Kibo accounts. If you make a payment from any other account we may return it to the originating bank account or crypto wallet, and we will not be responsible for any losses which you incur as a result.

• If a third-party transfers funds to your account in error, you authorize us to withdraw those funds from your account and return them to the account they came from.

• If you transfer money into your account from your nominated account it will be credited to your account and interest will be earned from and including the day we receive the money.

• We may be asked to return a payment that has been paid into your account in error. If we find after investigation this is the case, we will return it. We will always try to contact you first but if this is not possible we will let you know as soon as possible afterwards.

• Our savings accounts are only operated online and therefore cash, banker’s drafts or checks cannot be paid into your account.

Taking money out of your Account

At term, you can take money out of your account by:

• electronic transfer to your nominated account or crypto wallet;

• transferring to another account with us.

You can’t withdraw more money from your account than you have in it. Our savings accounts do not permit withdrawal by cash or cheque. When you make a withdrawal, we will let you know:

•  the maximum time it takes us to make the withdrawal; and

•  any charges you may need to pay.

We will refuse to act on an instruction where we believe:

• the instruction is not from you;

• the information is invalid for the payment method;

• it causes us to break the law for example if we have reason to believe that the funds are the proceeds of crime;

• your account is being used for an illegal purpose;

• if the request contravenes any product specific terms.

Checking your account and staying in touch

You can check your account including seeing all deposits and withdrawals using our online service. You can also print or download a record of your transactions. If you request information about a transaction we’ve made on your behalf, we’ll provide this to you as soon as reasonably possible after your request. The information available to you will include:

• the dates and amounts of any transactions

• any charges on such transactions

• any interest applied to your account

Our online service

We recommend that you use our online service to review your balance and transactions on a regular basis and inform us immediately if you don’t recognise anything. You must hold a valid and current email address to open and operate your account. You must tell us immediately if your email address changes.

When you apply for your account you’ll be asked to set your own initial password and may also be asked to provide answers to certain questions to be used as your memorable data. You should always keep this information secret. You should not select answers that someone else could easily guess and you should not write them down. 

Our online service is secure but disconnection from the internet does not mean that you’ve logged off from the site. You should always log off when you have finished. For added security, our online service includes an automatic log off feature where we’ll automatically log you off after a set period of inactivity. You are responsible for the security of the computer or device you use to access our online service. You are also responsible for making sure it is protected from fraudulent attempts to gain access to your account information. We strongly recommend you install virus checking software and ensure this is kept up-to-date. We recommend that you do not use a public computer to access your account. You should always lock any computer you use if you leave it unattended to prevent unauthorized access to your account. By accepting these Terms and Conditions, you agree that use of our online service is at your own risk.

For technical or other maintenance reasons, there may be times when you are unable to access our online service. Whilst we will try and keep these to an absolute minimum and at off peak times we cannot guarantee that our online service will be available at all times.

Interest rates and tax

When you pay money into an account, you’ll earn interest from the day we receive the money into your account. We calculate interest on a daily basis on the account balance. This is based on a 365-day year or 366 days in any leap year.

Interest frequency will be set out within the product summary sheet on application. If you receive interest annually, we will pay any interest due on the anniversary of the date you opened your account. If you receive interest monthly, we will pay any interest due on the same day of the month that you opened your account. If that was a day which is not in every month, e.g. 29th, 30th or 31st, then we’ll pay your interest on the last day of the month.

Interest will be paid gross, without deduction of tax on all savings accounts. Annual statements of interest are available via the online service. This information is sometimes to calculate your tax liability. You are responsible for any tax due.

Minimum and maximum balances are set out in the product summary sheet on application. We reserve the right to close your account if it falls below the minimum balance required, or if it exceeds the maximum balance we may ask you to reduce the balance.

Changes to interest rates

We will inform you of any changes to variable interest rates by email. We’ll give the following notice of any change:

• we’ll notify you of any increases within 30 days of the increase

• we’ll notify you of any reductions at least 14 days before the change.

If we reduce the interest rate on your Notice Account we’ll let you know at least 14 calendar days before the rate change. You’ll have at least 30 days from the date that we let you know to close your account or switch to a different account without notice, loss of interest or additional charges. You can view all applicable interest rates for your account(s) by logging into our online service.

Changing terms and conditions, or changes to your account

You cannot change these Terms and Conditions at any time. We can make changes to the Terms and Conditions of your account for any one or more of these reasons:

• to adhere to regulatory requirements or any change in the relevant law by a regulatory body;

• to enhance technology or the systems we use or to improve the way we look after your account;

• to correct errors in the conditions to make them more favorable to you;

• to add or remove services, functionality or facilities to the account.

