OCBC expands money lock feature to time deposits

The feature has been used by 30,000 customers.

OCBC Singapore is making the money lock feature available for their time or fixed deposit accounts beginning 31 January.

First launched in November 2023, the money lock feature has since been used by over 30,000 of the bank’s customers on more than 33,000 accounts, with a total locked amount at S$3.3b.

Since November 2023, over seven in 10 customers who have used the feature have locked up more than S$10,000 in their current and savings accounts. A third of the customers are aged 50 years old and above, whilst more than half are aged between 30 to 50 years old, OCBC said. 

With the expansion to time deposit accounts, customers can easily lock funds in existing current and savings accounts without the need to open a new bank account. 

At the same time, prevailing interest rates continue to apply to locked funds so OCBC Money Lock users will not miss out on bonus interest earned on their total balances for accounts like the popular OCBC 360 Account.

ALSO READ: OCBC enables customers to lock money in their accounts

The move comes just in time for the Lunar New Year, which sees more time deposits placed than average. According to OCBC, for 2023, the number of time deposits placed in Q1– when the Lunar New Year festive period took place– was more than three times higher than in Q2. 

“With the Lunar New Year just around the corner, the extension of this security feature to time deposits is timely. Customers tend to place more monies as time deposits during this festive period to invite prosperity and wealth for the upcoming year,” the bank said in a statement.

Customers who choose to use the money lock feature on their time deposit account, they will only be able to withdraw existing placements or change their maturity instructions at an OCBC branch, and cannot do so on the OCBC Digital app.

Meanwhile, from 31 January 2024, customers will be able to unlock their time deposit accounts at ATMs located at all OCBC branches.

They should be able to use all OCBC ATMs to do this service beginning end-February 2024. A physical ATM, debit or credit card, and their PIN will be required. 

ALSO READ: How OCBC’s blockchain expertise is powering Singapore’s digital currency ambitions

They can also unlock their time deposit accounts at all OCBC branches.  

Neither the OCBC Digital app nor OCBC Internet Banking can be used to unlock time deposit accounts.