DBS customers now able to ‘lock up’ funds in existing accounts

DBS customers now able to 'lock up' funds in existing accounts

SINGAPORE: DBS is extending its digiVault protection to all accounts, allowing customers to “lock up” funds in their existing accounts.

The feature, launched last November, enables customers to lock their funds digitally in a designated account, from which funds cannot be digitally transferred out.

Existing DBS and POSB customers who wish to utilise the digiVault feature no longer have to open a designated account to do so. OCBC introduced its Money Lock feature last November, which similarly allows customers to lock funds without opening a new bank account.

“With this extension, customers have more flexibility in choosing how they secure their funds – in a separate new digiVault account where locked-up funds are segregated from their other savings, or by locking a portion in their existing accounts,” DBS said on Friday (Feb 23).

The bank added its latest move is part of efforts to encourage more customers to use its suite of self-managed security features to safeguard themselves against scams.

Customers also have the option to “lock up” fixed deposit accounts. Once locked, this prevents any premature digital withdrawals or changes to maturity instructions. 

“To ensure that we address customers’ needs and preferences, we constantly review and enhance our security features,” said Mr Jeremy Soo, managing director and head of DBS’ consumer banking group.

He added that while some customers “appreciate having a separate digiVault account, others may prefer to lock up their funds in an existing account while continuing to enjoy the interest rates offered across our various savings propositions”.

“With this enhancement, we are empowering customers with more choice and control over how they secure their funds.” 

Customers who “lock up” their funds in existing accounts will still be able to earn interest rates offered across the bank’s various savings propositions, including DBS Multiplier and POSB Save As You Earn.