Where we make changes favorable to you, we will notify you of these changes via email before the change takes effect where possible. If we need to make any changes which are not favorable to you, where reasonably possible, we will give you at least 30 days’ notice in writing before they take effect. What is reasonable will depend on the circumstances such as how quickly we feel we need to make the change and the impact on you. After this, we will assume you have accepted the changes.

If the change is to your disadvantage, you will be free to close or transfer your account straightaway and without charge during a 30-day period from the date of the notice. We reserve the right to move your account to another savings account with us if we agree there are significant commercial reasons for doing so – for example, if we decide to stop offering your particular type of account. We would always give you 30 days’ notice of this and during this period you have the right to request closure of the account without penalty.

Protecting your savings account

By agreeing to these Terms and Conditions you give us your permission to provide the police, or other financial crime agencies, with any information they need during any investigation. We may suspend or refuse to carry out transactions on your account if we identify adverse information, we’re ordered to do so by an appropriate legal or regulatory body or authority, or if we have reasonable grounds to believe that:

• you’re not acting in accordance with our Terms and Conditions;

• your account is being used for illegal purposes (whether by you or a third party);

• your security information has been, or we reasonably believe it has been, compromised either by loss or theft;

• we have reason to believe there is a dispute as to your ownership or entitlement to the money in your account;

• circumstances beyond our control prevent us from offering a normal service (such as an act or threat of terrorism, computer failure).

If we take action to suspend your account or a transaction, we’ll inform you as soon as possible unless we are unable to do so by law. As soon as the issue is resolved we will reinstate your account. Subject to any product specific terms, you retain the right to reclaim your money at all times – please contact us for more information.

Closing your Account

When any savings account is closed we will pay the balance and any interest outstanding up to the date before closure. We may close your account immediately in exceptional circumstances. Examples of these are where:

• the law requires us to do so;

• you have misused your account or other accounts in your name;

• you’ve breached these Terms and Conditions;

• you’ve falsified information when applying for the account;

• you’ve used the account for illegal purposes.

We can also close your existing account and open a new one if the security of your account has been compromised. After any account closure the data protection provisions continue to apply in respect of any of your personal information we hold.

Can my money be used to repay other debts?

We reserve the right to use the money from any account you have with us to reduce or repay debts you owe us, for example, on a loan. We are not required to give you prior notice of this but we will inform you if this has been done.

Product Specific Terms

In the event that any product specific terms differ from the general terms, the product specific terms will apply.

Term Deposits

• Any funds deposited into a Term Deposit cannot be withdrawn until the maturity date without penalty.

• Once we have accepted your application for your account, you have 72 hours to pay in funds. If we do not receive any funds within 72 hours of your application, your application will lapse. Funds received after 72 hours will be returned to your nominated account without interest.

• Your account will be opened on the day funds are received and you will have 72 hours from this day to meet the minimum balance. If the minimum balance is not met the account will be closed and we will return funds received to your nominated account without interest.

• 30 days before the maturity date we will contact you to remind you of the maturity date and seek your instructions for the balance.

• If you have not provided us with instructions for the balance, the balance will be paid into a Holding Account that will continue to pay a variable rate of interest beyond your Term Deposit. The initial interest rate will be as stated in the Product Summary sheet.

• If there is any inconsistency between the rate confirmed in your account confirmation on the opening of your fixed rate account and either these Terms and Conditions or the Product Summary sheet, the account confirmation shall prevail.

Holding Account

• A Holding Account will be opened for you if you have a Fixed Rate Deposit Account that has matured and you have not provided us with maturity instructions to withdraw or reinvest the funds in your Fixed Rate Deposit Account.

• The funds will be automatically transferred to the Holding Account on the maturity date. No other deposits are permitted into your Holding Account.

• You may use the funds in your Holding Account to open a new account with us or you may transfer the funds to any other account you hold with us unless it says otherwise in the Product Summary sheet of that account.

• You may also withdraw the funds from the Holding Account to your nominated account. You may only make a withdrawal up to the amount of the available balance on your Holding Account.

The Governing Law of These Terms and Conditions

The governing law of these terms and conditions is that of Estonia and any dispute which arises in relation to these terms and conditions will be dealt with by any court in Estonia which is able to hear the case.

If any of these terms are deemed to be invalid or unenforceable, the other terms will remain fully effective. Our failure or delay to exercise any right or remedy provided under these terms and conditions or by law shall not constitute a waiver of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

Complaints Handling

We recognise that things can go wrong, so if you are dissatisfied with something please let us know. You can do this via Email: support@usekibo.com.

Changes to this Policy

This Policy describes Kibo's current terms of service for time deposit. Kibo may change its practices in the future and we may revise this Policy to reflect material changes. This Policy was last revised December 1, 2022, and is effective as of that date.