What is the eBank and how does it work?
The eBank allows you to earn interest on points that you may have saved up.
You can put some or all of your points into a 'virtual term deposit' where it will
accumulate interest in points for you.
An eBank deposit is where you lock away some of your points for a month or a few months,
and in return you get interest paid back to you in points when the time is up. Your
points are locked away for the period of time that you nominate (the 'term').
Here are some important points to keep in mind about the eBank interest rate:
- The eBank interest rates are variable. The rates can change at any time, and all deposits are subject to the current rates.
- Interest is calculated on a simple interest basis, not compound interest. Interest is calculated on the initial deposit amount, not the current balance.
- Interest rates shown are per annum, which means per year. To work out the monthly interest rate, divide the per annum rate by 12.
As an example, let's say you want to deposit 100 points for 2 months. Let's assume the interest rate you will receive
is 12% per annum. So the interest you will earn per month is 12 ÷ 12 = 1% per month. 1% of 100 points is 1 point.
So in 2 months, you will earn 2 points in interest.
The eBank interest rates vary from time to time as determined solely by SmileCity.
SmileCity does not guarantee the interest rates or earning potential of the eBank.
This eBank facility is not a financial services facility. It is not a registered bank covered by New Zealand banking regulations.
How do I make a deposit?
- Sign in, then click on eBank in the Earn Rewards section;
- Select an eBank to deposit your points into. The eBanks are just SmileCity 'virtual' banks;
- Select a deposit amount;
- Select a term, or length of time, for your deposit. Your points will be unavailable to you during that time;
- Press Deposit.
Your deposit will be automatically cancelled (no interest paid) if, during the term of the deposit, your registered email address becomes invalid or inactive.
This will occur if email SmileCity sends to you has been returned "undeliverable" 3 times.
If you are a normal member, a maximum total of deposits limit of 10,000 points applies. The total of all your eBank deposits cannot exceed 10,000 points.
For example, if you have an existing deposit of 9,000 points, you will not be able to make a new deposit of 2,000 points.
If you are an SmileCity Gold member, a maximum total of deposits limit of 25,000 points applies. The total of all your eBank deposits cannot exceed 25,000 points.
For example, if you have an existing deposit of 24,000 points, you will not be able to make a new deposit of 2,000 points.
How do I get my points back when my deposit matures?
When the term of your deposit is complete, your deposit will mature. The original deposit amount, plus interest,
will automatically be credited back to your points account within a day or two. There is nothing you need to do.
How do I withdraw my deposit early?
You may withdraw a deposit before the term is up, but you will be penalised.
If you withdraw your deposit early,
you will lose all the interest that you have already earned, plus you will
lose 2% of the initial deposit points amount, paid to SmileCity as an
To withdraw a deposit, find it under the heading 'My Deposits', then just click
. You will be shown a withdrawal confirmation. If you are certain you wish to withdraw early, click Proceed
Why can't I access the GoldBank?
The GoldBank is only available to SmileCity Gold