This extra level of security is like having a guardian for your savings. Without verifying your identity at a bank branch, no one can touch or move your money. Once your funds are in this account, they're under lock and key.

Think of the 'money-lock' feature as your virtual safe. Let us find out more about the money-lock feature available on DBS, UOB and OCBC and compare which money-lock account may be best for you. However, you can only access your deposits in person.Īs locked funds cannot be transferred out online, this keeps your money safe from anyone trying to get hold of it without your permission. This feature lets you lock your cash using your bank's app or website. To tackle this issue, DBS, UOB and OCBC have come up with a new feature called 'money-lock.'ĭBS' version of the money-lock account is called digiVault, UOB's version of the money-lock account is called LockAway, and OCBC's money lock feature can be used on existing accounts. After all, more than $330 million was lost to scammers in the first half of 2023. However, it may also cause some of us to worry over potentially losing our hard-earning savings to scammers. We can find the best fixed deposit rate or even apply for T-bills online now. Online banking has made managing our money more convenient.

Ocbc fixed deposit rate 2023 calculator