FAQ
General
FAQ
General
Money Safe secures your funds like a physical vault, where access can only be allowed upon face-to-face identity verification at a branch. The funds are locked and will give you peace of mind as they cannot be accessed digitally. This helps protect the funds from scammers performing fraudulent transfers.
Money Safe is suitable for any individual account holders, including sole and joint name account holders: who want an extra layer of security to prevent loss of funds in bank accounts due to fraud and scam; and who are willing to lock up funds for Money Safe protection and accept that such funds will not be available for transactions (including transactions made by the account holder) unless duly released from the Money Safe protection.
Use of Money Safe is completely voluntary. You may use Money Safe based on your needs and circumstances.
No, you can lock any available balances in your existing Savings, Current, Multi-Currency Savings, and / or ProSaver Accounts, as well as the full principal amount of time deposit via DBS digibank HK, DBS iBanking or a branch without opening a new or separate account.
Available balance refers to the balance in your account available for spending, withdrawal or transfers. It shows how much you can lock with Money Safe.
Your available balance does not include any non-usable funds, including but not limited to:
- Previous amounts you have locked with Money Safe
- Transactions such as cheque deposits that have been made into your account and are currently being processed for clearance
- Funds in the account earmarked by the Bank for any reason
As with other holding balance and earmarked amount, they cannot be counted as eligible new funds for time deposit or ProSaver. Please refer to the examples of eligible new funds here.
Yes. For joint-name accounts with “single-to-sign” arrangement, you can submit Money Safe lock requests via DBS digibank HK, DBS iBanking, or at a branch; and you can submit Money Safe unlock requests at a branch.
For joint name accounts with “joint-to-sign” arrangement, all joint account holders are required to visit a branch together to submit a Money Safe lock request or unlock request.
If you wish to close the account, you need to visit a branch to unlock it before proceeding with the account closure. Your unlock request will be processed within 1 working day.
Lock Savings
You can lock any amount up to your available balance, subject to the Bank’s record.
However, you should note that you are solely responsible for managing your accounts on an ongoing basis to ensure that there are sufficient immediately available funds in your accounts to meet your daily and other ad hoc financial needs, paying attention to the transactions you expect to conduct. The Bank will not be liable for any loss, consequence or inconvenience caused to you by insufficient funds in your accounts due to locking funds for Money Safe protection.
It is recommended to lock funds that you do not need for daily spending. Before locking the funds, you are responsible for cancelling or not setting up any investment, overdraft facility, autopay, standing instruction or cheque payment to avoid any settlement, payment or transaction being processed after Money Safe is placed.
Simply log in to DBS digibank HK /DBS iBanking, go to the account where you have locked funds and look for the “Available Balance” under your account details. This is the amount available for you to spend, withdraw or transfer.
If you would like to know how much you have locked, click here for the details.
Upon completion of the ProSaver goal or your early withdrawal, your locked ProSaver amount will be transferred to and remain locked in the designated account. If you wish your remaining “no lock” funds to be protected by Money Safe, simply apply in your designated accounts.
Lock Time Deposits
- Renew Principal and Interest: Principal amount and interest will roll over and stay locked.
- Renew Principal and Transfer Interest: Principal amount will roll over and stay locked, while the interest will be credited to your designated account without Money Safe protection*.
- Transfer Principal and Interest to your designated account: Principal amount and interest will be credited to your designated account without Money Safe protection*.
* If you prefer your principal or interest amount credited to your designated account to be protected by Money Safe again, simply apply in your savings accounts.