More banks in Singapore to offer money lock feature, but take-up rate low among young adults

At least three more major banks in Singapore including HSBC, Maybank and Standard Chartered are set to offer a money lock feature as early as June this year. Banks that already started offering the function last November say that while the number of people choosing to protect their savings is growing, most of them are older customers. Young adults make up as little as 15 per cent of the safety feature users. CNA’s Nasyrah Abdul Rohim reports.
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[@everreign6523]

If the interest is not higher for money lock it’s kinda pointless for young people who are trying to save up.

[@StickMan_Clara]

OCBC does include interest in their acc do read it up

[@fanlie1576]

Many misunderstand the purpose of the Money Lock feature. It primarily serves as an additional layer of protection, ensuring the security of your funds in the event of unauthorized access to your bank account, particularly through online banking. It does not aim to increase your funds. So far, I appreciate the Money Lock feature offered by OCBC bank. It does not require you to have a separate account, and you can still enjoy the same benefits and interest rates in your savings account.

[@animeminagaming]

No money to lock how to lock?

[@everreign6523]

Just live off your parents and watch anime everyday lor… 😂 no need to lock money, just lock your room and be a neet 4life 😂

[@StickMan_Clara]

Even scammer also duwan target you lol

[@madtistx]

its inconvenient especially for those banks that requires you to only use over the counter banking instead of ATMs. we are so used to internet banking. they should invest more into making internet banking more secure before rolling this lock feature

[@keamiss]

Younger customers are more net savy but most also have lesser saving. So less will bother with this feature if only a smaller portion of their saving need to be locked.

[@shuchanwong5054]

Lock the money but no interest, of course banks want you to lock your money with them for life

[@matreen427]

the interest stays the same in the money lock feature. the only difference is that you need to withdraw the locked up portion in person at atm or bank counter

[@StickMan_Clara]

Better than locking in with the govt 😂

[@fanlie1576]

Many misunderstand the purpose of the Money Lock feature. It primarily serves as an additional layer of protection, ensuring the security of your funds in the event of unauthorized access to your bank account, particularly through online banking. It does not aim to increase your funds. So far, I appreciate the Money Lock feature offered by OCBC bank. It does not require you to have a separate account, and you can still enjoy the same benefits and interest rates in your savings account.

[@Simplejunk92]

Put to ssb, put to sg t bills. Some to money market, Still gt alot den money lock

[@deschan2246]

Singapore local banks are not pro Singaporeans !!!

[@TiredBush]

Money is meant to be liquid though ... Might as well put it in a fixed deposit if you're so scared 😂 Higher interest rate also

[@fanlie1576]

Many misunderstand the purpose of the Money Lock feature. It primarily serves as an additional layer of protection, ensuring the security of your funds in the event of unauthorized access to your bank account, particularly through online banking. It does not aim to increase your funds. So far, I appreciate the Money Lock feature offered by OCBC bank. It does not require you to have a separate account, and you can still enjoy the same benefits and interest rates in your savings account.

[@Jianfa88Tsai]

Young adults are often not financially savvy and they see that they don’t have much money to lock away as they are poor students.

[@junhaoyap8095]

if banks want good take up rate, they should offer competive high interest rate

[@Hs5687]

Behave or Face Financial Chaos …Welcome to Digital Feudalism… 😊

[@jer2911.L]

@Hs5687 JUST TAKE THE MONEY & LATER DECLARE MCO.
FIRST PRINCIPLE OF STEALING.

[@dayylogg9716]

The young ones are most probably thriving on a debt fueled, false prosperity lifestyle. Hence, not much cash left to be locked.

[@muhammadsyafiq8882]

Why would i lock my savings i might as well just give my money to the bank at that point

[@CattleFarmer667]

For old uncle/aunty from kena scam. For young people who prone to scam, also good idea to lock the saving

[@jer2911.L]

Sometimes better to be safe than sorry.

[@aki_tomato_]

young ppl where got much liquid cash

[@Hs5687]

PAP Obsessed for Control

[@sarabxyz]

❤

[@tonykwok9763]

👎👎👎👎👎

[@anziar3038]

Wow! S'poreans are very rich indeed. Many thanks to the PAP govt for bringing them wealth by means of high-paying jobs. Awesome!❤❤

[@tonykwok9763]

???????????
CITIZENS MONEY IN C.P.F........KOCHET....KOSONG🤣🤣🤣🤣🤣