Now that you can now “lock” your money stored in your bank and prevent it from being transferred out by scammers who illegitimately gain access to your account or banking credentials, should you? Even if it means giving up higher interest in return?
If you have money in any of the local 3 bank accounts, congratulations, you can now activate a “money lock” feature to lock up a portion of your funds so that it cannot be transferred or withdrawn. The new security move was formalized in December 2023 as part of enhanced banking security measures in Singapore, but the bad news is, if you’re on DBS / UOB, you’ll have to think about whether you’re willing to give up your (higher) interest in exchange for this additional security.
