How to Secure Your Money in the Bank: New Security Features

TLDRLearn how to lock your money in your bank account to keep it safe from scammers and hackers. DBS, UOB, and OCBC have introduced new security features that allow you to lock up funds and only access them at physical branches. However, the interest rates for these accounts are low compared to other options.

Key insights

🔒DBS, UOB, and OCBC have introduced new security features to lock up funds in your bank account.

💰The interest rates for these locked-up accounts are much lower than the rates offered by other banks.

📈Singapore Savings Bonds offer higher interest rates and provide added security for your cash.

🏦OCBC's mechanism of locking funds within existing accounts is the most consumer-friendly.

💡Consider using cash management funds as an alternative to locking up your funds in low-interest rate bank accounts.

Q&A

Are there any other options for securing my money without locking it up in a low-interest bank account?

—Yes, consider investing in Singapore Savings Bonds or using cash management funds offered by platforms like Tiger Brokers or WeBull.

Do I need to open a new bank account to lock up my funds with DBS, UOB, or OCBC?

—Yes, DBS offers the Dig VA account, UOB has the Lock Away account, and OCBC allows you to designate amounts in your existing account.

Are there any fees or penalties for unlocking the funds in these locked-up accounts?

—There may be withdrawal fees or waiting periods when accessing the locked funds. Check with your bank for specific details.

Which bank offers the highest interest rates for locked-up accounts?

—UOB's Lock Away account offers higher interest rates compared to DBS' Dig VA and OCBC's fund locking mechanism.

Can I access the locked funds at any branch of the bank?

—For DBS' Dig VA and UOB's Lock Away account, you can only access the funds at physical branches. OCBC allows you to unlock funds at ATMs as well.

Timestamped Summary

00:00DBS, UOB, and OCBC have introduced new security features to lock up funds in your bank account.

02:56Singapore Savings Bonds offer higher interest rates and provide added security for your cash.

05:33OCBC's mechanism of locking funds within existing accounts is the most consumer-friendly.

06:37Consider using cash management funds as an alternative to locking up your funds in low-interest rate bank accounts.

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